Assenagon Asset Management S.A. Grows Position in Casella Waste Systems, Inc. $CWST

Key Points

• Assenagon Asset Management increased its Casella Waste Systems stake by 387.1% in the second quarter, bringing its holdings to 17,856 shares valued at approximately $1.73 million. Institutional investors collectively own 99.51% of the company.
• Wall Street maintains a generally positive outlook, with Casella receiving a consensus “Moderate Buy” rating and an average price target of $109.75, despite JPMorgan lowering its target to $105.
• Casella exceeded quarterly expectations, reporting $0.40 in earnings per share versus a $0.36 estimate and $543.75 million in revenue, up 16.9% year over year. The stock opened at $90.72, while insiders sold about $2.82 million worth of shares over the past three months.

Assenagon Asset Management S.A. grew its stake in Casella Waste Systems, Inc. (NASDAQ:CWST - Free Report) by 387.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,856 shares of the industrial products company's stock after purchasing an additional 14,190 shares during the period. Assenagon Asset Management S.A.'s holdings in Casella Waste Systems were worth $1,731,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. AQR Capital Management LLC increased its holdings in Casella Waste Systems by 57.7% during the first quarter. AQR Capital Management LLC now owns 9,283 shares of the industrial products company's stock valued at $1,035,000 after buying an additional 3,395 shares during the period. Jones Financial Companies Lllp raised its holdings in shares of Casella Waste Systems by 1,601.9% in the first quarter. Jones Financial Companies Lllp now owns 5,412 shares of the industrial products company's stock worth $603,000 after buying an additional 5,094 shares during the last quarter. Jane Street Group LLC lifted its position in Casella Waste Systems by 3,226.1% during the 1st quarter. Jane Street Group LLC now owns 69,849 shares of the industrial products company's stock worth $7,789,000 after acquiring an additional 67,749 shares during the period. Geneos Wealth Management Inc. boosted its position in Casella Waste Systems by 301.6% in the first quarter. Geneos Wealth Management Inc. now owns 245 shares of the industrial products company's stock valued at $27,000 after buying an additional 184 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new stake in shares of Casella Waste Systems in the 2nd quarter valued at $63,000. Hedge funds and other institutional investors own 99.51% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CWST. JPMorgan Chase & Co. dropped their target price on Casella Waste Systems from $110.00 to $105.00 and set a "neutral" rating on the stock in a report on Monday, August 10th. Zacks Research raised Casella Waste Systems from a "strong sell" rating to a "hold" rating in a report on Wednesday, July 8th. Weiss Ratings reissued a "sell (d)" rating on shares of Casella Waste Systems in a research note on Friday, May 22nd. Barclays upped their target price on Casella Waste Systems from $102.00 to $104.00 and gave the company an "overweight" rating in a report on Monday. Finally, TD Cowen restated a "buy" rating on shares of Casella Waste Systems in a report on Friday, June 5th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Casella Waste Systems presently has an average rating of "Moderate Buy" and a consensus price target of $109.75.

Casella Waste Systems Trading Down 0.3%

CWST opened at $90.72 on Friday. The business's 50 day moving average is $91.86 and its two-hundred day moving average is $90.01. Casella Waste Systems, Inc. has a 52 week low of $74.05 and a 52 week high of $107.96. The firm has a market cap of $5.77 billion, a price-to-earnings ratio of 1,008.11 and a beta of 0.74. The company has a quick ratio of 1.38, a current ratio of 0.99 and a debt-to-equity ratio of 0.84.

Casella Waste Systems (NASDAQ:CWST - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The industrial products company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.04. Casella Waste Systems had a return on equity of 5.32% and a net margin of 0.29%.The firm had revenue of $543.75 million during the quarter, compared to the consensus estimate of $526.43 million. During the same period last year, the company earned $0.36 earnings per share. The company's revenue for the quarter was up 16.9% on a year-over-year basis. On average, research analysts predict that Casella Waste Systems, Inc. will post 1.24 EPS for the current year.

Insider Buying and Selling at Casella Waste Systems

In related news, CEO Edmond Coletta sold 12,500 shares of Casella Waste Systems stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $89.56, for a total transaction of $1,119,500.00. Following the completion of the transaction, the chief executive officer directly owned 140,118 shares in the company, valued at $12,548,968.08. The trade was a 8.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael K. Burke sold 2,305 shares of the firm's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $87.56, for a total transaction of $201,825.80. Following the sale, the director directly owned 14,048 shares in the company, valued at $1,230,042.88. This represents a 14.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 31,305 shares of company stock worth $2,823,745. 3.78% of the stock is owned by corporate insiders.

Casella Waste Systems Company Profile

Casella Waste Systems, Inc is a regional resource management company headquartered in Rutland, Vermont. Established in 1975, the company has grown from a single-truck operation into a multi-state provider of integrated waste management solutions. Casella offers a comprehensive range of services, including residential, commercial and industrial waste collection, transfer station operations, landfill disposal, recycling processing and organics management.

Through a network of solid waste transfer stations, recycling facilities and landfills, Casella serves communities primarily across the northeastern United States and parts of the mid-Atlantic region.

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