WASTE CONNECTIONS INC WCN
COM · Common Stock · CUSIP 94106B101 · ISIN CA94106B1013
North American integrated waste services company
- SectorUtilities
- IndustryRefuse Systems
- HeadquartersThe Woodlands, TX
- Founded1997
- Websitewasteconnections.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($208.1m this quarter). Holder counts are more reliable. Shares outstanding: 254.1m as of 2026-04-10, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $162.56. Options: 15 managers hold calls ($68.2m notional), 11 hold puts ($27.2m).
Trends to Q1 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 566 |
| Q4 2022 | 601 |
| Q1 2023 | 601 |
| Q2 2023 | 605 |
| Q3 2023 | 607 |
| Q4 2023 | 639 |
| Q1 2024 | 682 |
| Q2 2024 | 696 |
| Q3 2024 | 729 |
| Q4 2024 | 737 |
| Q1 2025 | 738 |
| Q2 2025 | 767 |
| Q3 2025 | 749 |
| Q4 2025 | 813 |
| Q1 2026 | 794 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2024 | 334 | 287 |
| Q3 2024 | 343 | 313 |
| Q4 2024 | 299 | 342 |
| Q1 2025 | 328 | 350 |
| Q2 2025 | 382 | 295 |
| Q3 2025 | 329 | 352 |
| Q4 2025 | 364 | 332 |
| Q1 2026 | 343 | 412 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $60.4m | $32.2m | 0.53 |
| Q3 2025 | $216.8m | $14.2m | 0.07 |
| Q4 2025 | $52.5m | $24.3m | 0.46 |
| Q1 2026 | $68.2m | $27.2m | 0.40 |
Biggest buyers
| TWO SIGMA INVESTMENTS, LP | Added | +2.4m |
| CITADEL ADVISORS LLC | Added | +2.1m |
| GOLDMAN SACHS GROUP INC | Added | +1.8m |
| Impax Asset Management Group plc | Added | +1.6m |
| 1832 Asset Management L.P. | Added | +1.5m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Added | +1.3m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | Added | +1.2m |
| Capital Research Global Investors | New | +663.7k |
| MILLENNIUM MANAGEMENT LLC | Added | +655.8k |
| D. E. Shaw & Co., Inc. | Added | +634.7k |
Biggest sellers
| WCM INVESTMENT MANAGEMENT, LLC | Reduced | -2.4m |
| JPMORGAN CHASE & CO | Reduced | -2.3m |
| TWO SIGMA ADVISERS, LP | Sold out | -1.5m |
| FMR LLC | Reduced | -1.3m |
| Capital International Investors | Reduced | -1.2m |
| Pictet Asset Management Holding SA | Reduced | -1.2m |
| OMERS ADMINISTRATION Corp | Reduced | -1.1m |
| CIBC Asset Management Inc | Reduced | -990.4k |
| Nuveen, LLC | Reduced | -925.7k |
| FRANKLIN RESOURCES INC | Reduced | -911.4k |
Biggest calls
| TORONTO DOMINION BANK | Added | $14.7m90.3k shares |
| JANE STREET GROUP, LLC | Added | $13.6m83.8k shares |
| SIG North Trading, ULC | Added | $12.7m78.0k shares |
| Twin Tree Management, LP | New | $10.2m62.5k shares |
| Polar Asset Management Partners Inc. | New | $4.9m30.0k shares |
| NATIONAL BANK OF CANADA /FI/ | Added | $2.3m140 shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $2.2m13.5k shares |
| IMC-Chicago, LLC | New | $2.1m12.7k shares |
| CITADEL ADVISORS LLC | Reduced | $2.0m12.1k shares |
| CIBC WORLD MARKET INC. | New | $1.6m10.0k shares |
Biggest puts
| CITADEL ADVISORS LLC | Added | $6.6m40.9k shares |
| Twin Tree Management, LP | New | $5.7m34.9k shares |
| TORONTO DOMINION BANK | Added | $5.0m30.7k shares |
| SIG North Trading, ULC | Added | $2.8m17.2k shares |
| JANE STREET GROUP, LLC | Added | $2.7m16.8k shares |
| Dockside LLC | New | $1.4m8.7k shares |
