M&T Bank Corp Buys 60,277 Shares of Waste Connections, Inc. $WCN

Key Points

• M&T Bank Corp increased its stake in Waste Connections by 242.7% in the fourth quarter, buying 60,277 shares to hold 85,110 shares worth about $14.9 million.
• Waste Connections beat Q1 EPS expectations ($1.23 vs. $1.19) but missed revenue ($2.33B vs. ~$2.50B), with management citing margin pressure while reaffirming full‑year free cash flow guidance of $1.4–$1.45B and expecting roughly $100M of M&A revenue closings.
• Institutional ownership stands at about 86%, analysts carry an average "Buy" rating with a consensus target of $203.24, and the company declared a $0.35 quarterly dividend (≈0.8% yield).

M&T Bank Corp grew its stake in shares of Waste Connections, Inc. (NYSE:WCN - Free Report) by 242.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 85,110 shares of the business services provider's stock after buying an additional 60,277 shares during the quarter. M&T Bank Corp's holdings in Waste Connections were worth $14,925,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in WCN. Wellington Management Group LLP grew its holdings in shares of Waste Connections by 39.6% during the third quarter. Wellington Management Group LLP now owns 4,455,162 shares of the business services provider's stock worth $783,218,000 after purchasing an additional 1,264,150 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of Waste Connections by 17.6% during the third quarter. Mackenzie Financial Corp now owns 6,136,218 shares of the business services provider's stock worth $1,078,536,000 after purchasing an additional 918,245 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Waste Connections by 2.3% during the third quarter. Vanguard Group Inc. now owns 31,585,284 shares of the business services provider's stock worth $5,552,682,000 after purchasing an additional 717,440 shares during the last quarter. CIBC Asset Management Inc grew its holdings in shares of Waste Connections by 55.7% during the third quarter. CIBC Asset Management Inc now owns 1,991,112 shares of the business services provider's stock worth $350,603,000 after purchasing an additional 711,990 shares during the last quarter. Finally, Two Sigma Investments LP grew its holdings in shares of Waste Connections by 31.3% during the third quarter. Two Sigma Investments LP now owns 1,263,918 shares of the business services provider's stock worth $222,197,000 after purchasing an additional 301,389 shares during the last quarter. 86.09% of the stock is currently owned by institutional investors.

Waste Connections Stock Performance

Shares of WCN stock opened at $169.02 on Friday. The business's 50 day simple moving average is $164.04 and its 200 day simple moving average is $168.89. Waste Connections, Inc. has a one year low of $154.90 and a one year high of $199.78. The stock has a market capitalization of $43.14 billion, a PE ratio of 41.22, a PEG ratio of 2.77 and a beta of 0.61. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.62 and a quick ratio of 0.62.

Waste Connections (NYSE:WCN - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The business services provider reported $1.23 EPS for the quarter, beating the consensus estimate of $1.19 by $0.04. Waste Connections had a return on equity of 16.40% and a net margin of 10.97%.The business had revenue of $2.33 billion for the quarter, compared to analysts' expectations of $2.50 billion. During the same period in the prior year, the business posted $1.13 earnings per share. The firm's revenue was up 6.4% on a year-over-year basis. As a group, research analysts forecast that Waste Connections, Inc. will post 5.48 earnings per share for the current year.

Waste Connections Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, May 6th. This represents a $1.40 dividend on an annualized basis and a yield of 0.8%. Waste Connections's dividend payout ratio is 33.57%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on WCN. BNP Paribas Exane began coverage on Waste Connections in a report on Tuesday, January 6th. They set an "outperform" rating on the stock. Citigroup reissued a "neutral" rating and issued a $183.00 price objective (down from $196.00) on shares of Waste Connections in a research note on Friday, January 16th. Canadian Imperial Bank of Commerce set a $208.00 price objective on shares of Waste Connections in a research note on Thursday, January 8th. Morgan Stanley set a $205.00 price objective on shares of Waste Connections and gave the stock an "overweight" rating in a research note on Friday, February 13th. Finally, Sanford C. Bernstein reissued an "outperform" rating and issued a $205.00 price objective (up from $200.00) on shares of Waste Connections in a research note on Monday, January 5th. Four analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $203.24.

Key Stories Impacting Waste Connections

Here are the key news stories impacting Waste Connections this week:

• Positive Sentiment: Quarterly earnings beat consensus (EPS $1.23 vs $1.19) and adjusted EBITDA/margin came in above expectations, supporting near‑term cash generation. Waste Connections Reports First Quarter 2026 Results
• Positive Sentiment: Management reaffirmed full‑year free cash flow guidance of $1.4B–$1.45B and said it expects roughly $100M of M&A revenue closings by end of Q2/early Q3 — both points that support buyback/dividend flexibility and future growth. M&A revenue closings and FCF guidance
• Positive Sentiment: Board declared a regular quarterly cash dividend of $0.35/share (record May 6, pay May 21), which supports total return for income‑oriented holders. Dividend announcement
• Neutral Sentiment: Company highlighted pricing initiatives and AI pilots (pricing/route optimization) and special‑waste lift results that could help margins over time, but benefits are not yet fully reflected in results. Deep dive on pricing and AI
• Neutral Sentiment: The Q1 earnings call transcript provides detail on commodity impacts, organic growth and acquisition pipeline—useful for modeling but not an immediate stock catalyst. Earnings call transcript
• Negative Sentiment: Revenue missed Street expectations ($2.33B vs. ~$2.50B consensus) and reported net profit declined year‑over‑year (Q1 profit $219.3M vs $241.5M), highlighting near‑term demand/mix pressure. Profit down YoY
• Negative Sentiment: Management cited margin pressure from special‑waste mix and cost dynamics—these headwinds could cap near‑term margin expansion if they persist. Margin commentary

Waste Connections Profile

Waste Connections NYSE: WCN is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.

The company's operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.

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