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

Waste Connections (NYSE:WCN) had its price target reduced by CIBC from $215.00 to $212.00 in a report released on Thursday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the business services provider’s stock. CIBC’s target price points to a potential upside of 21.64% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Royal Bank of Canada lifted their target price on Waste Connections from $199.00 to $201.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Morgan Stanley lifted their price objective on shares of Waste Connections from $206.00 to $214.00 and gave the stock an “overweight” rating in a research report on Thursday, December 12th. Raymond James dropped their price objective on shares of Waste Connections from $208.00 to $205.00 and set a “strong-buy” rating on the stock in a research report on Friday, October 25th. Eight Capital raised shares of Waste Connections to a “hold” rating in a report on Wednesday, October 9th. Finally, Scotiabank initiated coverage on shares of Waste Connections in a research note on Friday, October 4th. They issued a “sector perform” rating and a $196.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $199.69.

Waste Connections Stock Performance

NYSE WCN opened at $174.28 on Thursday. The firm has a market capitalization of $44.98 billion, a P/E ratio of 47.88, a price-to-earnings-growth ratio of 3.08 and a beta of 0.74. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.99. The firm’s fifty day moving average price is $183.67 and its two-hundred day moving average price is $180.46. Waste Connections has a 1 year low of $145.35 and a 1 year high of $194.83.

Waste Connections (NYSE:WCN) last issued 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. Waste Connections had a net margin of 10.81% and a return on equity of 15.43%. The company had revenue of $2.34 billion for the quarter, compared to analysts’ expectations of $2.30 billion. During the same period in the prior year, the firm earned $1.17 EPS. Waste Connections’s quarterly revenue was up 13.3% compared to the same quarter last year. As a group, research analysts anticipate that Waste Connections will post 4.84 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. lifted its position in Waste Connections by 307.1% during the third quarter. Principal Financial Group Inc. now owns 1,927,155 shares of the business services provider’s stock worth $344,615,000 after purchasing an additional 1,453,733 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of Waste Connections by 432.6% during 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 period. 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 acquiring an additional 699,012 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake 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 acquiring an additional 602,055 shares during the last quarter. Finally, Two Sigma Advisers LP raised its position in Waste Connections by 199.4% during 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 in the last quarter. Institutional investors own 86.09% of the company’s stock.

About Waste Connections

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.