Hedge Funds Are Crazy About Waste Connections, Inc. (WCN)

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Now, specific money managers have jumped into Waste Connections, Inc. (NYSE:WCN) headfirst. Ira Unschuld’s Brant Point Investment Management  made a $2.3 million investment in the stock during the quarter. The other funds with new positions in the stock are Ken Griffin’s Citadel Investment Group and Robert Raiff’s Raiff Partners.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Waste Connections, Inc. (NYSE:WCN) but similarly valued. These stocks are ServiceNow Inc (NYSE:NOW), Markel Corporation (NYSE:MKL), Liberty Broadband Corp (NASDAQ:LBRDK), and CGI Group Inc. (USA) (NYSE:GIB). This group of stocks’ market values resemble WCN’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
NOW 31 981619 0
MKL 15 899585 -5
LBRDK 42 3745967 -1
GIB 16 121641 1

As you can see these stocks had an average of 26 hedge funds with bullish positions and the average amount invested in these stocks was $1.44 billion. That figure was $987 million in WCN’s case. Liberty Broadband Corp (NASDAQ:LBRDK) is the most popular stock in this table. On the other hand Markel Corporation (NYSE:MKL) is the least popular one with only 15 bullish hedge fund positions. Waste Connections, Inc. (NYSE:WCN) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard LBRDK might be a better candidate to consider taking a long position in.

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Disclosure: None




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