Waste Connections (WCN) Price Target Raised to $88.00

Waste Connections (NYSE:WCN) had its price target raised by BMO Capital Markets from $86.00 to $88.00 in a research note released on Wednesday morning. The firm currently has a buy rating on the business services provider’s stock.

Other research analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of Waste Connections from a hold rating to a buy rating and set a $84.00 price target for the company in a report on Saturday, October 13th. Oppenheimer set a $87.00 price objective on shares of Waste Connections and gave the stock a buy rating in a research note on Wednesday. TD Securities boosted their price objective on shares of Waste Connections from $79.00 to $83.00 and gave the stock a hold rating in a research note on Thursday, July 26th. Royal Bank of Canada boosted their price objective on shares of Waste Connections from $82.00 to $84.00 and gave the stock an outperform rating in a research note on Thursday, July 26th. Finally, Citigroup boosted their price objective on shares of Waste Connections from $80.00 to $86.00 and gave the stock an outperform rating in a research note on Thursday, July 26th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of Buy and an average target price of $84.80.

Shares of NYSE:WCN traded down $0.75 during trading on Wednesday, hitting $74.42. 797,756 shares of the company were exchanged, compared to its average volume of 876,762. The company has a market capitalization of $19.61 billion, a PE ratio of 34.45, a price-to-earnings-growth ratio of 2.53 and a beta of 0.11. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.15 and a current ratio of 1.25. Waste Connections has a 1-year low of $65.06 and a 1-year high of $81.36.

Waste Connections (NYSE:WCN) last announced its quarterly earnings results on Monday, October 29th. The business services provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.01. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.27 billion. Waste Connections had a net margin of 15.14% and a return on equity of 10.07%. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.60 earnings per share. On average, equities analysts forecast that Waste Connections will post 2.51 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 27th. Investors of record on Tuesday, November 13th will be paid a $0.16 dividend. This is a boost from Waste Connections’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Friday, November 9th. This represents a $0.64 annualized dividend and a dividend yield of 0.86%. Waste Connections’s payout ratio is currently 25.93%.

In related news, Director Michael W. Harlan sold 11,900 shares of the business’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $79.30, for a total value of $943,670.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Darrell W. Chambliss sold 6,485 shares of the business’s stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $80.00, for a total transaction of $518,800.00. The disclosure for this sale can be found here. In the last three months, insiders sold 38,385 shares of company stock worth $3,063,670. 0.40% of the stock is currently owned by insiders.

Institutional investors have recently modified their holdings of the stock. Mn Services Vermogensbeheer B.V. boosted its position in Waste Connections by 5.9% during the third quarter. Mn Services Vermogensbeheer B.V. now owns 43,420 shares of the business services provider’s stock valued at $3,464,000 after acquiring an additional 2,400 shares during the last quarter. CIBC Asset Management Inc boosted its position in Waste Connections by 14.1% during the third quarter. CIBC Asset Management Inc now owns 1,010,381 shares of the business services provider’s stock valued at $80,477,000 after acquiring an additional 124,943 shares during the last quarter. Copeland Capital Management LLC boosted its position in Waste Connections by 0.3% during the third quarter. Copeland Capital Management LLC now owns 258,829 shares of the business services provider’s stock valued at $20,646,000 after acquiring an additional 680 shares during the last quarter. Comerica Bank boosted its position in Waste Connections by 4.8% during the third quarter. Comerica Bank now owns 16,171 shares of the business services provider’s stock valued at $1,207,000 after acquiring an additional 737 shares during the last quarter. Finally, TD Asset Management Inc. boosted its position in Waste Connections by 0.6% during the third quarter. TD Asset Management Inc. now owns 5,249,729 shares of the business services provider’s stock valued at $418,216,000 after acquiring an additional 31,169 shares during the last quarter. 81.64% of the stock is currently owned by institutional investors.

About Waste Connections

Waste Connections, Inc, a solid waste services company, provides waste collection, transfer, disposal, and recycling services in the United States and Canada. The company operates through six segments: Southern, Western, Eastern, Canada, Central, and Exploration and Production (E&P). It offers collection services to residential, commercial, municipal, industrial, and E&P customers; landfill disposal services; and recycling services for various recyclable materials, including compost, cardboard, office paper, plastic containers, glass bottles, and ferrous and aluminum metals.

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Analyst Recommendations for Waste Connections (NYSE:WCN)

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