Citigroup Has Lowered Expectations for Waste Connections (NYSE:WCN) Stock Price

Key Points

• Citigroup has lowered its target price for Waste Connections from $208.00 to $204.00, maintaining a "neutral" rating.
• Other analysts showed mixed sentiments, with BMO Capital Markets raising its target to $216.00 and a consensus target price of $215.00 among research analysts.
• Waste Connections reported a 7.1% increase in revenue year-over-year, with earnings per share of $1.29, exceeding estimates by $0.04.

Waste Connections (NYSE:WCN - Get Free Report) had its price objective dropped by equities research analysts at Citigroup from $208.00 to $204.00 in a research report issued on Monday,Benzinga reports. The firm currently has a "neutral" rating on the business services provider's stock. Citigroup's price objective points to a potential upside of 9.62% from the company's previous close.

WCN has been the subject of several other reports. Oppenheimer lifted their target price on Waste Connections from $216.00 to $218.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. William Blair began coverage on Waste Connections in a research note on Thursday, April 3rd. They set an "outperform" rating for the company. Seaport Res Ptn upgraded Waste Connections to a "strong-buy" rating in a research note on Tuesday, May 6th. BMO Capital Markets lifted their target price on Waste Connections from $214.00 to $216.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Finally, Truist Financial set a $220.00 target price on Waste Connections in a research note on Friday, April 25th. Four investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and five have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $215.00.

Waste Connections Stock Down 0.3%

WCN stock traded down $0.58 during mid-day trading on Monday, reaching $186.10. The company had a trading volume of 194,538 shares, compared to its average volume of 1,142,747. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.67 and a quick ratio of 0.67. The stock has a 50 day simple moving average of $187.54 and a two-hundred day simple moving average of $188.92. The company has a market capitalization of $48.09 billion, a price-to-earnings ratio of 75.13, a PEG ratio of 3.41 and a beta of 0.60. Waste Connections has a 52 week low of $169.36 and a 52 week high of $201.66.

Waste Connections (NYSE:WCN - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The business services provider reported $1.29 EPS for the quarter, topping the consensus estimate of $1.25 by $0.04. Waste Connections had a return on equity of 15.72% and a net margin of 6.97%. The company had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the previous year, the company posted $1.24 EPS. The firm's revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, equities analysts predict that Waste Connections will post 5.28 earnings per share for the current fiscal year.

Institutional Trading of Waste Connections

Institutional investors have recently added to or reduced their stakes in the company. DAVENPORT & Co LLC lifted its position in shares of Waste Connections by 37.3% during the 1st quarter. DAVENPORT & Co LLC now owns 1,796 shares of the business services provider's stock valued at $350,000 after acquiring an additional 488 shares during the period. Private Trust Co. NA lifted its position in shares of Waste Connections by 89.5% during the 1st quarter. Private Trust Co. NA now owns 288 shares of the business services provider's stock valued at $56,000 after acquiring an additional 136 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of Waste Connections by 19.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,069 shares of the business services provider's stock valued at $1,379,000 after acquiring an additional 1,137 shares during the period. Cambridge Investment Research Advisors Inc. lifted its position in shares of Waste Connections by 41.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 19,710 shares of the business services provider's stock valued at $3,843,000 after acquiring an additional 5,733 shares during the period. Finally, Wealthfront Advisers LLC lifted its position in shares of Waste Connections by 6.3% during the 1st quarter. Wealthfront Advisers LLC now owns 28,458 shares of the business services provider's stock valued at $5,555,000 after acquiring an additional 1,682 shares during the period. 86.09% of the stock is currently owned by institutional investors.

Waste Connections Company Profile

Waste Connections, Inc provides non-hazardous waste collection, transfer, disposal, and resource recovery services in the United States and Canada. It offers collection services to residential, commercial, municipal, industrial, and exploration and production (E&P) customers; landfill disposal services; and recycling services for various recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles, and ferrous and aluminum metals.