Waste Connections (NYSE:WCN) Stock Price Expected to Rise, CIBC Analyst Says

Waste Connections (NYSE:WCN) had its target price boosted by investment analysts at CIBC from $199.00 to $215.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “outperformer” rating on the business services provider’s stock. CIBC’s price target would indicate a potential upside of 12.98% from the stock’s current price.

A number of other research firms have also recently commented on WCN. Citigroup boosted their target price on shares of Waste Connections from $190.00 to $195.00 and gave the stock a “neutral” rating in a research note on Thursday, October 3rd. Scotiabank started coverage on Waste Connections in a report on Friday, October 4th. They issued a “sector perform” rating and a $196.00 price objective on the stock. BMO Capital Markets reduced their target price on Waste Connections from $198.00 to $196.00 and set an “outperform” rating for the company in a report on Friday, October 25th. JPMorgan Chase & Co. decreased their target price on Waste Connections from $198.00 to $197.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. Finally, Eight Capital upgraded Waste Connections to a “hold” rating in a research report on Wednesday, October 9th. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $198.40.

Waste Connections Stock Performance

Shares of WCN stock opened at $190.30 on Wednesday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.99. Waste Connections has a 12-month low of $137.25 and a 12-month high of $194.83. The business’s 50 day moving average is $183.21 and its two-hundred day moving average is $179.18. The company has a market capitalization of $49.11 billion, a P/E ratio of 52.28, a P/E/G ratio of 3.20 and a beta of 0.74.

Waste Connections (NYSE:WCN) last announced its earnings results on Wednesday, October 23rd. The business services provider reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.05. The firm had revenue of $2.34 billion for the quarter, compared to analyst estimates of $2.30 billion. Waste Connections had a return on equity of 15.43% and a net margin of 10.81%. The business’s revenue was up 13.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.17 EPS. Analysts expect that Waste Connections will post 4.84 EPS for the current fiscal year.

Institutional Investors Weigh In On Waste Connections

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. lifted its position in Waste Connections by 307.1% in the third quarter. Principal Financial Group Inc. now owns 1,927,155 shares of the business services provider’s stock valued at $344,615,000 after buying an additional 1,453,733 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of Waste Connections by 432.6% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,259,312 shares of the business services provider’s stock worth $225,078,000 after acquiring an additional 1,022,851 shares during the last quarter. National Bank of Canada FI boosted its position in shares of Waste Connections by 35.3% during the 3rd quarter. National Bank of Canada FI now owns 2,678,562 shares of the business services provider’s stock worth $478,777,000 after purchasing an additional 699,012 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in Waste Connections by 44.2% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,964,082 shares of the business services provider’s stock valued at $351,037,000 after purchasing an additional 602,055 shares during the period. Finally, Two Sigma Advisers LP raised its position in Waste Connections by 199.4% in the third quarter. Two Sigma Advisers LP now owns 591,250 shares of the business services provider’s stock valued at $105,727,000 after purchasing an additional 393,763 shares during the period. Institutional investors and hedge funds own 86.09% of the company’s stock.

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.