| NATIONAL BANK OF CANADA /FI/ | Added | $1.3m79 shares |
| Squarepoint Ops LLC | New | $568.5k3.5k shares |
| Walleye Trading LLC | New | $487.3k3.0k shares |
| LOGAN CAPITAL MANAGEMENT INC | New | $371.5k2.3k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-28 | 7.8% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q1 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q2 2024 | 0 | — | 2 | $752.4k | — |
| Q3 2024 | 0 | — | 5 | $5.5m | — |
| Q4 2024 | 0 | — | 2 | $558.2k | — |
| Q1 2025 | 0 | — | 7 | $7.1m | — |
| Q2 2025 | 0 | — | 1 | $191.0k | — |
| Q3 2025 | 0 | — | 3 | $1.4m | — |
| Q4 2025 | 0 | — | 2 | $1.9m | — |
| Q1 2026 | 0 | — | 1 | $200.6k | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-03-04 | TAN DEREK SR VP Chief Accounting Officer | Sold | $200.6k1.2k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC 0.06% of their portfolio | 15.9m $2.6bn | First filing |
| ROYAL BANK OF CANADA 0.38% of their portfolio | 12.2m $2.0bn | Added +167.3k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.09% of their portfolio | 11.1m $1.8bn | First filing |
| FMR LLC 0.08% of their portfolio | 9.0m $1.5bn | Reduced -1.3m |
| BANK OF MONTREAL /CAN/ 0.54% of their portfolio | 8.1m $1.3bn | Reduced -471.9k |
| 1832 Asset Management L.P. 1.53% of their portfolio | 7.1m $1.2bn | Added +1.5m |
| BlackRock, Inc. 0.02% of their portfolio | 6.2m $1.0bn | Added +260.7k |
| Capital International Investors 0.20% of their portfolio | 5.2m $849.2m | Reduced -1.2m |
| MACKENZIE FINANCIAL CORP 0.97% of their portfolio | 5.0m $809.1m | Reduced -639.1k |
| WELLINGTON MANAGEMENT GROUP LLP 0.15% of their portfolio | 4.9m $801.7m | Added +259.5k |
| GOLDMAN SACHS GROUP INC 0.10% of their portfolio | 4.7m $765.7m | Added +1.8m |
| TD Asset Management Inc 0.53% of their portfolio | 4.0m $652.8m | Added +185.0k |
| WCM INVESTMENT MANAGEMENT, LLC 1.43% of their portfolio | 3.9m $627.3m | Reduced -2.4m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.52% of their portfolio | 3.7m $604.6m | Added +1.2m |
| TWO SIGMA INVESTMENTS, LP 0.46% of their portfolio | 3.4m $559.5m | Added +2.4m |
| CITADEL ADVISORS LLC 0.36% of their portfolio | 3.1m $505.8m | Added +2.1m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.05% of their portfolio | 2.8m $457.6m | Added +147.4k |
| BANK OF AMERICA CORP /DE/ 0.03% of their portfolio | 2.7m $433.6m | Reduced -699.8k |
| MORGAN STANLEY 0.03% of their portfolio | 2.6m $418.6m | Reduced -466.3k |
| Fiera Capital Corp 1.41% of their portfolio | 2.5m $413.1m | Reduced -217.8k |
| JPMORGAN CHASE & CO 0.03% of their portfolio | 2.5m $400.9m | Reduced -2.3m |
| VANGUARD FIDUCIARY TRUST CO 0.10% of their portfolio | 2.5m $398.6m | First filing |
| Stockbridge Partners LLC 9.62% of their portfolio | 2.5m $398.2m | Added +83.9k |
| Pictet Asset Management Holding SA 0.40% of their portfolio | 2.3m $377.7m | Reduced -1.2m |
| Impax Asset Management Group plc 2.40% of their portfolio | 2.1m $344.0m | Added +1.6m |
| CIBC WORLD MARKET INC. 0.58% of their portfolio | 2.0m $332.7m | Added +3.4k |
| GATES FOUNDATION TRUST 1.05% of their portfolio | 2.0m $331.2m | Unchanged |
| NATIONAL BANK OF CANADA /FI/ 0.33% of their portfolio | 2.0m $323.7m | Reduced -86.2k |
