Waste Connections (NYSE:WCN) Reaches New 1-Year High on Analyst Upgrade

Waste Connections, Inc. (NYSE:WCN)’s stock price reached a new 52-week high during trading on Wednesday after CIBC raised their price target on the stock from $181.00 to $191.00. CIBC currently has an outperform rating on the stock. Waste Connections traded as high as $177.53 and last traded at $177.32, with a volume of 328665 shares trading hands. The stock had previously closed at $175.06.

Other analysts have also recently issued research reports about the stock. Oppenheimer upped their price objective on shares of Waste Connections from $170.00 to $180.00 and gave the company an “outperform” rating in a research note on Monday, March 18th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Waste Connections in a research note on Thursday, May 23rd. They issued a “buy” rating and a $189.00 price target on the stock. StockNews.com upgraded Waste Connections from a “hold” rating to a “buy” rating in a research note on Saturday, May 18th. Jefferies Financial Group raised their price target on Waste Connections from $195.00 to $217.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Finally, Royal Bank of Canada cut their price objective on Waste Connections from $196.00 to $195.00 and set an “outperform” rating on the stock in a report on Friday, April 26th. Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $179.69.

Insider Buying and Selling

In related news, SVP Robert Nielsen III sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $166.00, for a total value of $332,000.00. Following the sale, the senior vice president now owns 6,321 shares in the company, valued at approximately $1,049,286. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, SVP Robert Nielsen III sold 2,000 shares of Waste Connections stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $166.00, for a total transaction of $332,000.00. Following the completion of the transaction, the senior vice president now directly owns 6,321 shares in the company, valued at approximately $1,049,286. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael W. Harlan sold 1,500 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $167.59, for a total value of $251,385.00. Following the sale, the director now directly owns 8,004 shares in the company, valued at approximately $1,341,390.36. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 4,500 shares of company stock valued at $752,385. Corporate insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Waste Connections

Hedge funds and other institutional investors have recently made changes to their positions in the business. LPL Financial LLC increased its holdings in shares of Waste Connections by 55.3% during the 3rd quarter. LPL Financial LLC now owns 27,950 shares of the business services provider’s stock worth $3,754,000 after buying an additional 9,956 shares during the last quarter. Mariner LLC lifted its holdings in shares of Waste Connections by 43.6% during the 3rd quarter. Mariner LLC now owns 8,110 shares of the business services provider’s stock valued at $1,089,000 after acquiring an additional 2,461 shares in the last quarter. AQR Capital Management LLC boosted its position in Waste Connections by 4.7% during the 3rd quarter. AQR Capital Management LLC now owns 49,668 shares of the business services provider’s stock worth $6,670,000 after purchasing an additional 2,225 shares during the period. Glenmede Trust Co. NA increased its holdings in Waste Connections by 17.4% in the 3rd quarter. Glenmede Trust Co. NA now owns 11,634 shares of the business services provider’s stock valued at $1,562,000 after purchasing an additional 1,727 shares in the last quarter. Finally, AXQ Capital LP purchased a new position in Waste Connections in the third quarter valued at about $215,000. Hedge funds and other institutional investors own 86.09% of the company’s stock.

Waste Connections Stock Performance

The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 1.00. The company has a market cap of $45.80 billion, a price-to-earnings ratio of 57.64, a PEG ratio of 2.80 and a beta of 0.72. The stock has a 50 day simple moving average of $167.53 and a 200 day simple moving average of $162.93.

Waste Connections (NYSE:WCN) last released its quarterly earnings results on Wednesday, April 24th. The business services provider reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.02. Waste Connections had a return on equity of 14.66% and a net margin of 9.70%. The firm had revenue of $2.07 billion during the quarter, compared to analysts’ expectations of $2.05 billion. During the same quarter in the prior year, the business earned $0.89 EPS. Waste Connections’s quarterly revenue was up 9.1% compared to the same quarter last year. As a group, analysts predict that Waste Connections, Inc. will post 4.85 EPS for the current year.

Waste Connections Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 23rd. Investors of record on Wednesday, May 8th were given a dividend of $0.285 per share. This represents a $1.14 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date was Tuesday, May 7th. Waste Connections’s dividend payout ratio is presently 37.01%.

Waste Connections Company Profile

Waste Connections, Inc provides non-hazardous waste collection, transfer, disposal, and resource recovery services in the United States and Canada. It offers collection services to residential, commercial, municipal, industrial, and exploration and production (E&P) customers; landfill disposal services; and recycling services for various recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles, and ferrous and aluminum metals.