Waste Connections (NYSE:WCN) Price Target Raised to $198.00

Waste Connections (NYSE:WCN) had its price objective increased by JPMorgan Chase & Co. from $175.00 to $198.00 in a research note published on Monday morning, BayStreet.CA reports. JPMorgan Chase & Co. currently has an overweight rating on the business services provider’s stock.

Other research analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Waste Connections in a research report on Thursday, May 23rd. They set a buy rating and a $189.00 price target for the company. BMO Capital Markets lifted their price target on Waste Connections from $196.00 to $198.00 and gave the company an outperform rating in a research report on Friday, July 26th. Oppenheimer raised their target price on shares of Waste Connections from $181.00 to $191.00 and gave the company an outperform rating in a research note on Monday, July 15th. Raymond James boosted their price target on shares of Waste Connections from $190.00 to $207.00 and gave the stock a strong-buy rating in a research note on Monday, July 22nd. Finally, StockNews.com upgraded Waste Connections from a hold rating to a buy rating in a research report on Saturday, May 18th. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Waste Connections currently has a consensus rating of Moderate Buy and a consensus target price of $187.28.

Waste Connections Stock Performance

Shares of WCN opened at $177.75 on Monday. Waste Connections has a 12 month low of $126.12 and a 12 month high of $182.99. The company has a market capitalization of $45.86 billion, a price-to-earnings ratio of 57.71, a PEG ratio of 2.87 and a beta of 0.72. The stock has a 50 day moving average of $173.26 and a 200 day moving average of $167.38. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.97.

Waste Connections (NYSE:WCN) last released its quarterly earnings data on Wednesday, July 24th. The business services provider reported $1.24 EPS for the quarter, beating the consensus estimate of $1.17 by $0.07. Waste Connections had a net margin of 10.23% and a return on equity of 15.16%. The business had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same period in the prior year, the firm earned $1.02 earnings per share. The company’s revenue was up 11.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Waste Connections will post 4.82 earnings per share for the current year.

Waste Connections Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Wednesday, August 7th will be issued a $0.285 dividend. The ex-dividend date is Wednesday, August 7th. This represents a $1.14 dividend on an annualized basis and a yield of 0.64%. Waste Connections’s dividend payout ratio is currently 37.01%.

Insider Buying and Selling at Waste Connections

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

Institutional Investors Weigh In On Waste Connections

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Spire Wealth Management lifted its position in Waste Connections by 5.6% in the second quarter. Spire Wealth Management now owns 4,938 shares of the business services provider’s stock worth $866,000 after buying an additional 261 shares during the last quarter. Van ECK Associates Corp grew its holdings in Waste Connections by 8.4% during the 2nd quarter. Van ECK Associates Corp now owns 49,824 shares of the business services provider’s stock valued at $8,737,000 after purchasing an additional 3,865 shares during the last quarter. Banque Cantonale Vaudoise raised its position in Waste Connections by 9.0% in the 2nd quarter. Banque Cantonale Vaudoise now owns 5,696 shares of the business services provider’s stock worth $999,000 after purchasing an additional 468 shares during the period. Commonwealth Equity Services LLC lifted its stake in Waste Connections by 4.1% in the second quarter. Commonwealth Equity Services LLC now owns 12,961 shares of the business services provider’s stock worth $2,273,000 after purchasing an additional 505 shares during the last quarter. Finally, Intact Investment Management Inc. boosted its position in shares of Waste Connections by 16.9% during the second quarter. Intact Investment Management Inc. now owns 136,607 shares of the business services provider’s stock valued at $23,966,000 after buying an additional 19,710 shares during the period. 86.09% of the stock is currently owned by hedge funds and other institutional investors.

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.