| STATE STREET CORP 0.01% of their portfolio | 2.0m $319.4m | Added +59.5k |
| MONTRUSCO BOLTON INVESTMENTS INC. 4.34% of their portfolio | 1.8m $286.5m | Reduced -523.4k |
| BROWN ADVISORY INC 0.45% of their portfolio | 1.7m $276.2m | Added +22.6k |
| Connor, Clark & Lunn Investment Management Ltd. 0.63% of their portfolio | 1.7m $271.9m | Added +345.2k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.17% of their portfolio | 1.6m $261.8m | Added +38.2k |
| PRINCIPAL FINANCIAL GROUP INC 0.13% of their portfolio | 1.5m $241.8m | Reduced -320.2k |
| DEUTSCHE BANK AG\ 0.08% of their portfolio | 1.4m $227.6m | Added +67.3k |
| NEUBERGER BERMAN GROUP LLC 0.17% of their portfolio | 1.4m $222.2m | Added +172.1k |
| Rathbones Group PLC 0.43% of their portfolio | 1.3m $207.5m | Reduced -61.7k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.04% of their portfolio | 1.3m $205.8m | Added +1.3m |
| Legal & General Group Plc 0.05% of their portfolio | 1.2m $201.5m | Reduced -46.4k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.11% of their portfolio | 1.2m $195.1m | Added +497.9k |
| PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO 0.71% of their portfolio | 1.1m $181.0m | Reduced -104.8k |
| AQR CAPITAL MANAGEMENT LLC 0.08% of their portfolio | 1.1m $178.4m | Added +333.3k |
| KING LUTHER CAPITAL MANAGEMENT CORP 0.74% of their portfolio | 1.1m $171.2m | Reduced -67.6k |
| Vanguard Global Advisers, LLC 0.09% of their portfolio | 1.0m $167.0m | First filing |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.28% of their portfolio | 1.0m $165.2m | Reduced -69.3k |
| CIBC Asset Management Inc 0.39% of their portfolio | 972.1k $158.2m | Reduced -990.4k |
| Skye Global Management LP 3.26% of their portfolio | 932.0k $151.4m | Added +40.0k |
| UBS Group AG 0.03% of their portfolio | 874.5k $142.1m | Added +114.8k |
| RAYMOND JAMES FINANCIAL INC 0.04% of their portfolio | 872.0k $141.4m | Reduced -200.9k |
| SNYDER CAPITAL MANAGEMENT L P 2.71% of their portfolio | 859.8k $139.7m | Added +70.7k |
| DF DENT & CO INC 2.67% of their portfolio | 859.5k $139.6m | Reduced -181.4k |
| NORTHERN TRUST CORP 0.02% of their portfolio | 850.2k $138.1m | Reduced -1.6k |
| MILLENNIUM MANAGEMENT LLC 0.10% of their portfolio | 839.4k $136.3m | Added +655.8k |
| TD Waterhouse Canada Inc. 0.40% of their portfolio | 833.4k $134.4m | Added +468.7k |
| Federation des caisses Desjardins du Quebec 0.48% of their portfolio | 829.3k $133.7m | Added +73.0k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 780.3k $128.8m | Reduced -93.2k |
| TORONTO DOMINION BANK 0.24% of their portfolio | 772.2k $125.5m | Reduced -34.5k |
| D. E. Shaw & Co., Inc. 0.10% of their portfolio | 768.4k $124.8m | Added +634.7k |
| Baird Financial Group, Inc. 0.19% of their portfolio | 763.0k $123.9m | Added +125.6k |
| Findlay Park Partners LLP 1.71% of their portfolio | 757.3k $123.0m | Added +156.8k |
| Swiss National Bank 0.07% of their portfolio | 751.3k $122.0m | Added +45.7k |
| Amundi 0.03% of their portfolio | 748.7k $121.6m | Added +149.1k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 745.4k $121.1m | Added +122.8k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.11% of their portfolio | 730.1k $118.6m | Added +156.9k |
