Pictet Asset Management Holding SA Raises Stake in Casella Waste Systems, Inc. $CWST

Key Points

• Pictet Asset Management boosted its position in Casella Waste Systems by 10,865.8%, acquiring an additional 981,617 shares to hold 990,651 shares (about 1.56% of the company) worth roughly $97.0 million at quarter-end.
• Company insiders were net sellers last quarter — CEO John W. Casella sold 6,726 shares and insiders offloaded 15,830 shares totaling about $1.45 million, leaving insiders with approximately 3.81% ownership.
• Casella beat quarterly EPS estimates ($0.30 vs. $0.22) while revenue of $469.1M slightly missed consensus; the stock trades at a very high P/E (~648), a market cap near $4.94B, and carries a consensus analyst rating of "Moderate Buy" with a ~$111 price target.

Pictet Asset Management Holding SA lifted its position in shares of Casella Waste Systems, Inc. (NASDAQ:CWST - Free Report) by 10,865.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 990,651 shares of the industrial products company's stock after buying an additional 981,617 shares during the quarter. Pictet Asset Management Holding SA owned approximately 1.56% of Casella Waste Systems worth $97,040,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Mackenzie Financial Corp raised its stake in shares of Casella Waste Systems by 3.9% during the 3rd quarter. Mackenzie Financial Corp now owns 3,975 shares of the industrial products company's stock worth $377,000 after buying an additional 149 shares during the last quarter. First Horizon Corp raised its stake in shares of Casella Waste Systems by 48.6% during the 4th quarter. First Horizon Corp now owns 489 shares of the industrial products company's stock worth $48,000 after buying an additional 160 shares during the last quarter. Geneos Wealth Management Inc. raised its stake in shares of Casella Waste Systems by 301.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 245 shares of the industrial products company's stock worth $27,000 after buying an additional 184 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Casella Waste Systems by 180.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 297 shares of the industrial products company's stock worth $27,000 after buying an additional 191 shares during the last quarter. Finally, Comprehensive Financial Planning Inc. PA raised its stake in shares of Casella Waste Systems by 66.7% during the 3rd quarter. Comprehensive Financial Planning Inc. PA now owns 500 shares of the industrial products company's stock worth $47,000 after buying an additional 200 shares during the last quarter. Institutional investors and hedge funds own 99.51% of the company's stock.

Insider Activity

In related news, CEO John W. Casella sold 6,726 shares of the business's stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $93.10, for a total value of $626,190.60. Following the completion of the transaction, the chief executive officer owned 27,989 shares of the company's stock, valued at approximately $2,605,775.90. The trade was a 19.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Kevin Drohan sold 675 shares of the business's stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $92.61, for a total transaction of $62,511.75. Following the completion of the transaction, the chief accounting officer directly owned 7,462 shares of the company's stock, valued at $691,055.82. The trade was a 8.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 15,830 shares of company stock worth $1,454,208. Company insiders own 3.81% of the company's stock.

Casella Waste Systems Trading Up 1.3%

Shares of CWST stock opened at $77.75 on Wednesday. The firm has a 50-day moving average price of $86.03 and a 200 day moving average price of $93.11. Casella Waste Systems, Inc. has a twelve month low of $74.05 and a twelve month high of $121.24. The company has a market capitalization of $4.94 billion, a price-to-earnings ratio of 647.97 and a beta of 0.84. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.72.

Casella Waste Systems (NASDAQ:CWST - Get Free Report) last announced its earnings results on Thursday, February 19th. The industrial products company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.08. Casella Waste Systems had a net margin of 0.43% and a return on equity of 5.17%. The firm had revenue of $469.06 million during the quarter, compared to the consensus estimate of $471.32 million. During the same quarter in the previous year, the company posted $0.41 EPS. The firm's revenue for the quarter was up 9.7% on a year-over-year basis. Research analysts forecast that Casella Waste Systems, Inc. will post 1.15 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. cut their price target on Casella Waste Systems from $112.00 to $110.00 and set a "neutral" rating for the company in a research note on Monday, February 23rd. Raymond James Financial reaffirmed a "strong-buy" rating and set a $115.00 price target on shares of Casella Waste Systems in a research note on Monday, February 23rd. Zacks Research raised Casella Waste Systems from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 1st. Weiss Ratings downgraded Casella Waste Systems from a "hold (c-)" rating to a "sell (d)" rating in a research note on Monday, February 23rd. Finally, Barclays lifted their price target on Casella Waste Systems from $95.00 to $101.00 and gave the stock an "equal weight" rating in a research note on Monday, February 23rd. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $111.00.

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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