Waste Connections Inc (NYSE:WCN) – Investment analysts at Oppenheimer increased their FY2019 earnings per share estimates for Waste Connections in a report released on Wednesday, October 31st. Oppenheimer analyst N. Kaye now expects that the business services provider will earn $2.85 per share for the year, up from their previous estimate of $2.81. Oppenheimer currently has a “Buy” rating and a $87.00 target price on the stock.
Several other equities analysts have also issued reports on the company. Royal Bank of Canada boosted their target price on Waste Connections from $84.00 to $85.00 and gave the stock an “outperform” rating in a research report on Wednesday. UBS Group set a $90.00 target price on Waste Connections and gave the stock a “buy” rating in a research report on Wednesday. BMO Capital Markets boosted their target price on Waste Connections from $86.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday. Zacks Investment Research lowered Waste Connections from a “buy” rating to a “hold” rating in a research report on Thursday, October 25th. Finally, TD Securities boosted their target price on Waste Connections from $79.00 to $83.00 and gave the stock a “hold” rating in a research report on Thursday, July 26th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $84.80.
Waste Connections (NYSE:WCN) last posted its earnings results on Monday, October 29th. The business services provider reported $0.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.01. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.27 billion. Waste Connections had a return on equity of 10.07% and a net margin of 15.14%. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.60 EPS.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 27th. Stockholders of record on Tuesday, November 13th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 0.84%. The ex-dividend date of this dividend is Friday, November 9th. This is a boost from Waste Connections’s previous quarterly dividend of $0.14. Waste Connections’s payout ratio is 25.93%.
In other news, COO Darrell W. Chambliss sold 6,485 shares of Waste Connections stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $80.00, for a total transaction of $518,800.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP David Eddie sold 20,000 shares of Waste Connections stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $80.06, for a total value of $1,601,200.00. Following the transaction, the vice president now owns 36,320 shares in the company, valued at approximately $2,907,779.20. The disclosure for this sale can be found here. Insiders have sold a total of 38,385 shares of company stock worth $3,063,670 in the last quarter. 0.40% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Aureus Asset Management LLC lifted its stake in Waste Connections by 20.1% in the 2nd quarter. Aureus Asset Management LLC now owns 225,438 shares of the business services provider’s stock valued at $16,971,000 after acquiring an additional 37,721 shares in the last quarter. Voya Investment Management LLC lifted its stake in Waste Connections by 14.9% in the 2nd quarter. Voya Investment Management LLC now owns 1,402,178 shares of the business services provider’s stock valued at $105,556,000 after acquiring an additional 181,301 shares in the last quarter. Highstreet Asset Management Inc. lifted its stake in Waste Connections by 35.3% in the 2nd quarter. Highstreet Asset Management Inc. now owns 15,169 shares of the business services provider’s stock valued at $1,143,000 after acquiring an additional 3,958 shares in the last quarter. Osterweis Capital Management Inc. lifted its stake in Waste Connections by 1.6% in the 2nd quarter. Osterweis Capital Management Inc. now owns 339,975 shares of the business services provider’s stock valued at $25,594,000 after acquiring an additional 5,295 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new stake in Waste Connections in the 2nd quarter valued at approximately $3,255,000. Hedge funds and other institutional investors own 81.64% of the company’s stock.
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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