Waste Connections (NYSE:WCN) Share Price Crosses Below Fifty Day Moving Average – What’s Next?

Waste Connections, Inc. (NYSE:WCN) shares passed below its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $163.32 and traded as low as $149.39. Waste Connections shares last traded at $150.6310, with a volume of 1,818,077 shares changing hands.

Wall Street Analyst Weigh In

WCN has been the subject of several recent analyst reports. Wolfe Research started coverage on shares of Waste Connections in a research note on Tuesday, September 15th. They issued an “outperform” rating and a $204.00 target price for the company. Barclays increased their price target on Waste Connections from $180.00 to $187.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 28th. Citigroup lifted their price objective on Waste Connections from $180.00 to $182.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. JPMorgan Chase & Co. dropped their target price on Waste Connections from $210.00 to $195.00 and set an “overweight” rating for the company in a research note on Monday, July 13th. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating and set a $199.00 target price on shares of Waste Connections in a research report on Friday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Waste Connections has a consensus rating of “Moderate Buy” and an average target price of $202.42.

Waste Connections Trading Up 2.3%

The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.66 and a current ratio of 0.66. The firm has a market capitalization of $38.77 billion, a price-to-earnings ratio of 37.14, a P/E/G ratio of 2.59 and a beta of 0.49. The business has a fifty day moving average price of $163.01 and a 200 day moving average price of $161.66.

Waste Connections (NYSE:WCN) last issued its earnings results on Wednesday, July 22nd. The business services provider reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.35 by $0.15. The firm had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.51 billion. Waste Connections had a return on equity of 17.31% and a net margin of 10.86%.The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.29 earnings per share. As a group, equities analysts forecast that Waste Connections, Inc. will post 5.62 earnings per share for the current year.

Waste Connections Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 6th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Thursday, August 6th. Waste Connections’s dividend payout ratio is 33.73%.

Insider Activity at Waste Connections

In related news, SVP Robert Cloninger sold 2,811 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $171.02, for a total value of $480,737.22. Following the transaction, the senior vice president owned 11,666 shares in the company, valued at approximately $1,995,119.32. This trade represents a 19.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Philip Rivard sold 2,500 shares of Waste Connections stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $166.57, for a total transaction of $416,425.00. Following the transaction, the senior vice president directly owned 734 shares in the company, valued at approximately $122,262.38. This trade represents a 77.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Waste Connections

Several hedge funds and other institutional investors have recently made changes to their positions in the business. XXEC Inc. bought a new stake in shares of Waste Connections in the 2nd quarter valued at approximately $164,870,000. BlackRock Inc. bought a new position in Waste Connections during the second quarter worth $1,061,947,000. The Manufacturers Life Insurance Company acquired a new position in Waste Connections in the second quarter worth $589,671,000. Bank of America Corp DE acquired a new position in Waste Connections in the second quarter worth $510,526,000. Finally, Wellington Management Group LLP bought a new stake in Waste Connections during the second quarter valued at $477,944,000. Institutional investors and hedge funds own 86.09% of the company’s stock.

About Waste Connections

Waste Connections, Inc is a North American provider of solid waste collection, transfer, disposal, recycling and resource recovery services. The company serves residential, commercial, industrial and construction customers through local operations and provides services under municipal and other contracted arrangements.

Its business includes curbside and commercial waste collection, transfer stations, solid waste landfills, recycling facilities and organics processing. Waste Connections also provides environmental services for energy-producing customers, including the management and disposal of non-hazardous oilfield waste, and operates resource recovery and renewable energy projects in connection with certain waste facilities.

Founded in 1997, Waste Connections serves communities across the United States and Canada.