Waste Connections (NYSE:WCN) Posts Quarterly Earnings Results, Beats Expectations By $0.15 EPS

Waste Connections (NYSE:WCN) issued its quarterly earnings results on Wednesday. The business services provider reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.15, FiscalAI reports. The business had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.51 billion. Waste Connections had a return on equity of 16.49% and a net margin of 10.97%.

Waste Connections Price Performance

Shares of WCN stock traded down $0.52 during trading hours on Wednesday, reaching $167.91. The company’s stock had a trading volume of 1,529,885 shares, compared to its average volume of 1,643,540. Waste Connections has a fifty-two week low of $146.89 and a fifty-two week high of $191.91. The firm’s 50 day simple moving average is $160.53 and its 200-day simple moving average is $163.34. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 1.13. The company has a market capitalization of $42.37 billion, a price-to-earnings ratio of 40.95, a PEG ratio of 3.00 and a beta of 0.49.

Analyst Ratings Changes

Several equities analysts have weighed in on WCN shares. Weiss Ratings cut Waste Connections from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Citigroup raised their price target on Waste Connections from $180.00 to $182.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. JPMorgan Chase & Co. dropped their price target on Waste Connections from $210.00 to $195.00 and set an “overweight” rating for the company in a research note on Monday, July 13th. BMO Capital Markets reaffirmed an “outperform” rating and set a $208.00 price objective (up from $206.00) on shares of Waste Connections in a research report on Friday, April 24th. Finally, Barclays set a $180.00 price objective on shares of Waste Connections and gave the stock an “equal weight” rating in a research note on Tuesday, April 28th. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $202.00.

Insider Transactions at Waste Connections

In related news, CEO Ronald J. Mittelstaedt acquired 50,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired at an average cost of $152.24 per share, for a total transaction of $7,612,000.00. Following the transaction, the chief executive officer directly owned 301,017 shares in the company, valued at $45,826,828.08. This trade represents a 19.92% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Jason Craft sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $156.59, for a total transaction of $234,885.00. Following the completion of the sale, the chief operating officer owned 32,861 shares in the company, valued at $5,145,703.99. This represents a 4.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 17,605 shares of company stock valued at $2,822,923. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Waste Connections

Institutional investors and hedge funds have recently bought and sold shares of the company. Measured Wealth Private Client Group LLC acquired a new stake in Waste Connections during the 3rd quarter worth approximately $26,000. Transamerica Financial Advisors LLC lifted its holdings in shares of Waste Connections by 346.2% during the fourth quarter. Transamerica Financial Advisors LLC now owns 174 shares of the business services provider’s stock worth $31,000 after purchasing an additional 135 shares during the period. Birchwood Financial Partners Inc. bought a new stake in shares of Waste Connections in the fourth quarter worth $39,000. Larson Financial Group LLC grew its stake in shares of Waste Connections by 89.5% in the third quarter. Larson Financial Group LLC now owns 360 shares of the business services provider’s stock worth $63,000 after purchasing an additional 170 shares during the last quarter. Finally, J.Safra Asset Management Corp acquired a new stake in Waste Connections in the fourth quarter valued at $70,000. Institutional investors and hedge funds own 86.09% of the company’s stock.

About Waste Connections

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.