JPMorgan Chase & Co. Issues Pessimistic Forecast for Waste Connections (NYSE:WCN) Stock Price

Waste Connections (NYSE:WCN) had its price target decreased by analysts at JPMorgan Chase & Co. from $210.00 to $195.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the business services provider’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 13.51% from the stock’s current price.

Other equities analysts have also issued reports about the stock. BMO Capital Markets reissued an “outperform” rating and issued a $208.00 price objective (up from $206.00) on shares of Waste Connections in a research report on Friday, April 24th. The Goldman Sachs Group reiterated a “buy” rating and issued a $211.00 price target on shares of Waste Connections in a research note on Thursday, April 23rd. Citigroup increased their price target on shares of Waste Connections from $180.00 to $182.00 and gave the company a “neutral” rating in a report on Thursday. Royal Bank Of Canada restated an “outperform” rating and set a $218.00 price objective (up from $210.00) on shares of Waste Connections in a report on Friday, April 24th. Finally, Barclays set a $180.00 target price on Waste Connections and gave the company an “equal weight” rating in a research report on Tuesday, April 28th. Three analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $202.00.

Waste Connections Stock Performance

Shares of NYSE WCN traded up $0.72 during midday trading on Monday, hitting $171.79. 317,946 shares of the company’s stock were exchanged, compared to its average volume of 1,664,800. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 1.13. Waste Connections has a 12 month low of $146.89 and a 12 month high of $191.91. The company’s 50 day moving average price is $158.28 and its 200 day moving average price is $163.67. The firm has a market capitalization of $43.59 billion, a PE ratio of 41.86, a price-to-earnings-growth ratio of 3.00 and a beta of 0.49.

Waste Connections (NYSE:WCN) last posted its quarterly earnings results on Wednesday, April 22nd. The business services provider reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.04. Waste Connections had a return on equity of 16.49% and a net margin of 10.97%.The business had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.50 billion. During the same quarter in the prior year, the business earned $1.13 EPS. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. As a group, analysts predict that Waste Connections will post 5.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Waste Connections news, COO Jason Craft sold 1,500 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $156.59, for a total transaction of $234,885.00. Following the transaction, the chief operating officer owned 32,861 shares in the company, valued at $5,145,703.99. This represents a 4.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Eric Hansen sold 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $164.82, for a total transaction of $988,920.00. Following the transaction, the senior vice president directly owned 13,350 shares in the company, valued at $2,200,347. This represents a 31.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 17,605 shares of company stock worth $2,822,923. 0.27% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Waste Connections

A number of large investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its holdings in Waste Connections by 0.9% in the 1st quarter. Royal Bank of Canada now owns 12,210,661 shares of the business services provider’s stock valued at $1,983,500,000 after acquiring an additional 106,763 shares in the last quarter. Capital International Investors increased its position in shares of Waste Connections by 28.2% in the fourth quarter. Capital International Investors now owns 6,468,259 shares of the business services provider’s stock worth $1,134,781,000 after purchasing an additional 1,420,921 shares during the period. JPMorgan Chase & Co. increased its position in shares of Waste Connections by 37.1% in the fourth quarter. JPMorgan Chase & Co. now owns 4,763,742 shares of the business services provider’s stock worth $835,370,000 after purchasing an additional 1,289,042 shares during the period. Wellington Management Group LLP raised its stake in Waste Connections by 5.0% in the fourth quarter. Wellington Management Group LLP now owns 4,675,737 shares of the business services provider’s stock valued at $819,939,000 after purchasing an additional 220,575 shares in the last quarter. Finally, Norges Bank acquired a new position in Waste Connections in the fourth quarter valued at about $697,519,000. Institutional investors and hedge funds own 86.09% of the company’s stock.

Waste Connections Company Profile

Waste Connections (NYSE: WCN) is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.

The company’s operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.