Stifel Nicolaus Reiterates “Buy” Rating for Waste Connections, Inc. (WCN)
Waste Connections, Inc. (NYSE:WCN)‘s stock had its “buy” rating reiterated by Stifel Nicolaus in a research report issued to clients and investors on Tuesday. They currently have a $75.00 price target on the business services provider’s stock. Stifel Nicolaus’ price target would suggest a potential upside of 13.96% from the company’s previous close.
WCN has been the subject of a number of other reports. Royal Bank Of Canada set a $102.00 target price on shares of Waste Connections and gave the company an “outperform” rating in a research note on Monday, June 19th. Zacks Investment Research lowered shares of Waste Connections from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Credit Suisse Group reissued a “buy” rating and set a $75.00 target price on shares of Waste Connections in a research note on Friday, June 23rd. BidaskClub lowered shares of Waste Connections from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Finally, TD Securities boosted their target price on shares of Waste Connections from $67.00 to $73.00 and gave the company a “hold” rating in a research note on Thursday, July 27th. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $71.48.
Waste Connections (WCN) opened at 65.81 on Tuesday. The firm’s 50 day moving average price is $64.66 and its 200-day moving average price is $61.47. The stock has a market cap of $17.34 billion, a price-to-earnings ratio of 55.96 and a beta of 0.23. Waste Connections has a 1-year low of $47.81 and a 1-year high of $67.14.
Waste Connections (NYSE:WCN) last posted its quarterly earnings results on Tuesday, July 25th. The business services provider reported $0.55 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.02. Waste Connections had a net margin of 7.11% and a return on equity of 9.19%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the previous year, the business posted $0.66 EPS. The company’s quarterly revenue was up 61.6% on a year-over-year basis. On average, equities analysts anticipate that Waste Connections will post $2.13 earnings per share for the current year.
Waste Connections announced that its board has approved a share repurchase program on Wednesday, August 2nd that authorizes the company to buyback 13,180,000 outstanding shares. This buyback authorization authorizes the business services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.
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In other Waste Connections news, CFO Worthing Jackman sold 30,000 shares of the business’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $65.00, for a total transaction of $1,950,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Edward E. Guillet sold 11,500 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $65.27, for a total transaction of $750,605.00. The disclosure for this sale can be found here. Insiders have sold a total of 93,900 shares of company stock worth $6,871,801 over the last 90 days. 0.68% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Thompson Davis & CO. Inc. increased its stake in Waste Connections by 55.8% in the second quarter. Thompson Davis & CO. Inc. now owns 1,561 shares of the business services provider’s stock worth $101,000 after buying an additional 559 shares during the period. Independent Portfolio Consultants Inc. increased its stake in Waste Connections by 10.1% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,833 shares of the business services provider’s stock worth $118,000 after buying an additional 168 shares during the last quarter. Fieldpoint Private Securities LLC increased its stake in Waste Connections by 50.0% in the second quarter. Fieldpoint Private Securities LLC now owns 2,107 shares of the business services provider’s stock worth $136,000 after buying an additional 702 shares during the last quarter. US Bancorp DE increased its stake in Waste Connections by 14.3% in the second quarter. US Bancorp DE now owns 2,171 shares of the business services provider’s stock worth $140,000 after buying an additional 271 shares during the last quarter. Finally, Creative Planning increased its stake in Waste Connections by 223.5% in the second quarter. Creative Planning now owns 2,397 shares of the business services provider’s stock worth $154,000 after buying an additional 1,656 shares during the last quarter. Institutional investors own 82.81% of the company’s stock.
Waste Connections Company Profile
Waste Connections, Inc is a solid waste services company in North America. The Company provides waste collection, transfer, disposal and recycling services in markets in the United States and Canada. The Company operates through six segments: Southern segment, Western segment, Eastern segment, Canada segment, Central segment and E&P segment.
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