CIBC Cuts Waste Connections (NYSE:WCN) Price Target to $212.00

Waste Connections (NYSE:WCN) had its target price decreased by CIBC from $215.00 to $212.00 in a research report sent to investors on Thursday,BayStreet.CA reports. CIBC currently has an outperform rating on the business services provider’s stock.

Other equities research analysts also recently issued research reports about the company. Citigroup increased their price target on Waste Connections from $190.00 to $195.00 and gave the company a “neutral” rating in a research report on Thursday, October 3rd. Raymond James reduced their price objective on shares of Waste Connections from $208.00 to $205.00 and set a “strong-buy” rating for the company in a research report on Friday, October 25th. Morgan Stanley upped their price objective on shares of Waste Connections from $206.00 to $214.00 and gave the company an “overweight” rating in a research note on Thursday, December 12th. Scotiabank initiated coverage on Waste Connections in a report on Friday, October 4th. They issued a “sector perform” rating and a $196.00 target price for the company. Finally, Oppenheimer lifted their price target on Waste Connections from $192.00 to $195.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Waste Connections presently has a consensus rating of “Moderate Buy” and an average price target of $199.69.

Waste Connections Stock Performance

NYSE WCN opened at $174.28 on Thursday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.99. The stock has a market cap of $44.98 billion, a P/E ratio of 47.88, a PEG ratio of 3.08 and a beta of 0.74. The company’s 50-day simple moving average is $183.67 and its 200 day simple moving average is $180.56. Waste Connections has a twelve month low of $145.35 and a twelve month high of $194.83.

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

Waste Connections Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, November 7th were issued a $0.315 dividend. The ex-dividend date was Thursday, November 7th. This represents a $1.26 dividend on an annualized basis and a yield of 0.72%. This is an increase from Waste Connections’s previous quarterly dividend of $0.29. Waste Connections’s dividend payout ratio is currently 34.62%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Global Trust Asset Management LLC acquired a new position in Waste Connections in the third quarter valued at approximately $36,000. FSA Wealth Management LLC bought a new stake in shares of Waste Connections during the third quarter valued at approximately $40,000. Asset Dedication LLC acquired a new stake in Waste Connections in the 3rd quarter valued at approximately $41,000. Continuum Advisory LLC boosted its position in Waste Connections by 58.0% during the 3rd quarter. Continuum Advisory LLC now owns 226 shares of the business services provider’s stock worth $42,000 after acquiring an additional 83 shares during the period. Finally, Kennebec Savings Bank bought a new stake in shares of Waste Connections during the third quarter valued at about $47,000. 86.09% of the stock is currently owned by institutional investors.

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.