Investors are flocking to Progressive Waste Solutions Ltd (USA) (NYSE:BIN) this morning after the company announced that they are exploring a sale with several potential buyers who have not yet been named.
Talks on behalf of Progressive Waste Solutions Ltd (USA) (NYSE:BIN) are still preliiminary though, and it has not been decided if they will ultimately pursue a sale or perhaps choose another route. Investors evidently today feel as though a sale would bring them a premium over what the stock is currently trading at, hence the jump in price.
The stock is up 6.12% or $1.42 following the news, hitting $24.63 per share. About 1.40 million shares traded hands or up 481.12% from the average. BIN has declined 16.78% since June 1, 2015 and is currently downtrending. It has underperformed the S&P500 by 14.66%.
From a total of 10 analysts covering Progressive Waste Solutions (NYSE:BIN) stock, 2 rate it a “Buy”, 2 a “Sell”, and 6 a “Hold”. This means that 20% of the ratings are positive. The highest target price is $45 while the lowest target price is $21. The mean of all analyst targets is $29.06 which is 17.99% above today’s ($24.63) stock price. Progressive Waste Solutions was the topic of 13 analyst reports since August 4, 2015 according to the firm StockzIntelligence Inc. Credit Suisse initiated shares on November 6 with a “Underperform” rating. RBC Capital Markets maintained shares with a”Sector Perform” rating and a $27 target share price in their report from an October 20. Imperial Capital maintained BIN stock in a recent report from October 21 with a “Outperform” rating. Wedbush downgraded the rating on October 20. Wedbush has a “Neutral” rating and a $28 price target on shares. Finally, BMO Capital Markets downgraded the stock to a “Market Perform” rating in a report they issued on an October 20.
Progressive Waste Solutions Ltd. is a waste management company. The company has a market cap of $2.68 billion. The Firm provides non-hazardous solid waste collection, recycling and disposal services to commercial, industrial, municipal and residential clients in approximately 13 United States and the District of Columbia and six Canadian provinces. It has 28.27 P/E ratio. The Firm conducts its business through three geographic regions: the East, West and North regions.