Key Points
- Insider sale: Chief Accounting Officer Derek Tan sold 1,000 Waste Connections shares for $186,770, reducing his position by 71.23% to 404 shares.
- Strong quarterly results: The company reported $1.58 in quarterly EPS and $2.64 billion in revenue, exceeding analyst estimates, while revenue increased 23.8% year over year.
- Dividend and analyst support: Waste Connections raised its quarterly dividend to $0.385 per share, and analysts maintained a consensus “Moderate Buy” rating with an average price target of $203.22.
Waste Connections, Inc. (NYSE:WCN - Get Free Report) CAO Derek Tan sold 1,000 shares of the stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $186.77, for a total value of $186,770.00. Following the transaction, the chief accounting officer owned 404 shares of the company's stock, valued at approximately $75,455.08. This trade represents a 71.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.
Waste Connections Stock Performance
WCN opened at $179.40 on Thursday. The business's 50-day moving average price is $162.80 and its two-hundred day moving average price is $163.35. Waste Connections, Inc. has a 1 year low of $146.89 and a 1 year high of $187.35. The company has a market capitalization of $44.95 billion, a price-to-earnings ratio of 40.14, a P/E/G ratio of 3.35 and a beta of 0.49. 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 (NYSE:WCN - Get Free Report) last posted its quarterly earnings data on Wednesday, October 21st. The business services provider reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.06. The company had revenue of $2.64 billion during 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%. Waste Connections's quarterly revenue was up 23.8% compared to the same quarter last year. Equities analysts expect that Waste Connections, Inc. will post 5.70 EPS for the current fiscal year.
Waste Connections Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Thursday, November 5th will be paid a $0.3850 dividend. This represents a $1.54 annualized dividend and a yield of 0.9%. The ex-dividend date is Thursday, November 5th. This is a positive change from Waste Connections's previous quarterly dividend of $0.35. Waste Connections's dividend payout ratio (DPR) is presently 31.32%.
Hedge Funds Weigh In On Waste Connections
Several hedge funds have recently modified their holdings of the stock. Group One Trading LLC acquired a new position in Waste Connections during the second quarter worth approximately $30,000. Whipplewood Advisors LLC raised its stake in Waste Connections by 1,166.7% in the first quarter. Whipplewood Advisors LLC now owns 190 shares of the business services provider's stock valued at $31,000 after buying an additional 175 shares during the period. Western Wealth Management LLC acquired a new stake in shares of Waste Connections in the first quarter valued at approximately $41,000. Johnson Financial Group Inc. acquired a new stake in shares of Waste Connections in the second quarter valued at approximately $45,000. Finally, Wellington Altus USA Inc. lifted its position in shares of Waste Connections by 205.6% in the second quarter. Wellington Altus USA Inc. now owns 275 shares of the business services provider's stock valued at $48,000 after buying an additional 185 shares during the last quarter. Institutional investors own 86.09% of the company's stock.
Analyst Ratings Changes
A number of research firms have weighed in on WCN. Wells Fargo & Company upped their price target on Waste Connections from $187.00 to $211.00 and gave the stock an "overweight" rating in a research report on Friday, October 23rd. Citigroup reiterated a "neutral" rating and issued a $192.00 price objective (up from $175.00) on shares of Waste Connections in a report on Friday, October 23rd. Weiss Ratings raised shares of Waste Connections from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, October 15th. Scotiabank restated an "outperform" rating and set a $201.00 target price on shares of Waste Connections in a report on Friday, October 23rd. Finally, Morgan Stanley restated an "overweight" rating and set a $200.00 target price (up from $195.00) on shares of Waste Connections in a report on Friday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $203.22.
Check Out Our Latest Stock Analysis on WCN
About Waste Connections
(
Get Free Report)
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.
Read More
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