| AGF MANAGEMENT LTD 0.50% of their portfolio | 683.5k $111.1m | Reduced -83.4k |
| Capital Research Global Investors 0.02% of their portfolio | 663.7k $107.8m | New |
| STOREBRAND ASSET MANAGEMENT AS 0.31% of their portfolio | 657.7k $106.8m | Reduced -343.6k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 656.2k $106.3m | Added +28.0k |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.62% of their portfolio | 649.0k $105.5m | Reduced -413.2k |
| SANDS CAPITAL MANAGEMENT, LLC 0.40% of their portfolio | 634.9k $103.1m | Reduced -331.0k |
| EULAV Asset Management 3.07% of their portfolio | 590.7k $96.0m | Unchanged |
| Point72 Asset Management, L.P. 0.16% of their portfolio | 570.2k $92.6m | Added +401.0k |
| Allianz Asset Management GmbH 0.10% of their portfolio | 559.0k $90.5m | Added +106.1k |
| Champlain Investment Partners, LLC 1.15% of their portfolio | 557.0k $90.5m | Added +144.7k |
| TCW GROUP INC 0.66% of their portfolio | 536.6k $87.2m | Reduced -75.6k |
| Clearbridge Investments, LLC 0.08% of their portfolio | 536.3k $86.9m | Reduced -371.1k |
| DekaBank Deutsche Girozentrale 0.15% of their portfolio | 534.8k $88.1m | Unchanged |
| SILVERCREST ASSET MANAGEMENT GROUP LLC 0.62% of their portfolio | 527.4k $85.7m | Reduced -122.1k |
| NICHOLAS COMPANY, INC. 1.62% of their portfolio | 508.1k $82.5m | Added +59.0k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.09% of their portfolio | 500.8k $81.3m | Added +63.2k |
| FIL Ltd 0.06% of their portfolio | 487.2k $79.2m | Reduced -348.2k |
| PGGM Investments 1.29% of their portfolio | 454.3k $73.8m | Added +30.6k |
| BCV Asset Management Inc. 2.51% of their portfolio | 450.5k $72.9m | Added +36.4k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.06% of their portfolio | 443.8k $72.1m | First filing |
| PICTON MAHONEY ASSET MANAGEMENT 0.74% of their portfolio | 439.1k $71.4m | Reduced -202.1k |
| Nuveen, LLC 0.02% of their portfolio | 435.3k $70.7m | Reduced -925.7k |
| Holocene Advisors, LP 0.17% of their portfolio | 429.9k $69.8m | New |
| Invesco Ltd. 0.01% of their portfolio | 415.3k $67.5m | Added +60.8k |
| DAVIS R M INC 1.13% of their portfolio | 391.8k $63.6m | Added +827 |
| MUFG SECURITIES (CANADA), LTD. 1.77% of their portfolio | 379.2k $61.5m | Reduced -10.3k |
| National Pension Service 0.05% of their portfolio | 379.2k $61.6m | Reduced -23.8k |
| Qube Research & Technologies Ltd 0.09% of their portfolio | 378.8k $61.5m | Added +69.6k |
| SCOTIA CAPITAL INC. 0.24% of their portfolio | 367.9k $59.5m | Reduced -102.6k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.03% of their portfolio | 365.2k $79.6m | Reduced -22.3k |
| JANE STREET GROUP, LLC 0.06% of their portfolio | 365.1k $59.3m | Added +336.0k |
| Junto Capital Management LP 1.24% of their portfolio | 360.5k $58.6m | New |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 337.3k $54.8m | Reduced -118.4k |
| Northwest & Ethical Investments L.P. 1.27% of their portfolio | 337.2k $54.8m | Added +285.1k |
| Tandem Investment Advisors, Inc. 2.58% of their portfolio | 324.0k $52.6m | Reduced -38.8k |
| Sunriver Management LLC 8.86% of their portfolio | 322.7k $52.4m | New |