Waste Connections (NYSE:WCN) Posts Quarterly Earnings Results, Meets Estimates

Waste Connections (NYSE:WCN) issued its quarterly earnings data on Wednesday. The business services provider reported $1.29 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.29, Zacks reports. Waste Connections had a return on equity of 16.07% and a net margin of 6.65%.

Waste Connections Stock Up 0.6%

Shares of NYSE WCN traded up $1.00 during mid-day trading on Wednesday, reaching $171.65. The company had a trading volume of 2,023,089 shares, compared to its average volume of 1,695,594. The firm has a 50 day simple moving average of $171.36 and a two-hundred day simple moving average of $174.98. The stock has a market cap of $43.89 billion, a P/E ratio of 71.52, a PEG ratio of 3.11 and a beta of 0.62. Waste Connections has a 52-week low of $162.06 and a 52-week high of $201.66. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 1.07.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in WCN. Wellington Management Group LLP grew its holdings in shares of Waste Connections by 39.6% during the third quarter. Wellington Management Group LLP now owns 4,455,162 shares of the business services provider’s stock worth $783,218,000 after buying an additional 1,264,150 shares during the last quarter. Deutsche Bank AG grew its position in Waste Connections by 105.2% during the fourth quarter. Deutsche Bank AG now owns 1,334,098 shares of the business services provider’s stock worth $233,947,000 after buying an additional 683,888 shares during the period. Two Sigma Investments LP increased its stake in Waste Connections by 31.3% in the 3rd quarter. Two Sigma Investments LP now owns 1,263,918 shares of the business services provider’s stock valued at $222,197,000 after purchasing an additional 301,389 shares in the last quarter. Woodline Partners LP purchased a new stake in shares of Waste Connections in the 3rd quarter worth about $50,488,000. Finally, Bank of America Corp DE lifted its holdings in shares of Waste Connections by 7.7% in the second quarter. Bank of America Corp DE now owns 3,038,786 shares of the business services provider’s stock valued at $567,402,000 after purchasing an additional 216,110 shares in the last quarter. Hedge funds and other institutional investors own 86.09% of the company’s stock.

Wall Street Analyst Weigh In

WCN has been the subject of a number of recent analyst reports. Stifel Nicolaus cut their price objective on shares of Waste Connections from $221.00 to $218.00 and set a “buy” rating for the company in a report on Thursday, October 23rd. Scotiabank dropped their price objective on shares of Waste Connections from $210.00 to $204.00 and set a “sector outperform” rating for the company in a research note on Wednesday, January 21st. Oppenheimer reiterated an “outperform” rating and set a $205.00 price objective (down previously from $206.00) on shares of Waste Connections in a research report on Friday, January 23rd. Citigroup reissued a “neutral” rating and set a $183.00 price target (down previously from $196.00) on shares of Waste Connections in a research report on Friday, January 16th. Finally, Canadian Imperial Bank of Commerce set a $208.00 target price on Waste Connections in a research report on Thursday, January 8th. Five equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Waste Connections has an average rating of “Buy” and a consensus target price of $206.50.

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.