Waste Connections (WCN)

• Market cap: $45B
• 1 day: 0.09%
• 5 days: -3.23%
• 1 month: -6.57%
• 3 months: -2.72%
• 6 months: 0.22%
• Year to date: 17.26%
• 1 year: 19.04%
• 5 years: 92.07%
• 10 years: 489.58%
• Sector: Utilities
• Industry: Refuse Systems

About: Waste Connections is the third-largest integrated provider of traditional solid waste and recycling services in the North America, operating 103 active landfills (9 are exploration and production waste landfills and 16 are nonmunicipal waste landfills), 157 transfer stations, and 81 recycling operations. The firm serves residential, commercial, industrial, and energy end markets. Waste Connections entered the Canadian market with its 2016 merger with Progressive Waste. In 2023, 12% of consolidated revenue was generated from the firm's Canadian segment.

Employees: 22,539

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

214% more call options, than puts

Call options by funds: $47M | Put options by funds: $15M

51% more first-time investments, than exits

New positions opened: 86 | Existing positions closed: 57

4% more funds holding

Funds holding: 684 [Q2] → 713 (+29) [Q3]

1% more repeat investments, than reductions

Existing positions increased: 261 | Existing positions reduced: 258

1% less capital invested

Capital invested by funds: $39.1B [Q2] → $38.7B (-$372M) [Q3]

2.39% less ownership

Funds ownership: 86.3% [Q2] → 83.91% (-2.39%) [Q3]

5% less funds holding in top 10

Funds holding in top 10: 20 [Q2] → 19 (-1) [Q3]

Research analyst outlook

9 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $195 12% upside
• Avg. target: $203 17% upside
• High target: $215 23% upside

9 analyst ratings

• positive: 8 89%
• neutral: 1 11%
• negative: 0 0%

Oppenheimer Noah Kaye 65% 1-year accuracy 39 / 60 met price target	12% upside $195	Outperform Maintained	13 Dec 2024
Morgan Stanley Toni Kaplan 50% 1-year accuracy 11 / 22 met price target	23% upside $214	Overweight Maintained	12 Dec 2024
Stifel Brian Butler 38% 1-year accuracy 3 / 8 met price target	22% upside $212	Buy Maintained	11 Dec 2024
CIBC Kevin Chiang 38% 1-year accuracy 3 / 8 met price target	23% upside $215	Outperformer Maintained	4 Dec 2024
Raymond James Patrick Tyler Brown 49% 1-year accuracy 17 / 35 met price target	18% upside $205	Strong Buy Maintained	25 Oct 2024