Waste Connections (NYSE:WCN) Stock Gets Price Target Cut from JPMorgan Chase & Co.

Waste Connections (NYSE:WCN) had its target price reduced by JPMorgan Chase & Co. from $195.00 to $180.00 in a report issued on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the business services provider’s stock.

A number of other equities research analysts have also weighed in on WCN. Barclays boosted their target price on Waste Connections from $180.00 to $187.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 28th. Weiss Ratings restated a “hold (c)” rating on shares of Waste Connections in a research report on Friday, August 7th. Wolfe Research started coverage on Waste Connections in a research note on Tuesday, September 15th. They issued an “outperform” rating and a $204.00 price target on the stock. Citigroup boosted their price objective on Waste Connections from $180.00 to $182.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. Finally, Canadian Imperial Bank of Commerce set a $184.00 price objective on Waste Connections and gave the company an “outperformer” rating in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $199.78.

Waste Connections Price Performance

Shares of Waste Connections stock opened at $152.88 on Thursday. Waste Connections has a 52-week low of $146.89 and a 52-week high of $179.74. The stock has a market capitalization of $38.37 billion, a price-to-earnings ratio of 36.84, a price-to-earnings-growth ratio of 2.62 and a beta of 0.49. The company has a fifty day moving average of $161.53 and a 200-day moving average of $161.29. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.66 and a current ratio of 0.66.

Waste Connections (NYSE:WCN) last issued its earnings results on Wednesday, July 22nd. The business services provider reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $1.35 by $0.15. The company had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.51 billion. Waste Connections had a net margin of 10.86% and a return on equity of 17.31%. The firm’s revenue was up 6.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.29 EPS. Equities research analysts expect that Waste Connections will post 5.63 EPS for the current year.

Waste Connections Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 6th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Thursday, August 6th. Waste Connections’s payout ratio is currently 33.73%.

Insider Buying and Selling

In related news, SVP Robert Cloninger sold 2,811 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was 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 in the company, valued at $1,995,119.32. This represents a 19.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Philip Rivard sold 2,500 shares of Waste Connections 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 completion of the sale, the senior vice president owned 734 shares in the company, valued at approximately $122,262.38. This trade represents a 77.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Waste Connections

Institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its position in Waste Connections by 1.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,312 shares of the business services provider’s stock worth $701,000 after purchasing an additional 65 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Waste Connections by 2.0% in the second quarter. GAMMA Investing LLC now owns 5,030 shares of the business services provider’s stock valued at $838,000 after buying an additional 99 shares during the last quarter. Athena Wealth Management LLC raised its holdings in shares of Waste Connections by 6.7% in the third quarter. Athena Wealth Management LLC now owns 1,829 shares of the business services provider’s stock valued at $282,000 after buying an additional 115 shares during the last quarter. Private Advisor Group LLC boosted its stake in shares of Waste Connections by 9.2% during the first quarter. Private Advisor Group LLC now owns 1,519 shares of the business services provider’s stock worth $247,000 after buying an additional 128 shares during the period. Finally, LifeGoal Investments LLC boosted its stake in shares of Waste Connections by 8.1% during the third quarter. LifeGoal Investments LLC now owns 1,779 shares of the business services provider’s stock worth $274,000 after buying an additional 133 shares during the period. 86.09% of the stock is owned by institutional investors.

About Waste Connections

Waste Connections, Inc is a North American provider of solid waste collection, transfer, disposal, recycling and resource recovery services. The company serves residential, commercial, industrial and construction customers through local operations and provides services under municipal and other contracted arrangements.

Its business includes curbside and commercial waste collection, transfer stations, solid waste landfills, recycling facilities and organics processing. Waste Connections also provides environmental services for energy-producing customers, including the management and disposal of non-hazardous oilfield waste, and operates resource recovery and renewable energy projects in connection with certain waste facilities.

Founded in 1997, Waste Connections serves communities across the United States and Canada.