Trading Report: The FY2016 Earnings Forecast for Progressive Waste Solutions Ltd. (WCN) Issued By Oppenheimer Holdings

The FY2016 Earnings Forecast for Progressive Waste Solutions Ltd. (WCN) Issued By Oppenheimer Holdings

Progressive Waste Solutions Ltd. (NYSE:WCN) – Equities researchers at Oppenheimer Holdings issued their FY2016 earnings per share estimates for Progressive Waste Solutions in a report released on Thursday. Oppenheimer Holdings analyst N. Kaye forecasts that the brokerage will post earnings per share of $2.50 for the year. Oppenheimer Holdings has a “Outperform” rating and a $82.00 price target on the stock. Oppenheimer Holdings also issued estimates for Progressive Waste Solutions’ Q4 2016 earnings at $0.63 EPS, FY2017 earnings at $2.88 EPS and FY2018 earnings at $3.36 EPS.

A number of other brokerages also recently commented on WCN. RBC Capital Markets restated an “outperform” rating and set a $118.50 target price (up previously from $113.00) on shares of Progressive Waste Solutions in a report on Sunday, October 23rd. Royal Bank Of Canada restated an “outperform” rating and set a $86.00 target price (down previously from $90.00) on shares of Progressive Waste Solutions in a report on Friday, October 21st. Zacks Investment Research downgraded Progressive Waste Solutions from a “hold” rating to a “sell” rating in a report on Friday, October 14th. Macquarie began coverage on Progressive Waste Solutions in a report on Thursday, August 25th. They set an “outperform” rating and a $89.00 target price for the company. Finally, Gabelli upgraded Progressive Waste Solutions from a “hold” rating to a “buy” rating in a report on Friday, August 5th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. Progressive Waste Solutions has an average rating of “Buy” and a consensus price target of $75.09.

Progressive Waste Solutions (NYSE:WCN) opened at 75.19 on Monday. The stock has a market capitalization of $13.18 billion, a P/E ratio of 49.83 and a beta of 0.31. The firm’s 50-day moving average is $74.52 and its 200-day moving average is $72.61. Progressive Waste Solutions has a 12-month low of $50.64 and a 12-month high of $79.72.

Progressive Waste Solutions (NYSE:WCN) last posted its quarterly earnings data on Wednesday, October 26th. The company reported $0.72 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.01. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.07 billion. Progressive Waste Solutions had a net margin of 5.77% and a return on equity of 8.53%. The business’s revenue for the quarter was up 98.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.54 EPS.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Progressive Waste Solutions by 50.6% in the second quarter. Vanguard Group Inc. now owns 13,187,883 shares of the company’s stock valued at $950,188,000 after buying an additional 4,433,316 shares during the last quarter. FMR LLC boosted its position in shares of Progressive Waste Solutions by 5,800.8% in the second quarter. FMR LLC now owns 3,564,980 shares of the company’s stock valued at $257,561,000 after buying an additional 3,504,565 shares during the last quarter. Sentry Investments Corp. purchased a new position in shares of Progressive Waste Solutions during the second quarter valued at about $321,955,000. Bank of Montreal Can purchased a new position in shares of Progressive Waste Solutions during the second quarter valued at about $207,379,000. Finally, 1832 Asset Management L.P. purchased a new position in shares of Progressive Waste Solutions during the second quarter valued at about $183,805,000. 81.85% of the stock is currently owned by institutional investors and hedge funds.

In other Progressive Waste Solutions news, COO Darrell W. Chambliss sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $77.42, for a total value of $154,840.00. Following the transaction, the chief operating officer now directly owns 147,068 shares of the company’s stock, valued at $11,386,004.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William J. Razzouk sold 4,400 shares of the firm’s stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $78.69, for a total value of $346,236.00. Following the completion of the transaction, the director now directly owns 12,344 shares in the company, valued at $971,349.36. The disclosure for this sale can be found here. 0.68% of the stock is owned by company insiders.

The company also recently announced a quarterly dividend, which will be paid on Monday, November 21st. Shareholders of record on Monday, November 7th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 0.96%. This is a boost from Progressive Waste Solutions’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, November 3rd. Progressive Waste Solutions’s dividend payout ratio (DPR) is presently 37.89%.

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