Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Waste Connections Inc (WCN)

791 + 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
↓ -8
Streak
1Q ▼
Buyers last Q
47%

Smart Money Signals — WCN

Based on 797 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their WCN positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️

At the ownership peak (99% of max)

99% of all-time peak
797 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
+72 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.
🟠

More sellers than buyers — 47% buying

367 buying413 selling
Last quarter: 413 funds reduced or exited vs 367 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️

Fewer new buyers each quarter (-44 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 99 → 78 → 147 → 103. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒

62% of holders stayed for 2+ years

■ 62% conviction (2yr+) ■ 19% medium ■ 20% new
492 out of 797 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.
📈

Growing discovery — still being found

77 → 99 → 78 → 147 → 103 new funds/Q
New funds entering each quarter: 99 → 78 → 147 → 103. A growing number of institutions are discovering WCN each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Deep conviction — 65% of holders stayed 2+ years

■ 65% veterans ■ 10% 1-2yr ■ 25% new
Of 811 current holders: 524 (65%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
🏆

Elite ownership — 42% AUM from top-100 funds

42% from top-100 AUM funds
65 of 797 holders are among the 100 largest funds by AUM, controlling 42% 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.
3.8
out of 10
Low Exit Risk
Exit risk score 3.8/10 — 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 Q1, 367 hedge funds were net buyers of WCN (103 opened a new position, 264 added to an existing one), while 413 reduced or exited (302 trimmed, 111 sold completely) — a 47% buyer ratio, indicating roughly balanced activity. 42% of total institutional value in WCN is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: -8 funds (more exits than new entries). Total institutional holders: 797.

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 Q1 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 March 31, 2026 · 74d ago
WCN
-3.8%
XLI
-76.3%

WCN outperformed XLI by +72.5% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 29d ago
WCN
-0.2%
XLI
-6.5%

Since the filing became public, WCN outperformed XLI by +6.3% .

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 ?
Broad Consensus, Selective Conviction

Many quality funds hold this stock, but top-tier positions remain relatively small.

55 top-rated funds 7 high-conviction
Consensus
7.6
/ 10
breadth
×
Elite
3.5
/ 10
conviction
Hedge Fund Positioning: WCN
791 + Investors

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

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 791 805 -1.74%
13F Shares 212M 218M -2.72%
Total Value $33.25B $37.54B -11.41%
New Positions 101 147 -46
Increased Positions 262 265 -3
Closed Positions 115 76 +39
Reduced Positions 295 269 +26
Total Calls 10 7 42.86%
Total Puts 9 5 80.0%
PUT/CALL Ratio 0.9 0.71 Neutral

Statistics: WCN

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Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

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Institutional Holders (2026 Q1)

791 + 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 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Stockbridge Partners LLC 9.62% 2,451,169 $398.2M
2 Sunriver Management LLC 8.86% 322,683 $52.4M
3 Saraza Management, LP 6.65% 97,700 $15.9M
4 Owlhouse Capital LP 6.12% 28,352 $4.6M
5 OAKMONT Corp 5.23% 169,412 $27.5M
6 Montrusco Bolton Investments INC. 4.34% 1,822,200 $286.5M
7 Lansing Management LP 4.33% 40,230 $6.5M
8 Nicola Wealth Management LTD. 4.07% 208,600 $33.9M
9 ClearAlpha Technologies LP 3.42% 10,244 $1.7M
10 Aureus Asset Management, LLC 3.40% 314,556 $51.1M
11 Harvey Partners, LLC 3.34% 258,500 $42.0M
12 EULAV Asset Management 3.07% 590,713 $96.0M
13 Skye Global Management LP 3.03% 932,000 $151.4M
14 EDENTREE ASSET MANAGEMENT Ltd 2.90% 59,250 $9.6M
15 Brasada Capital Management, LP 2.90% 95,438 $15.8M
16 Snyder Capital Management L P 2.71% 859,769 $139.7M
17 Df Dent & Co Inc 2.67% 859,515 $139.6M
18 Tandem Investment Advisors, Inc. 2.58% 324,023 $52.6M
19 BCV Asset Management Inc. 2.51% 450,464 $72.9M
20 Kimelman & Baird, LLC 2.42% 181,042 $29.4M
21 Impax Asset Management Group plc 2.40% 2,117,425 $344.0M
22 Osterweis Capital Management Inc 2.02% 240,762 $39.1M
23 Mufg Securities (canada), LTD. 1.77% 379,250 $61.5M
24 JCIC Asset Management Inc. 1.73% 34,758 $5.6M
25 Findlay Park Partners LLP 1.71% 757,296 $123.0M
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?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their WCN positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for WCN?

More sellers than buyers — 47% buying: Last quarter: 413 funds reduced or exited vs 367 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.

What is the fund quality score for WCN holders?

Elite ownership — 42% AUM from top-100 funds: 65 of 797 holders are among the 100 largest funds by AUM, controlling 42% 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?

62% of holders stayed for 2+ years: 492 out of 797 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 Q1 hedge fund 13F filings?

As of today, WCN has moved -0.2% since the 2026 Q1 13F filing date (May 15, 2026), compared to -6.5% for the XLI sector ETF — an outperformance of +6.3%. Since the quarter end (March 31, 2026), WCN has gained -3.8% vs -76.3% 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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