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Is Waste Connections, Inc. (WCN) Going to Burn These Hedge Funds?

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Should Waste Connections, Inc. (NYSE:WCN) investors track the following data?

To many traders, hedge funds are viewed as useless, old investment tools of a period lost to current times. Although there are more than 8,000 hedge funds in operation in present day, Insider Monkey looks at the aristocrats of this group, around 525 funds. It is assumed that this group controls the lion’s share of the smart money’s total assets, and by watching their best equity investments, we’ve found a few investment strategies that have historically outstripped the broader indices. Our small-cap hedge fund strategy outstripped the S&P 500 index by 18 percentage points annually for a decade in our back tests, and since we’ve started sharing our picks with our subscribers at the end of August 2012, we have outperformed the S&P 500 index by 33 percentage points in 11 months (find the details here).

Just as key, positive insider trading sentiment is a second way to look at the financial markets. Obviously, there are a variety of stimuli for an insider to get rid of shares of his or her company, but only one, very clear reason why they would buy. Several empirical studies have demonstrated the valuable potential of this method if shareholders know what to do (learn more here).

Furthermore, let’s analyze the recent info for Waste Connections, Inc. (NYSE:WCN).

Waste Connections, Inc. (NYSE:WCN)

How have hedgies been trading Waste Connections, Inc. (NYSE:WCN)?

At the end of the second quarter, a total of 11 of the hedge funds we track were bullish in this stock, a change of -8% from one quarter earlier. With hedgies’ capital changing hands, there exists an “upper tier” of notable hedge fund managers who were increasing their holdings substantially.

When using filings from the hedgies we track, Polar Capital, managed by Brian Ashford-Russell and Tim Woolley, holds the largest position in Waste Connections, Inc. (NYSE:WCN). Polar Capital has a $25.7 million position in the stock, comprising 0.9% of its 13F portfolio. On Polar Capital’s heels is Andrew Sandler of Sandler Capital Management, with a $18.9 million position; the fund has 0.7% of its 13F portfolio invested in the stock. Other hedgies that hold long positions include D. E. Shaw’s D E Shaw, Dmitry Balyasny’s Balyasny Asset Management and Israel Englander’s Millennium Management.

Because Waste Connections, Inc. (NYSE:WCN) has experienced dropping sentiment from the entirety of the hedge funds we track, it’s safe to say that there exists a select few hedge funds that slashed their full holdings heading into Q2. It’s worth mentioning that Malcolm Fairbairn’s Ascend Capital dumped the biggest stake of the 450+ funds we key on, worth about $8.1 million in stock, and Scott Burney of Bluefin Investment Management was right behind this move, as the fund sold off about $6.7 million worth. These transactions are interesting, as aggregate hedge fund interest was cut by 1 funds heading into Q2.

How have insiders been trading Waste Connections, Inc. (NYSE:WCN)?

Insider buying made by high-level executives is most useful when the company in question has experienced transactions within the past half-year. Over the latest six-month time period, Waste Connections, Inc. (NYSE:WCN) has seen zero unique insiders buying, and zero insider sales (see the details of insider trades here).

We’ll also review the relationship between both of these indicators in other stocks similar to Waste Connections, Inc. (NYSE:WCN). These stocks are Stericycle Inc (NASDAQ:SRCL), Progressive Waste Solutions Ltd (USA) (NYSE:BIN), Covanta Holding Corporation (NYSE:CVA), Veolia Environnement SA (ADR) (NYSE:VE), and Clean Harbors Inc (NYSE:CLH). This group of stocks are the members of the waste management industry and their market caps are closest to WCN’s market cap.

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