JPMorgan Chase & Co. Cuts Waste Connections (NYSE:WCN) Price Target to $210.00

Waste Connections (NYSE:WCN) had its target price reduced by JPMorgan Chase & Co. from $220.00 to $210.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an overweight rating on the business services provider’s stock.

A number of other equities analysts have also recently weighed in on WCN. Raymond James Financial set a $213.00 price target on Waste Connections and gave the stock a “strong-buy” rating in a report on Monday, October 6th. Citigroup cut their price objective on Waste Connections from $199.00 to $196.00 and set a “neutral” rating for the company in a research report on Thursday, October 23rd. Stifel Nicolaus decreased their target price on Waste Connections from $221.00 to $218.00 and set a “buy” rating on the stock in a research report on Thursday, October 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Waste Connections in a research note on Wednesday, October 8th. Finally, Scotiabank restated an “outperform” rating and set a $210.00 price objective on shares of Waste Connections in a research report on Thursday, October 23rd. Six analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Waste Connections presently has a consensus rating of “Buy” and a consensus target price of $207.05.

Waste Connections Stock Performance

Shares of NYSE WCN opened at $167.27 on Wednesday. The company has a market capitalization of $42.78 billion, a PE ratio of 69.70, a price-to-earnings-growth ratio of 3.03 and a beta of 0.63. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.67 and a current ratio of 0.67. The company’s fifty day moving average price is $172.63 and its 200 day moving average price is $176.78. Waste Connections has a 1 year low of $162.06 and a 1 year high of $201.66.

Waste Connections (NYSE:WCN) last issued its quarterly earnings data on Tuesday, October 21st. The business services provider reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.06. Waste Connections had a net margin of 6.65% and a return on equity of 16.07%. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.46 billion. During the same quarter in the prior year, the firm posted $1.35 earnings per share. The company’s revenue was up 5.1% compared to the same quarter last year. On average, research analysts predict that Waste Connections will post 5.28 earnings per share for the current year.

Waste Connections Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Wednesday, November 5th were paid a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, November 5th. This represents a $1.40 annualized dividend and a yield of 0.8%. This is an increase from Waste Connections’s previous quarterly dividend of $0.32. Waste Connections’s dividend payout ratio is currently 58.33%.

Insiders Place Their Bets

In other Waste Connections news, Director Edward E. Guillet sold 9,000 shares of Waste Connections stock in a transaction on Tuesday, October 28th. The shares were sold at an average price of $174.44, for a total transaction of $1,569,960.00. Following the sale, the director owned 14,883 shares of the company’s stock, valued at $2,596,190.52. The trade was a 37.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.28% of the company’s stock.

Hedge Funds Weigh In On Waste Connections

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Calamos Wealth Management LLC acquired a new stake in shares of Waste Connections during the 2nd quarter worth approximately $2,055,000. Cidel Asset Management Inc. grew its position in Waste Connections by 3.3% in the second quarter. Cidel Asset Management Inc. now owns 136,991 shares of the business services provider’s stock worth $25,539,000 after acquiring an additional 4,340 shares during the period. Park Avenue Securities LLC purchased a new position in Waste Connections in the third quarter worth approximately $1,798,000. William Blair Investment Management LLC acquired a new stake in Waste Connections during the second quarter worth $63,385,000. Finally, Generate Investment Management Ltd raised its position in Waste Connections by 55.0% in the third quarter. Generate Investment Management Ltd now owns 66,774 shares of the business services provider’s stock valued at $11,739,000 after purchasing an additional 23,682 shares during the period. Institutional investors and hedge funds own 86.09% of the company’s stock.

Waste Connections Company Profile

Waste Connections (NYSE: WCN) is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.

The company’s operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.