Fred Alger Management LLC Decreases Stock Position in Casella Waste Systems, Inc. $CWST

Key Points

• Fred Alger Management LLC cut its stake in Casella Waste Systems by 20.2% in the fourth quarter, selling 113,435 shares and leaving it with 448,415 shares valued at about $43.9 million.
• Institutional ownership remains very high, with hedge funds and other investors holding 99.51% of the company. Several major firms, including Vanguard, Wasatch, Capital Research Global Investors, and State Street, increased their positions.
• Casella reported better-than-expected quarterly results, posting EPS of $0.20 versus the $0.10 estimate and revenue of $457.33 million, up 9.6% year over year. Analysts currently rate the stock a consensus “Moderate Buy” with a $111.13 price target.

Fred Alger Management LLC lessened its position in Casella Waste Systems, Inc. (NASDAQ:CWST - Free Report) by 20.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 448,415 shares of the industrial products company's stock after selling 113,435 shares during the quarter. Fred Alger Management LLC owned about 0.71% of Casella Waste Systems worth $43,918,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Casella Waste Systems by 9.7% in the fourth quarter. Vanguard Group Inc. now owns 6,574,893 shares of the industrial products company's stock valued at $643,945,000 after acquiring an additional 581,310 shares in the last quarter. Wasatch Advisors LP lifted its position in Casella Waste Systems by 1.5% during the fourth quarter. Wasatch Advisors LP now owns 3,765,442 shares of the industrial products company's stock worth $368,787,000 after buying an additional 56,914 shares in the last quarter. Capital Research Global Investors lifted its position in Casella Waste Systems by 23.7% during the fourth quarter. Capital Research Global Investors now owns 2,488,034 shares of the industrial products company's stock worth $243,678,000 after buying an additional 477,216 shares in the last quarter. State Street Corp lifted its position in Casella Waste Systems by 60.7% during the fourth quarter. State Street Corp now owns 2,306,780 shares of the industrial products company's stock worth $225,926,000 after buying an additional 871,761 shares in the last quarter. Finally, Capital International Investors lifted its position in Casella Waste Systems by 2.1% during the fourth quarter. Capital International Investors now owns 1,998,409 shares of the industrial products company's stock worth $195,724,000 after buying an additional 41,447 shares in the last quarter. Hedge funds and other institutional investors own 99.51% of the company's stock.

Casella Waste Systems Price Performance

CWST stock opened at $86.65 on Wednesday. The business has a fifty day moving average of $84.58 and a two-hundred day moving average of $92.25. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.72. The stock has a market cap of $5.51 billion, a price-to-earnings ratio of 787.80 and a beta of 0.77. Casella Waste Systems, Inc. has a 52-week low of $74.05 and a 52-week high of $118.42.

Casella Waste Systems (NASDAQ:CWST - Get Free Report) last posted its earnings results on Thursday, April 30th. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.10. The company had revenue of $457.33 million during the quarter, compared to analysts' expectations of $454.49 million. Casella Waste Systems had a return on equity of 5.19% and a net margin of 0.38%.The firm's quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.19 earnings per share. As a group, research analysts anticipate that Casella Waste Systems, Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. reduced their price objective on Casella Waste Systems from $112.00 to $110.00 and set a "neutral" rating on the stock in a research report on Monday, February 23rd. Barclays upgraded Casella Waste Systems from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $101.00 to $102.00 in a research report on Monday, May 4th. UBS Group reduced their price objective on Casella Waste Systems from $140.00 to $130.00 and set a "buy" rating on the stock in a research report on Tuesday, March 10th. Weiss Ratings reiterated a "sell (d)" rating on shares of Casella Waste Systems in a research report on Friday, May 22nd. Finally, TD Cowen reiterated a "buy" rating on shares of Casella Waste Systems in a research report on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $111.13.

Insider Buying and Selling at Casella Waste Systems

In other Casella Waste Systems news, CEO Edmond Coletta sold 12,500 shares of the firm's 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 completion of the sale, the chief executive officer owned 140,118 shares of the company's stock, valued at $12,548,968.08. This trade represents a 8.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael K. Burke sold 2,305 shares of the firm'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 sale, the director directly owned 14,048 shares of the company's stock, valued at approximately $1,230,042.88. This trade represents a 14.10% decrease in their position. The SEC filing for this sale provides additional information. 3.78% of the stock is owned by company 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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