Waste Connections (NYSE:WCN) Stock Price Target Cut by Citigroup

Key Points

• Citigroup lowered Waste Connections’ price target from $182 to $175 and maintained a “neutral” rating, implying roughly 5.66% upside from the previous close.
• Analyst sentiment remains broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $198.61; targets from other firms range as high as $200.
• Waste Connections exceeded quarterly expectations, reporting $1.50 in EPS versus the $1.35 estimate and revenue of $2.56 billion, up 6.4% year over year.

Waste Connections (NYSE:WCN - Get Free Report) had its price objective dropped by Citigroup from $182.00 to $175.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a "neutral" rating on the business services provider's stock. Citigroup's price objective points to a potential upside of 5.66% from the company's previous close.

Several other equities research analysts have also recently commented on WCN. Raymond James Financial set a $189.00 price objective on shares of Waste Connections in a research report on Friday, October 9th. UBS Group upgraded Waste Connections from a "neutral" rating to a "buy" rating and boosted their price target for the company from $176.00 to $200.00 in a research note on Friday, September 18th. Barclays boosted their price objective on shares of Waste Connections from $180.00 to $187.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 28th. Morgan Stanley lowered their price objective on shares of Waste Connections from $205.00 to $195.00 and set an "overweight" rating for the company in a research report on Tuesday. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Waste Connections in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Waste Connections has an average rating of "Moderate Buy" and an average target price of $198.61.

Waste Connections Price Performance

Waste Connections stock traded up $8.80 on Thursday, reaching $165.62. The company's stock had a trading volume of 2,824,768 shares, compared to its average volume of 1,544,685. The business's fifty day moving average price is $160.84 and its 200 day moving average price is $161.22. 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 has a twelve month low of $146.89 and a twelve month high of $179.74. The company has a market cap of $41.57 billion, a price-to-earnings ratio of 39.79, a PEG ratio of 2.70 and a beta of 0.49.

Waste Connections (NYSE:WCN - Get Free Report) last released its earnings results on Wednesday, July 22nd. The business services provider reported $1.50 EPS for the quarter, beating the consensus estimate of $1.35 by $0.15. The company had revenue of $2.56 billion during the quarter, compared to analysts' expectations of $2.51 billion. Waste Connections had a return on equity of 17.31% and a net margin of 10.86%. The business's revenue for the quarter was up 6.4% on a year-over-year basis. During the same period last year, the firm earned $1.29 EPS. Equities analysts expect that Waste Connections will post 5.65 earnings per share for the current fiscal year.

Insider Activity at Waste Connections

In related news, SVP Philip Rivard sold 2,500 shares of the company's stock in a transaction that occurred 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Robert Cloninger sold 2,811 shares of the stock in a transaction dated Tuesday, July 28th. The shares were 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 in the company, valued at $1,995,119.32. This trade represents a 19.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.27% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Waste Connections

Several institutional investors and hedge funds have recently modified their holdings of WCN. Evolve Private Wealth LLC purchased a new stake in shares of Waste Connections in the 2nd quarter worth approximately $1,022,000. Oppenheimer Asset Management Inc. bought a new position in Waste Connections in the 2nd quarter worth about $12,398,000. Varenne Capital Partners purchased a new stake in Waste Connections during the 2nd quarter valued at about $5,714,000. Legacy Wealth Asset Management LLC raised its holdings in Waste Connections by 68.1% in the second quarter. Legacy Wealth Asset Management LLC now owns 15,966 shares of the business services provider's stock worth $2,661,000 after buying an additional 6,470 shares during the last quarter. Finally, Focus Partners Advisor Solutions LLC purchased a new position in Waste Connections in the second quarter worth about $2,315,000. 86.09% of the stock is 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, 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.