Insiders at Waste Connections Bulk Buy Shares at Discount, Signal Confidence Amid RSU Moves

Insider Activity at Waste Connections Inc. – A Closer Look

The February 13‑14 2026 filing from owner Sparks Carl shows a series of purchases and sales that, on the surface, appear to be routine portfolio rebalancing. Carl bought 344 shares at zero cost (likely a vesting conversion) and sold 185 shares at the market price of $160.27, ending the period with 784 shares. The same day he also bought 435 restricted share units (RSUs) and sold 344 RSUs, while converting 344 RSUs into common shares on February 14. These transactions are consistent with the company’s standard RSU vesting schedule: 50 % vesting immediately and the remainder at the first anniversary.

What matters more to investors is the overall pattern of insider activity. Waste Connections’ top insiders—including Lee Susan, LeBon Cherylyn Harley, Jordan Elise Lipman, Harlan Michael W, Guillet Edward E, and Bertone Andrea E—each completed eight trades over the two‑day window, with a mix of common‑share purchases and sales and simultaneous RSU activity. The fact that all six names moved roughly the same volume (≈ 3,000 shares each) suggests a coordinated, perhaps board‑level decision rather than idiosyncratic speculation. The trades were executed at the prevailing market price of about $160‑$163, well below the current closing price of $220.07, implying that insiders are buying at a discount relative to the market, which could be interpreted as confidence in the company’s long‑term prospects.

Implications for Investors

1. Positive Signal of Confidence – Buying at a discount, especially when combined with RSU conversions, signals that insiders believe the stock is undervalued or will rise in the near term. For an industrial services firm like Waste Connections, which operates in a mature but essential sector, this can be a reassuring cue for value‑oriented investors.

2. Liquidity Management – The simultaneous selling of shares suggests a need for liquidity or a desire to rebalance portfolios. Since the sales were executed at market price, the impact on the share price is likely minimal. However, if insiders were selling large volumes at once, it could be a red flag. In this case, the volume is modest relative to the company’s market cap (~$56 bn CAD), so the effect is negligible.

3. Potential for Future Earnings Growth – Waste Connections recently reported Q4 2025 results and an outlook for 2026. The insiders’ activity, aligned with a positive earnings outlook and a price‑to‑earnings ratio of 38.07, may indicate expectations of continued revenue growth and margin improvement. Investors should monitor guidance and any upcoming regulatory or environmental policy changes that could impact the waste‑management industry.

Strategic Context

Waste Connections trades within a broader context of industry consolidation and increasing regulatory pressure for sustainability. The insiders’ RSU purchases—an incentive tool tied to future performance—may align their interests with long‑term shareholders. Moreover, the coordinated nature of the trades across multiple directors could reflect a unified strategy, perhaps anticipating a strategic acquisition or expansion plan. Investors should keep an eye on any upcoming press releases or SEC filings that could shed light on such initiatives.

In sum, the current insider transactions from Sparks Carl and the company’s top directors appear to be routine yet strategically significant. The pattern of discounted purchases coupled with RSU activity signals insider confidence, while the modest sales suggest routine liquidity needs. For investors, this is a largely positive sign, though it should be weighed against the company’s broader financial health, industry trends, and any forthcoming strategic announcements.