LMCG Investments 13F: Adds $983K to Waste Connections (WCN) Stake

LMCG Investments lifted its stake in Waste Connections, Inc. (NYSE: WCN) by 11.4% during the quarter, according to a Form 13F filing with the SEC on October 21, 2026.

WCN Waste Connections, Inc.

$181.76 ▲ +5.06% year to date

1M 3M YTD

Daily close · Oct 22, 2026

What Changed in LMCG Investments's Waste Connections Position

The firm added 6,388 shares of the waste management provider to its portfolio, bringing its total ownership to 62,580 shares. Based on the market close on the filing date, that stake carried a value of approximately $9.6 million. The prior position stood at 56,192 shares.

Other Institutional Activity in Waste Connections

Other large institutional investors adjusted their positions around the same periods. Royal Bank of Canada grew its holdings by 978,069 shares, ending with 13,188,665 shares worth about $2.4 billion. Bank of Montreal grew its stake by 529,653 shares to finish with 8,665,651 shares valued at roughly $1.6 billion. 1832 Asset Management L.P. added 342,885 shares, holding 7,456,684 shares worth about $1.4 billion. On the other hand, Mackenzie Financial Corporation reduced its holdings by 280,380 shares, ending with 4,699,732 shares valued at approximately $854.7 million. Montrusco Bolton Investments trimmed its stake by 230,635 shares to hold 744,195 shares worth about $114.6 million.

Waste Connections, Inc. Stock Holds Steady

Waste Connections shares closed at $168.28 on October 21, 2026. The stock recently traded around that same level. The shares trade above their 50-day moving average of $160.90 and their 200-day moving average of $162.89. The stock sits about 7.6% below its 52-week high of $182.14 and well above its 52-week low of $146.89. The consensus price target among analysts sits at $196.72, leaving the recent price roughly 14.5% below that average target.

Recent Earnings

Waste Connections generated $9.76 billion in trailing twelve-month revenue with earnings of $4.46 per share. The company posted a net margin of 10.9% and a return on equity of 13.0%. Its revenue grew 6.4% year-over-year. The company's next earnings report is scheduled for February 10, 2027.

Dividend

The company pays an annual dividend rate of $1.40 per share, which translates to a dividend yield of 0.83%. The payout ratio stands at 33.0% of earnings.

Insider Buying and Selling at Waste Connections, Inc.

Company insiders made several sales during the summer months. Officer Robert Nielsen III sold 300 shares on July 29, 2026, at an average price of $173.10 for a total of $51,930, and later sold 700 shares on August 19, 2026, at $170.00 for $119,000. Susan Rhea Netherton sold 1,750 shares on August 13, 2026, at $166.00 for $290,500. Philip Rivard sold 2,500 shares on August 18, 2026, at $166.57 for $416,425.

Analysts Set New Price Targets

Wall Street firms updated their views on the stock ahead of the filing. UBS upgraded the stock to a Buy rating with a $200 price target on September 18, 2026. JP Morgan maintained an Overweight rating with an $180 target on October 8, 2026. CIBC maintained an Outperformer rating with a $184 target on the same day. Morgan Stanley maintained an Overweight rating with a $195 target on October 13, 2026. Citigroup maintained a Neutral rating with a $175 target on October 15, 2026. The stock carries a consensus rating of Strong Buy with 25 analyst opinions recorded.

About Waste Connections

Waste Connections, Inc. operates in the industrial sector, providing non-hazardous waste collection, transfer, and disposal services across the United States and Canada. The company handles residential, commercial, municipal, and industrial customers, alongside recycling and landfill management services.

Bottom Line

LMCG Investments expanded its portfolio exposure to Waste Connections during a period of steady analyst support and solid institutional trading. Investors will look toward the company's next financial results in February 2027 for further guidance on operational growth.