Wells Fargo & Company Issues Positive Forecast for Waste Connections (NYSE:WCN) Stock Price

Waste Connections (NYSE:WCN) had its price target lifted by equities research analysts at Wells Fargo & Company from $187.00 to $211.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the business services provider’s stock. Wells Fargo & Company‘s target price points to a potential upside of 13.76% from the company’s previous close.

Other research analysts have also issued reports about the stock. UBS Group raised shares of Waste Connections from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $176.00 to $200.00 in a report on Friday, September 18th. Raymond James Financial set a $189.00 target price on shares of Waste Connections in a research note on Friday, October 9th. Citigroup restated a “neutral” rating on shares of Waste Connections in a research note on Friday. Barclays reaffirmed a “positive” rating and set a $189.00 price target (up from $187.00) on shares of Waste Connections in a research report on Friday. Finally, JPMorgan Chase & Co. decreased their price target on Waste Connections from $195.00 to $180.00 and set an “overweight” rating for the company in a research note on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Waste Connections currently has a consensus rating of “Moderate Buy” and a consensus target price of $200.22.

Waste Connections Stock Up 0.3%

Shares of Waste Connections stock traded up $0.60 on Friday, hitting $185.48. 356,210 shares of the company’s stock traded hands, compared to its average volume of 1,572,249. Waste Connections has a 52-week low of $146.89 and a 52-week high of $186.93. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 1.17. The stock has a market cap of $46.47 billion, a P/E ratio of 44.59, a PEG ratio of 2.95 and a beta of 0.49. The firm’s 50-day moving average is $161.34 and its 200 day moving average is $161.56.

Waste Connections (NYSE:WCN) last issued its quarterly earnings results on Wednesday, October 21st. The business services provider reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.52 by $0.06. The business had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.60 billion. Waste Connections had a net margin of 11.40% and a return on equity of 17.65%. The company’s revenue for the quarter was up 23.8% on a year-over-year basis. Equities analysts anticipate that Waste Connections will post 5.65 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of WCN. Royal Bank of Canada increased its stake in shares of Waste Connections by 0.9% in the first quarter. Royal Bank of Canada now owns 12,210,661 shares of the business services provider’s stock valued at $1,983,500,000 after purchasing an additional 106,763 shares during the period. BlackRock Inc. bought a new stake in shares of Waste Connections during the second quarter valued at approximately $1,061,947,000. The Manufacturers Life Insurance Company boosted its position in shares of Waste Connections by 48.7% during the first quarter. The Manufacturers Life Insurance Company now owns 3,724,204 shares of the business services provider’s stock worth $604,573,000 after buying an additional 1,219,056 shares during the period. Bank of America Corp DE acquired a new position in shares of Waste Connections during the second quarter worth approximately $510,526,000. Finally, Wellington Management Group LLP acquired a new position in shares of Waste Connections during the second quarter worth approximately $477,944,000. Institutional investors own 86.09% of the company’s stock.

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.