Bank of New York Mellon Corp Has $31.43 Million Stake in Casella Waste Systems, Inc. $CWST

Key Points

• Bank of New York Mellon reduced its Casella Waste Systems stake by 2.9% in the first quarter, selling 11,993 shares and retaining 396,195 shares valued at approximately $31.43 million. Institutional investors collectively own 99.51% of the company.
• Analysts maintain a generally positive outlook, with Casella receiving a consensus “Moderate Buy” rating and an average price target of $110.12, compared with a recent share price of $89.39.
• Casella reported quarterly revenue of $457.33 million, up 9.6% year over year, and EPS of $0.20, beating estimates by $0.10. However, CEO Edmond Coletta and Director Michael K. Burke recently sold company shares.

Bank of New York Mellon Corp lowered its stake in Casella Waste Systems, Inc. (NASDAQ:CWST - Free Report) by 2.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 396,195 shares of the industrial products company's stock after selling 11,993 shares during the quarter. Bank of New York Mellon Corp owned 0.62% of Casella Waste Systems worth $31,434,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Geneos Wealth Management Inc. grew its holdings 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 worth $27,000 after purchasing an additional 184 shares during the period. Hilton Head Capital Partners LLC acquired a new position in Casella Waste Systems during the 4th quarter worth approximately $25,000. Los Angeles Capital Management LLC bought a new position in Casella Waste Systems in the fourth quarter worth approximately $27,000. EverSource Wealth Advisors LLC boosted its holdings in Casella Waste Systems by 235.3% in the second quarter. EverSource Wealth Advisors LLC now owns 285 shares of the industrial products company's stock worth $33,000 after acquiring an additional 200 shares in the last quarter. Finally, SHP Wealth Management acquired a new stake in Casella Waste Systems in the fourth quarter valued at approximately $43,000. Institutional investors and hedge funds own 99.51% of the company's stock.

Wall Street Analysts Forecast Growth

CWST has been the subject of several recent research reports. Zacks Research upgraded Casella Waste Systems from a "strong sell" rating to a "hold" rating in a report on Wednesday, July 8th. TD Cowen reissued a "buy" rating on shares of Casella Waste Systems in a research report on Friday, June 5th. Weiss Ratings restated a "sell (d)" rating on shares of Casella Waste Systems in a research note on Friday, May 22nd. Barclays upgraded shares of Casella Waste Systems from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $101.00 to $102.00 in a report on Monday, May 4th. Finally, UBS Group dropped their price objective on shares of Casella Waste Systems from $130.00 to $122.00 and set a "buy" rating on the stock in a research note on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Casella Waste Systems currently has an average rating of "Moderate Buy" and a consensus target price of $110.12.

Casella Waste Systems Stock Performance

Shares of CWST stock opened at $89.39 on Monday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a 50-day moving average of $90.40 and a 200-day moving average of $91.25. Casella Waste Systems, Inc. has a one year low of $74.05 and a one year high of $111.48. The company has a market cap of $5.69 billion, a P/E ratio of 812.71 and a beta of 0.74.

Casella Waste Systems (NASDAQ:CWST - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The industrial products company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.10 by $0.10. Casella Waste Systems had a net margin of 0.38% and a return on equity of 5.19%. The firm had revenue of $457.33 million during the quarter, compared to analyst estimates of $454.49 million. During the same quarter last year, the business posted $0.19 EPS. The company's revenue for the quarter was up 9.6% on a year-over-year basis. Equities research analysts forecast that Casella Waste Systems, Inc. will post 1.06 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Edmond Coletta sold 12,500 shares of Casella Waste Systems stock in a transaction 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 sale, the chief executive officer directly owned 140,118 shares in the company, valued at approximately $12,548,968.08. This trade represents a 8.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michael K. Burke sold 2,305 shares of the business's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $87.56, for a total value of $201,825.80. Following the completion of the transaction, the director directly owned 14,048 shares in the company, valued at approximately $1,230,042.88. This represents a 14.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 3.78% of the company's stock.

About Casella Waste Systems

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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