Progressive Waste Solutions Ltd. (WCN) Sees Strong Trading Volume
Shares of Progressive Waste Solutions Ltd. (NYSE:WCN) saw unusually-high trading volume on Friday . Approximately 1,106,032 shares were traded during trading, an increase of 41% from the previous session’s volume of 784,865 shares.The stock last traded at $77.05 and had previously closed at $77.44.
A number of analysts have commented on the company. Stifel Nicolaus raised their price objective on Progressive Waste Solutions from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, May 27th. Wedbush raised their price objective on Progressive Waste Solutions from $67.00 to $71.00 and gave the stock an “outperform” rating in a research report on Friday, April 29th. TheStreet downgraded Progressive Waste Solutions from a “buy” rating to a “hold” rating in a research report on Wednesday, June 1st. Imperial Capital reiterated an “outperform” rating and issued a $80.00 price objective (up previously from $75.00) on shares of Progressive Waste Solutions in a research report on Friday, June 17th. Finally, TD Securities raised their price objective on Progressive Waste Solutions from $73.00 to $78.00 and gave the stock a “buy” rating in a research report on Thursday, June 2nd. Four investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $73.24.
The stock has a 50-day moving average of $75.53 and a 200-day moving average of $68.80. The company’s market cap is $13.39 billion.
Progressive Waste Solutions (NYSE:WCN) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.12. The company earned $727.60 million during the quarter, compared to the consensus estimate of $713.58 million. The company’s quarterly revenue was up 36.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.50 earnings per share. Equities research analysts anticipate that Progressive Waste Solutions Ltd. will post $2.43 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, August 15th. Investors of record on Tuesday, August 2nd were paid a $0.145 dividend. This represents a $0.58 annualized dividend and a dividend yield of 0.76%. The ex-dividend date was Thursday, July 28th. This is a positive change from Progressive Waste Solutions’s previous quarterly dividend of $0.09.
In other Progressive Waste Solutions news, COO Darrell W. Chambliss sold 2,000 shares of the company’s stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $77.42, for a total transaction of $154,840.00. Following the completion of the sale, the chief operating officer now directly owns 147,068 shares in the company, valued at $11,386,004.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP James Little sold 3,000 shares of the company’s stock in a transaction on Monday, June 6th. The stock was sold at an average price of $70.60, for a total value of $211,800.00. Following the sale, the vice president now owns 44,696 shares of the company’s stock, valued at $3,155,537.60. The disclosure for this sale can be found here.
A number of large investors have added to or reduced their stakes in the company. Bank of Montreal Can boosted its stake in Progressive Waste Solutions by 11.8% in the fourth quarter. Bank of Montreal Can now owns 23,304 shares of the company’s stock valued at $1,312,000 after buying an additional 2,465 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Progressive Waste Solutions by 2.4% in the fourth quarter. Victory Capital Management Inc. now owns 20,327 shares of the company’s stock valued at $1,145,000 after buying an additional 477 shares during the last quarter. Finally, State of Tennessee Treasury Department boosted its stake in Progressive Waste Solutions by 21.2% in the fourth quarter. State of Tennessee Treasury Department now owns 360,033 shares of the company’s stock valued at $20,277,000 after buying an additional 63,000 shares during the last quarter.
Waste Connections, Inc is an integrated municipal solid waste (MSW) services company. The Company provides solid waste collection, transfer, disposal and recycling services in the United States. The Company is a provider of non-hazardous exploration and production (E&P), waste treatment, recovery and disposal services in various areas of the United States.
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