5 Best Recycling Stocks To Buy Now

2. Waste Connections, Inc. (NYSE:WCN)

Number of Hedge Fund Holders: 33

Waste Connections, Inc. (NYSE:WCN) is a provider of non-hazardous waste collection, transfer, disposal, and resource recovery services in the United States and Canada. The company offers collection, landfill disposal, and recycling services to residential, commercial, municipal, industrial, and exploration and production customers. It is one of the top recycling stocks to monitor. Waste Connections, Inc. (NYSE:WCN) raised its latest quarterly dividend by nearly 11% to $0.255 per share, which was distributed to shareholders on December 1. 

On October 24, Jefferies analyst Stephanie Moore initiated coverage of Waste Connections, Inc. (NYSE:WCN) with a Buy rating and a $165 price target. The analyst said the stock is best-in-class amongst its waste peers with above-average pricing growth and margins due to its suburban market exposure, as well as the exclusivity from its franchise contracts. The analyst added that she views it has a clear line of sight into at least low double digit revenue growth in 2023.

According to Insider Monkey’s Q3 data, 33 hedge funds were long Waste Connections, Inc. (NYSE:WCN), compared to 34 funds in the prior quarter. Bill & Melinda Gates Foundation Trust is the biggest stakeholder of the company, with 2.15 million shares worth $290.4 million. 

Conestoga Capital Advisors made the following comment about Waste Connections, Inc. (NYSE:WCN) in its Q3 2022 investor letter:

“Waste Connections, Inc. (NYSE:WCN): WCN is a leading waste management service company that provides collection, recycling, transfer and disposal services in North America. This top ten holding performed well during the quarter given the consistency of its business model with stable volumes, strong pricing power and healthy margins.”