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Waste Connections (WCN) Rose After Strong Fourth Quarter Results

Conestoga Capital Advisors, an asset management company, released its “Mid-Cap Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. It was a solid quarter as many asset classes moved higher. The S&P Index, which tracks the performance of large-cap stocks, reached an all-time high on March 28th, and the Russell 2000 Index, which tracks the performance of small-cap stocks, appreciated to within 10% of their peak levels. The Mid Cap Composite rose 5.44% net of fees in the first quarter, compared to a 9.50% return for the Russell Midcap Growth Index. Stock selection was the leading performance detractor in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Conestoga Capital Advisors Mid-Cap Strategy highlighted stocks like Waste Connections, Inc. (NYSE:WCN), in the first quarter 2024 investor letter. Waste Connections, Inc. (NYSE:WCN), with a market capitalization of $42.46 billion, offers non-hazardous waste collection, transfer, disposal, and resource recovery services. One-month return of Waste Connections, Inc. (NYSE:WCN) was -0.38%, and its shares gained 19.59% of their value over the last 52 weeks. On May 23, 2024, Waste Connections, Inc. (NYSE:WCN) stock closed at $164.56 per share.

Conestoga Capital Advisors Mid-Cap Strategy stated the following regarding Waste Connections, Inc. (NYSE:WCN) in its first quarter 2024 investor letter:

"Waste Connections, Inc. (NYSE:WCN): Based in Houston, TX WCN is a leading provider of non-hazardous waste collection, transfer, disposal, and recycling services in the United States and Canada. WCN demonstrated strong fourth quarter results with increased revenues and earnings. The quarterly results showed strong solid waste pricing and margins. Investors may also be anticipating that the company continues to improve margins and free cash flow over the next 12-24 months."

A fleet of waste management trucks driving through a city at sunrise.


Trailing 12 month revenue of Waste Connections, Inc. (NYSE:WCN) was 8.19 billion and the first quarter revenue was $2.073 billion, about $23 million above the outlook and a 9.10% increase compared to the first quarter 2023.

Waste Connections, Inc. (NYSE:WCN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held Waste Connections, Inc. (NYSE:WCN) at the end of the first quarter which was 45 in the previous quarter.

In another article, we discussed Waste Connections, Inc. (NYSE:WCN) and shared the list of best stocks to buy and hold according to Bill Gates’ Portfolio. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.