Waste Connections (NYSE:WCN) Reaches New 12-Month High – Here’s Why

Waste Connections, Inc. (NYSE:WCN)’s share price reached a new 52-week high during mid-day trading on Friday. The company traded as high as $188.20 and last traded at $183.5120, with a volume of 78,886 shares changing hands. The stock had previously closed at $181.97.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on WCN shares. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Waste Connections from $191.00 to $205.00 and gave the company a “buy” rating in a research note on Friday, October 23rd. Wells Fargo & Company upped their price objective on Waste Connections from $187.00 to $211.00 and gave the stock an “overweight” rating in a report on Friday, October 23rd. Oppenheimer reaffirmed an “outperform” rating and issued a $200.00 target price (up from $193.00) on shares of Waste Connections in a research report on Friday, October 23rd. Barclays reiterated a “positive” rating and issued a $189.00 target price (up from $187.00) on shares of Waste Connections in a report on Friday, October 23rd. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating and set a $207.00 price target (up from $184.00) on shares of Waste Connections in a research report on Friday, October 23rd. 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 company’s stock. According to data from MarketBeat, Waste Connections presently has a consensus rating of “Moderate Buy” and a consensus target price of $203.22.

Waste Connections Trading Up 1.0%

The stock has a market capitalization of $46.03 billion, a price-to-earnings ratio of 40.90, a P/E/G ratio of 3.29 and a beta of 0.49. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.67 and a current ratio of 0.67. The firm has a fifty day moving average of $163.05 and a 200-day moving average of $163.43.

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

Waste Connections Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Thursday, November 5th will be issued a $0.3850 dividend. The ex-dividend date is Thursday, November 5th. This represents a $1.54 dividend on an annualized basis and a yield of 0.8%. This is a boost from Waste Connections’s previous quarterly dividend of $0.35. Waste Connections’s dividend payout ratio (DPR) is currently 31.32%.

Insider Buying and Selling at Waste Connections

In other news, CAO Derek Tan sold 1,000 shares of Waste Connections stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $186.77, for a total transaction of $186,770.00. Following the sale, the chief accounting officer owned 404 shares in the company, valued at $75,455.08. This trade represents a 71.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP James Little sold 2,000 shares of Waste Connections stock in a transaction that occurred on Tuesday, October 27th. The shares were sold at an average price of $185.22, for a total transaction of $370,440.00. Following the sale, the vice president owned 32,395 shares in the company, valued at $6,000,201.90. This represents a 5.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 5,500 shares of company stock valued at $973,635 over the last 90 days. 0.27% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Waste Connections

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. XXEC Inc. purchased a new position in Waste Connections in the 2nd quarter valued at about $164,870,000. BlackRock Inc. purchased a new stake in shares of Waste Connections during the second quarter worth about $1,061,947,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Waste Connections during the second quarter worth about $589,671,000. Bank of America Corp DE acquired a new position in shares of Waste Connections in the second quarter worth about $510,526,000. Finally, Wellington Management Group LLP acquired a new position in shares of Waste Connections in the second quarter worth about $477,944,000. Hedge funds and other 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.