Waste Connections (NYSE:WCN) Stock Price Target Lowered at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered Waste Connections’ price target from $195 to $180 while maintaining an “overweight” rating, implying approximately 16.3% upside from the cited share price.
• Analyst sentiment remains positive overall, with a “Moderate Buy” consensus rating and an average price target of $200.41; TD Cowen and UBS maintain bullish views with targets of $210 and $200, respectively.
• Waste Connections reported quarterly EPS of $1.50, exceeding the $1.35 consensus estimate, while revenue rose 6.4% year over year to $2.56 billion. Shares traded at $154.78, near the lower end of their 52-week range.

Waste Connections (NYSE:WCN - Get Free Report) had its price objective decreased by analysts at JPMorgan Chase & Co. from $195.00 to $180.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an "overweight" rating on the business services provider's stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 16.29% from the company's current price.

Other research analysts also recently issued research reports about the company. Canadian Imperial Bank of Commerce set a $184.00 price target on Waste Connections and gave the stock an "outperformer" rating in a research note on Thursday. UBS Group upgraded Waste Connections from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $176.00 to $200.00 in a research note on Friday, September 18th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Waste Connections in a report on Friday, August 7th. Citigroup lifted their target price on shares of Waste Connections from $180.00 to $182.00 and gave the stock a "neutral" rating in a research note on Thursday, July 9th. Finally, TD Cowen reiterated a "buy" rating and issued a $210.00 target price (up from $200.00) on shares of Waste Connections in a research note on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, Waste Connections presently has an average rating of "Moderate Buy" and an average price target of $200.41.

Waste Connections Stock Performance

Shares of WCN stock traded down $0.38 during trading hours on Thursday, hitting $154.78. 1,674,838 shares of the company were exchanged, compared to its average volume of 1,537,871. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $38.94 billion, a price-to-earnings ratio of 37.30, a P/E/G ratio of 2.65 and a beta of 0.49. The firm has a fifty day simple moving average of $162.06 and a 200 day simple moving average of $161.40. Waste Connections has a 52-week low of $146.89 and a 52-week high of $179.74.

Waste Connections (NYSE:WCN - Get Free Report) last posted its quarterly earnings data 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. Waste Connections had a return on equity of 17.31% and a net margin of 10.86%.The business had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.51 billion. During the same quarter in the prior year, the business earned $1.29 earnings per share. Waste Connections's revenue for the quarter was up 6.4% on a year-over-year basis. Research analysts predict that Waste Connections will post 5.62 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Philip Rivard sold 2,500 shares of the company's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $166.57, for a total transaction of $416,425.00. Following the sale, the senior vice president directly owned 734 shares in the company, valued at $122,262.38. This represents a 77.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Robert Cloninger sold 2,811 shares of the stock in a transaction dated 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 sale, the senior vice president directly owned 11,666 shares in the company, valued at approximately $1,995,119.32. The trade was a 19.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.27% of the stock is owned by company insiders.

Hedge Funds Weigh In On Waste Connections

Hedge funds have recently bought and sold shares of the company. Group One Trading LLC bought a new position in Waste Connections in the 2nd quarter valued at $30,000. Whipplewood Advisors LLC raised its position in shares of Waste Connections by 1,166.7% in the first quarter. Whipplewood Advisors LLC now owns 190 shares of the business services provider's stock worth $31,000 after buying an additional 175 shares in the last quarter. Western Wealth Management LLC bought a new stake in Waste Connections during the first quarter valued at $41,000. Johnson Financial Group Inc. bought a new stake in Waste Connections during the second quarter valued at $45,000. Finally, Wellington Altus USA Inc. grew its position in Waste Connections by 205.6% during the second quarter. Wellington Altus USA Inc. now owns 275 shares of the business services provider's stock worth $48,000 after buying an additional 185 shares in the last quarter. 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, 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.

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