Scotiabank Issues Positive Forecast for Waste Connections (NYSE:WCN) Stock Price

Key Points

• Scotiabank raised Waste Connections’ price target to $201 from $193 while maintaining a “sector outperform” rating, implying 8.24% upside from the prior close.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $198.83; recent targets range from $184 to $205.
• Waste Connections exceeded quarterly expectations, reporting $1.58 in earnings per share versus $1.52 expected and $2.64 billion in revenue, up 23.8% year over year.

Waste Connections (NYSE:WCN - Get Free Report) had its target price raised by Scotiabank from $193.00 to $201.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a "sector outperform" rating on the business services provider's stock. Scotiabank's price target would suggest a potential upside of 8.24% from the stock's previous close.

WCN has been the topic of a number of other research reports. Canadian Imperial Bank of Commerce set a $184.00 price objective on Waste Connections and gave the stock an "outperformer" rating in a research report on Thursday, October 8th. The Goldman Sachs Group restated a "buy" rating and set a $205.00 target price on shares of Waste Connections in a research report on Thursday. Wolfe Research began coverage on Waste Connections in a report on Tuesday, September 15th. They issued an "outperform" rating and a $204.00 price target on the stock. Morgan Stanley lowered their price target on Waste Connections from $205.00 to $195.00 and set an "overweight" rating on the stock in a report on Tuesday, October 13th. Finally, Barclays reiterated a "positive" rating and set a $189.00 price target on shares of Waste Connections in a research report on Friday. 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's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $198.83.

Waste Connections Stock Performance

Shares of WCN opened at $185.70 on Friday. The stock's 50-day simple moving average is $161.34 and its 200 day simple moving average is $161.56. Waste Connections has a 52-week low of $146.89 and a 52-week high of $186.93. The stock has a market capitalization of $46.53 billion, a price-to-earnings ratio of 30.05, a price-to-earnings-growth ratio of 2.95 and a beta of 0.49. 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 - Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The business services provider reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.52 by $0.06. The company 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 firm's revenue for the quarter was up 23.8% compared to the same quarter last year. Research analysts forecast that Waste Connections will post 5.65 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Robert Cloninger sold 2,811 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $171.02, for a total value of $480,737.22. Following the transaction, the senior vice president owned 11,666 shares of the company's stock, valued at $1,995,119.32. This represents a 19.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Philip Rivard sold 2,500 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $166.57, for a total value of $416,425.00. Following the completion of the transaction, the senior vice president directly owned 734 shares in the company, valued at approximately $122,262.38. This represents a 77.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.27% of the company's stock.

Hedge Funds Weigh In On Waste Connections

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Carderock Capital Management Inc. raised its holdings in shares of Waste Connections by 1.3% during the 3rd quarter. Carderock Capital Management Inc. now owns 35,474 shares of the business services provider's stock valued at $5,461,000 after buying an additional 447 shares in the last quarter. MBL Wealth LLC lifted its position in Waste Connections by 93.6% in the 3rd quarter. MBL Wealth LLC now owns 3,384 shares of the business services provider's stock worth $521,000 after buying an additional 1,636 shares during the last quarter. Lmcg Investments LLC grew its position in Waste Connections by 11.4% during the third quarter. Lmcg Investments LLC now owns 62,580 shares of the business services provider's stock valued at $9,633,000 after acquiring an additional 6,388 shares during the last quarter. Capstone Capital Management Ltd purchased a new position in shares of Waste Connections during the third quarter worth approximately $412,000. Finally, Robeco Institutional Asset Management B.V. raised its stake in shares of Waste Connections by 25.7% during the third quarter. Robeco Institutional Asset Management B.V. now owns 29,119 shares of the business services provider's stock worth $4,482,000 after acquiring an additional 5,959 shares in the last quarter. 86.09% of the stock is currently owned by hedge funds and other institutional investors.

About Waste Connections

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.

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