Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Waste Connections Inc (WCN)

825 + Investors. Track Smart Money conviction in WCN. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +33
Streak
1Q ▲
Buyers last Q
51%

Smart Money Signals — WCN

Based on 834 hedge funds · latest filing: 2026 Q2 · updated quarterly

📈

Buying streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds added WCN than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
🏔️

At the ownership peak (100% of max)

100% of all-time peak
834 hedge funds hold WCN right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
📶

Steady growth — +10% more funds vs a year ago

fund count last 6Q
+79 new funds entered over the past year (+10% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡

Slight buying edge — 51% buying

416 buying406 selling
Last quarter: 416 funds bought or added vs 406 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
📈

More new buyers each quarter (+24 vs last Q)

new funds entering per quarter
Funds opening a new WCN position: 79 → 147 → 105 → 129. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒

60% of holders stayed for 2+ years

■ 60% conviction (2yr+) ■ 18% medium ■ 22% new
500 out of 834 hedge funds have held WCN for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎

Buying through price weakness — shares +35%, value +1%

Value
+0%
Shares
+34%
Last quarter: funds added +35% more shares while total portfolio value only changed +1%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️

Steady discovery — ~129 new funds/quarter

100 → 79 → 147 → 105 → 129 new funds/Q
New funds entering each quarter: 79 → 147 → 105 → 129. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️

Veteran-anchored — 64% veterans vs 26% newcomers

■ 64% veterans ■ 10% 1-2yr ■ 26% new
Entry-cohort mix of 856 holders: 547 (64%) are 2+ year veterans, 84 entered 1–2 years ago, and 225 (26%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆

Elite ownership — 50% AUM from top-100 funds

50% from top-100 AUM funds
67 of 829 holders are among the 100 largest funds by AUM, controlling 50% of total institutional value in WCN. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
3.7
out of 10
Low Exit Risk
Exit risk score 3.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — WCN

In 2026 Q2, 416 hedge funds were net buyers of WCN (129 opened a new position, 287 added to an existing one), while 406 reduced or exited (310 trimmed, 96 sold completely) — a 51% buyer ratio, indicating a slight buying edge. 50% of total institutional value in WCN is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: +33 funds (more new holders than closures). Total institutional holders: 834.

Hedge Fund Ownership: WCN

How many hedge funds hold WCN — quarterly history vs. share price
Quarterly hedge fund ownership of WCN vs. share price

Market Analysis: WCN

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: WCN

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Waste Connections Inc (WCN) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much WCN has moved relative to its sector benchmark (XLI) since the 2026 Q2 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End June 30, 2026 · 73d ago
WCN
-4.2%
XLI
-6.9%

WCN outperformed XLI by +2.7% since June 30, 2026.

Since 13F Filing Date August 14, 2026 · 28d ago
WCN
-3.9%
XLI
-7.6%

Since the filing became public, WCN outperformed XLI by +3.7% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

36 top-rated funds 9 high-conviction
Consensus
6.8
/ 10
breadth
×
Elite
3.4
/ 10
conviction
Hedge Fund Positioning: WCN
825 + Investors

Track Smart Money conviction in WCN. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q2) Prior (2026 Q1) Change
Funds Holding 825 801 3.0%
13F Shares 242M 217M 11.91%
Total Value $34.02B $34.11B -0.26%
New Positions 129 105 +24
Increased Positions 280 264 +16
Closed Positions 100 110 -10
Reduced Positions 302 298 +4
Total Calls 12 10 20.0%
Total Puts 13 9 44.44%
PUT/CALL Ratio 1.08 0.9 Neutral

Statistics: WCN

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Valuation Measures Data as of: --

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Enterprise Value --
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Forward P/E --
PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
Return on Assets (ttm) --
Return on Equity (ttm) --
Income Statement & Cash Flow
Revenue (ttm) --
Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
Levered Free Cash Flow (ttm) --

Institutional Holders (2026 Q2)

825 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in WCN. Verified SEC 13F-HR filings.

QUARTER:
Top 25 WCN holders by conviction (% of portfolio weight) — 2026 Q2 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Atlas FRM LLC 10.78% 1,510,000 $251.7M
2 Sunriver Management LLC 8.99% 343,513 $57.3M
3 Owlhouse Capital LP 8.48% 33,152 $5.5M
4 Consulta Ltd 6.31% 1,050,000 $175.0M
5 Lansing Management LP 6.07% 60,230 $10.0M
6 OAKMONT Corp 5.00% 150,643 $25.1M
7 Nicola Wealth Management LTD. 4.66% 243,000 $40.5M
8 Hudson Way Capital Management LLC 4.45% 299,501 $49.9M
9 Stockbridge Partners LLC 4.07% 1,161,217 $193.6M
10 Ravenstone Capital Management Inc. 3.76% 55,303 $9.2M
11 Skye Global Management LP 3.72% 1,148,000 $191.4M
12 Aureus Asset Management, LLC 3.30% 326,138 $54.4M
13 Harvey Partners, LLC 3.28% 287,122 $47.9M
14 Findlay Park Partners LLP 2.89% 1,285,809 $214.3M
15 Tandem Investment Advisors, Inc. 2.73% 244,098 $40.7M
16 Brasada Capital Management, LP 2.58% — $14.4M
17 Montrusco Bolton Investments INC. 2.52% 974,830 $162.5M
18 EDENTREE ASSET MANAGEMENT Ltd 2.50% 49,250 $8.2M
19 Snyder Capital Management L P 2.49% 863,747 $144.0M
20 Harber Asset Management LLC 2.46% 24,594 $4.1M
21 Df Dent & Co Inc 2.43% 769,572 $128.3M
22 Telemark Asset Management, LLC 2.41% 200,000 $33.3M
23 BCV Asset Management Inc. 2.31% 457,046 $76.3M
24 Kimelman & Baird, LLC 2.22% 179,312 $29.9M
25 Osterweis Capital Management Inc 2.19% 278,498 $46.4M
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Waste Connections Inc (WCN)

What does the Smart Money Trend signal show for WCN?

Buying streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds added WCN than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

What is the institutional breadth score for WCN?

Slight buying edge — 51% buying: Last quarter: 416 funds bought or added vs 406 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for WCN holders?

Elite ownership — 50% AUM from top-100 funds: 67 of 829 holders are among the 100 largest funds by AUM, controlling 50% of total institutional value in WCN. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

How long have hedge funds held WCN?

60% of holders stayed for 2+ years: 500 out of 834 hedge funds have held WCN for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Is it too late to buy Waste Connections Inc (WCN) following the 2026 Q2 hedge fund 13F filings?

As of today, WCN has moved -3.9% since the 2026 Q2 13F filing date (August 14, 2026), compared to -7.6% for the XLI sector ETF — an outperformance of +3.7%. Since the quarter end (June 30, 2026), WCN has gained -4.2% vs -6.9% for XLI. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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