Should You Invest in Waste Connections (WCN)?

ClearBridge Investments, an investment management company, released its “ClearBridge Select Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. Rising bond rates and the Federal Reserve’s shift to a more hawkish stance put pressure on stocks in the third quarter. The strategy underperformed its Russell 3000 Index in the third quarter. Overall stock selection and sector allocation detracted from performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Select Strategy highlighted stocks like Waste Connections, Inc. (NYSE:WCN) in its Q3 2023 investor letter. Headquartered in Woodbridge, Canada, Waste Connections, Inc. (NYSE:WCN) provides non-hazardous waste management services. On December 7, 2023, Waste Connections, Inc. (NYSE:WCN) stock closed at $138.39 per share. One-month return of Waste Connections, Inc. (NYSE:WCN) was 6.01%, and its shares lost 1.11% of their value over the last 52 weeks. Waste Connections, Inc. (NYSE:WCN) has a market capitalization of $35.655 billion.

ClearBridge Select Strategy made the following comment about Waste Connections, Inc. (NYSE:WCN) in its Q3 2023 investor letter:

“Our largest new addition was Waste Connections, Inc. (NYSE:WCN), a durable compounder in the industrials sector. WCN is a Canada-based waste management provider that continues to grow through accretive acquisitions. The company could see better-than-expected margin expansion over the next several years, driven by a combination of recovering recycled commodities and renewables credits, greater than normal pricing power due to lagged inflation-index realization and improved labor costs and utilization driven by lower labor turnover.”

A fleet of waste management vehicles, signifying the company’s efficient services.

Waste Connections, Inc. (NYSE:WCN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Waste Connections, Inc. (NYSE:WCN) at the end of third quarter which was 41 in the previous quarter.

We discussed Waste Connections, Inc. (NYSE:WCN) in another article and shared best recycling stocks to buy. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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