Waste Connections, Inc. (NYSE:WCN) issued its quarterly earnings results on Wednesday, October 25th. The business services provider reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03, Briefing.com reports. Waste Connections had a return on equity of 9.59% and a net margin of 7.68%. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same period in the prior year, the firm posted $0.72 earnings per share. The business’s quarterly revenue was up 11.2% on a year-over-year basis.
Shares of Waste Connections (NYSE WCN) traded up $0.25 during trading hours on Friday, hitting $69.29. 725,000 shares of the company’s stock were exchanged, compared to its average volume of 789,356. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.66. Waste Connections has a 52 week low of $48.78 and a 52 week high of $74.20. The firm has a market capitalization of $18,201.77, a PE ratio of 32.93, a price-to-earnings-growth ratio of 4.11 and a beta of 0.18.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Wednesday, November 8th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.81%. This is a boost from Waste Connections’s previous quarterly dividend of $0.12. The ex-dividend date is Tuesday, November 7th. Waste Connections’s dividend payout ratio is 42.42%.
Waste Connections announced that its Board of Directors has authorized a share buyback program on Wednesday, August 2nd that allows the company to buyback 13,180,000 outstanding shares. This buyback authorization allows the business services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.
A number of research firms have commented on WCN. Credit Suisse Group set a $82.00 price objective on shares of Waste Connections and gave the company an “outperform” rating in a report on Tuesday, October 31st. Oppenheimer Holdings, Inc. increased their price objective on shares of Waste Connections from $74.00 to $78.00 and gave the stock an “outperform” rating in a research report on Friday, October 27th. Royal Bank of Canada increased their price objective on shares of Waste Connections from $76.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, October 27th. TD Securities raised their price target on shares of Waste Connections from $73.00 to $74.00 and gave the company a “hold” rating in a research report on Friday, October 27th. Finally, KeyCorp reissued a “buy” rating and issued a $78.00 price target on shares of Waste Connections in a research report on Friday, October 27th. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Waste Connections currently has a consensus rating of “Buy” and an average target price of $77.87.
In other Waste Connections news, Director Robert Davis sold 700 shares of the firm’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $71.72, for a total value of $50,204.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Darrell W. Chambliss sold 5,625 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $70.99, for a total transaction of $399,318.75. Following the sale, the chief operating officer now owns 101,292 shares of the company’s stock, valued at $7,190,719.08. The disclosure for this sale can be found here. 0.68% of the stock is owned by company insiders.
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About Waste Connections
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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