Waste Connections (NYSE:WCN) Price Target Raised to $211.00

Waste Connections (NYSE:WCN) had its price target boosted by Wells Fargo & Company from $187.00 to $211.00 in a research report report published on Friday,Benzinga reports. They currently have an overweight rating on the business services provider’s stock.

Several other research analysts have also recently issued reports on the company. UBS Group raised Waste Connections from a “neutral” rating to a “buy” rating and lifted their target price for the company from $176.00 to $200.00 in a research report on Friday, September 18th. Canadian Imperial Bank of Commerce set a $184.00 price target on Waste Connections and gave the stock an “outperformer” rating in a report on Thursday, October 8th. Royal Bank Of Canada reissued an “outperform” rating and issued a $221.00 price target (up from $218.00) on shares of Waste Connections in a research report on Friday. TD Cowen reissued a “buy” rating and issued a $215.00 price target (up from $210.00) on shares of Waste Connections in a research report on Friday. Finally, Raymond James Financial set a $189.00 price objective on Waste Connections in a research note on Friday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $202.39.

Waste Connections Trading Down 0.1%

WCN opened at $186.48 on Friday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.67 and a quick ratio of 0.67. Waste Connections has a fifty-two week low of $146.89 and a fifty-two week high of $187.27. The firm has a market capitalization of $46.72 billion, a PE ratio of 41.72, a P/E/G ratio of 3.35 and a beta of 0.49. The company’s 50-day moving average is $161.75 and its 200 day moving average is $161.71.

Waste Connections (NYSE:WCN) last announced its quarterly earnings results on Wednesday, October 21st. The business services provider reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.52 by $0.06. The business had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.60 billion. Waste Connections had a net margin of 11.40% and a return on equity of 17.76%. The company’s revenue was up 23.8% on a year-over-year basis. As a group, research analysts predict that Waste Connections will post 5.70 earnings per share for the current fiscal year.

Waste Connections Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Thursday, November 5th will be given a $0.3850 dividend. This represents a $1.54 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Thursday, November 5th. This is a positive change from Waste Connections’s previous quarterly dividend of $0.35. Waste Connections’s payout ratio is currently 31.32%.

Insider Activity

In other news, SVP Philip Rivard sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $166.57, for a total value of $416,425.00. Following the transaction, the senior vice president owned 734 shares in the company, valued at $122,262.38. The trade was a 77.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Robert Cloninger sold 2,811 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $171.02, for a total value of $480,737.22. Following the completion of the transaction, the senior vice president directly owned 11,666 shares of the company’s stock, valued at approximately $1,995,119.32. This represents a 19.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.27% of the company’s stock.

Institutional Trading of Waste Connections

A number of institutional investors and hedge funds have recently modified their holdings of WCN. Citizens Financial Group Inc. RI increased its position in shares of Waste Connections by 37.4% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 8,320 shares of the business services provider’s stock valued at $1,281,000 after purchasing an additional 2,266 shares during the last quarter. Middleton & Co. Inc. MA boosted its holdings in shares of Waste Connections by 11.9% in the 3rd quarter. Middleton & Co. Inc. MA now owns 46,856 shares of the business services provider’s stock worth $7,213,000 after buying an additional 4,992 shares during the last quarter. Carderock Capital Management Inc. boosted its holdings in shares of Waste Connections by 1.3% in the 3rd quarter. Carderock Capital Management Inc. now owns 35,474 shares of the business services provider’s stock worth $5,461,000 after buying an additional 447 shares during the last quarter. MBL Wealth LLC raised its position in Waste Connections by 93.6% in the third quarter. MBL Wealth LLC now owns 3,384 shares of the business services provider’s stock worth $521,000 after acquiring an additional 1,636 shares during the period. Finally, Lmcg Investments LLC raised its position in Waste Connections by 11.4% in the third quarter. Lmcg Investments LLC now owns 62,580 shares of the business services provider’s stock worth $9,633,000 after acquiring an additional 6,388 shares during the period. 86.09% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting Waste Connections

Here are the key news stories impacting Waste Connections this week:

• Positive Sentiment: Analysts raised price targets: Deutsche Bank lifted its target from $191 to $205 and maintained a “buy” rating. Wells Fargo raised its target from $187 to $211 and upgraded its stance to “overweight,” while Scotiabank increased its target from $193 to $201 and retained a “sector outperform” rating. The targets imply approximately 8% to 13% upside from the referenced share price.
• Positive Sentiment: Third-quarter results exceeded expectations: Waste Connections reported adjusted earnings of $1.58 per share, up from $1.44 a year earlier and ahead of the $1.52 consensus estimate. Revenue rose 23.8% year over year to $2.64 billion, also surpassing analyst expectations. Waste Connections Beats Q3 Earnings and Revenue Estimates
• Positive Sentiment: Improved operating outlook: Management raised its outlook as landfill volumes improved, supporting expectations for continued revenue and profit growth. Acquisitions are also contributing to earnings growth and expanding the company’s disposal-services platform. Waste Connections Raises Outlook as Landfill Volumes Improve
• Positive Sentiment: Dividend increased 10%: Waste Connections raised its quarterly dividend to $0.385 per share from $0.35, equivalent to $1.54 annually. The increase signals confidence in cash flow and enhances shareholder returns. Waste Connections Raised Its Dividend 10%

Waste Connections Company Profile

Waste Connections, Inc is a North American provider of solid waste collection, transfer, disposal and recycling services. The company serves residential, commercial, industrial and construction customers, offering scheduled and on-demand collection as well as waste management solutions tailored to municipalities and businesses.

Its operations include local collection fleets, transfer stations, recycling and resource-recovery facilities, and landfills. Waste Connections also provides non-hazardous oilfield waste services, including the collection, transportation, treatment and disposal of waste generated by energy-production activities.

Founded in 1997, Waste Connections has grown through a combination of internal development and acquisitions.