Waste Connections Inc (NYSE:WCN) was the recipient of a large decline in short interest during the month of June. As of June 30th, there was short interest totalling 1,280,000 shares, a decline of 37.6% from the June 15th total of 2,050,000 shares. Currently, 0.5% of the company’s stock are sold short. Based on an average trading volume of 1,150,000 shares, the days-to-cover ratio is presently 1.1 days.
Shares of WCN traded down $0.16 during midday trading on Friday, hitting $92.39. 963,687 shares of the company traded hands, compared to its average volume of 905,485. The stock has a 50-day moving average of $92.30 and a 200-day moving average of $91.66. Waste Connections has a one year low of $70.87 and a one year high of $105.17. The firm has a market cap of $24.29 billion, a P/E ratio of 42.00, a PEG ratio of 5.99 and a beta of 0.47. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.98 and a quick ratio of 1.98.
Waste Connections (NYSE:WCN) last announced its quarterly earnings results on Thursday, May 7th. The business services provider reported $0.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.02. Waste Connections had a return on equity of 10.71% and a net margin of 10.63%. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the prior year, the business posted $0.62 earnings per share. The company’s revenue was up 8.7% on a year-over-year basis. Sell-side analysts forecast that Waste Connections will post 2.32 EPS for the current fiscal year.
In related news, CEO Worthing Jackman sold 18,000 shares of the business’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $92.26, for a total value of $1,660,680.00. Following the transaction, the chief executive officer now directly owns 113,239 shares of the company’s stock, valued at approximately $10,447,430.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently made changes to their positions in WCN. Keebeck Wealth Management LLC bought a new stake in shares of Waste Connections during the fourth quarter valued at about $27,000. Parkside Financial Bank & Trust bought a new position in shares of Waste Connections in the first quarter worth approximately $27,000. Balentine LLC bought a new position in shares of Waste Connections in the first quarter worth approximately $32,000. Prestige Wealth Management Group LLC increased its position in shares of Waste Connections by 1,094.1% in the first quarter. Prestige Wealth Management Group LLC now owns 406 shares of the business services provider’s stock worth $32,000 after purchasing an additional 372 shares during the last quarter. Finally, Ameritas Investment Company LLC bought a new position in shares of Waste Connections in the first quarter worth approximately $34,000. Hedge funds and other institutional investors own 80.82% of the company’s stock.
A number of brokerages recently weighed in on WCN. BMO Capital Markets cut their price target on shares of Waste Connections from $110.00 to $100.00 and set an “outperform” rating on the stock in a report on Tuesday, March 31st. KeyCorp cut their price target on shares of Waste Connections from $115.00 to $105.00 and set an “overweight” rating on the stock in a report on Monday, April 20th. AltaCorp Capital reissued a “sector perform” rating on shares of Waste Connections in a report on Thursday, May 7th. Royal Bank of Canada boosted their price target on shares of Waste Connections from $98.00 to $106.00 and gave the stock an “outperform” rating in a report on Friday, May 8th. Finally, Goldman Sachs Group downgraded shares of Waste Connections from a “buy” rating to a “neutral” rating and set a $94.00 price objective on the stock. in a report on Friday, March 13th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $106.07.
About Waste Connections
Waste Connections, Inc provides waste collection, transfer, disposal, and recycling services in the United States and Canada. The company operates through six segments: Southern, Western, Eastern, Canada, Central, and Exploration and Production (E&P). It offers collection services to residential, commercial, municipal, industrial, and 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.
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