Trading Report: The Progressive Waste Solutions Ltd. (WCN) Rating Lowered to Sell at Zacks Investment Research

The Progressive Waste Solutions Ltd. (WCN) Rating Lowered to Sell at Zacks Investment Research

Progressive Waste Solutions Ltd. (NYSE:WCN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday.

According to Zacks, “Waste Connections operates in a highly-competitive market. The barriers to entry into the regulated waste collection and disposal business are very low. Over the years, stringent environmental, health and safety laws and regulations have severely hindered operations and increased operating costs of the company. Volatility in crude oil prices is also expected to impair the profitability of Waste Connections and adversely affect the level of investment and linear feet drilled in the basins where it operates. The company has a solid earnings surprise history, having beaten estimates in each of the last four quarters. However, the merger of Waste Connections with Progressive Waste Solutions has arguably created an industry leader with enhanced scale and a stronger financial profile.”

WCN has been the subject of a number of other reports. Royal Bank Of Canada raised their price target on Progressive Waste Solutions from $82.00 to $86.00 and gave the company an “outperform” rating in a report on Friday, August 5th. Gabelli upgraded Progressive Waste Solutions from a “hold” rating to a “buy” rating in a research report on Friday, August 5th. Imperial Capital increased their price objective on Progressive Waste Solutions from $80.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, August 5th. Oppenheimer Holdings Inc. increased their price objective on Progressive Waste Solutions from $75.00 to $82.00 and gave the company an “outperform” rating in a research report on Friday, August 5th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $76.00 price objective on shares of Progressive Waste Solutions in a research report on Friday, July 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $73.18.

Progressive Waste Solutions (NYSE:WCN) opened at 74.63 on Friday. Progressive Waste Solutions has a 52-week low of $50.64 and a 52-week high of $79.72. The firm’s market capitalization is $13.04 billion. The company’s 50-day moving average price is $75.19 and its 200 day moving average price is $72.04.

Progressive Waste Solutions (NYSE:WCN) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.12. Progressive Waste Solutions had a return on equity of 8.84% and a net margin of 4.33%. The firm earned $727.60 million during the quarter, compared to analysts’ expectations of $713.58 million. During the same period last year, the firm posted $0.50 EPS. The business’s revenue was up 36.9% on a year-over-year basis. Equities analysts predict that Progressive Waste Solutions will post $2.44 earnings per share for the current fiscal year.

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

Several hedge funds have recently added to or reduced their stakes in the stock. BOKF NA increased its stake in Progressive Waste Solutions by 3.2% in the second quarter. BOKF NA now owns 3,687 shares of the company’s stock worth $266,000 after buying an additional 115 shares in the last quarter. Suntrust Banks Inc. increased its stake in Progressive Waste Solutions by 0.5% in the second quarter. Suntrust Banks Inc. now owns 29,688 shares of the company’s stock worth $2,138,000 after buying an additional 144 shares in the last quarter. Boston Private Wealth LLC increased its stake in Progressive Waste Solutions by 2.0% in the second quarter. Boston Private Wealth LLC now owns 7,426 shares of the company’s stock worth $535,000 after buying an additional 145 shares in the last quarter. Ngam Advisors L.P. increased its stake in Progressive Waste Solutions by 3.3% in the second quarter. Ngam Advisors L.P. now owns 15,914 shares of the company’s stock worth $1,147,000 after buying an additional 508 shares in the last quarter. Finally, Commonwealth Equity Services Inc increased its stake in Progressive Waste Solutions by 16.6% in the second quarter. Commonwealth Equity Services Inc now owns 4,153 shares of the company’s stock worth $299,000 after buying an additional 591 shares in the last quarter. 81.85% of the stock is currently owned by institutional investors and hedge funds.

Progressive Waste Solutions Company Profile

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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