JPMorgan Chase & Co. Lowers Casella Waste Systems (NASDAQ:CWST) Price Target to $105.00

Key Points

• JPMorgan lowered Casella Waste Systems’ price target from $110 to $105 while maintaining a “neutral” rating, implying approximately 17% upside from the stock’s prior close.
• Casella reported quarterly EPS of $0.40, beating estimates of $0.36, while revenue rose 16.9% year over year to $543.75 million. Analysts collectively maintain a “Moderate Buy” rating with a consensus price target of $109.75.
• CWST shares traded near $89.75, and institutional investors own 99.51% of the company. Recent insider activity included stock sales by CEO Edmond Coletta and director Michael K. Burke.

Casella Waste Systems (NASDAQ:CWST - Get Free Report) had its price target cut by investment analysts at JPMorgan Chase & Co. from $110.00 to $105.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a "neutral" rating on the industrial products company's stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 17.00% from the stock's previous close.

CWST has been the subject of several other research reports. Zacks Research raised Casella Waste Systems from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 8th. TD Cowen reiterated a "buy" rating on shares of Casella Waste Systems in a research report on Friday, June 5th. Barclays upped their price target on shares of Casella Waste Systems from $102.00 to $104.00 and gave the company an "overweight" rating in a report on Monday. UBS Group reduced their price objective on shares of Casella Waste Systems from $130.00 to $122.00 and set a "buy" rating for the company in a research report on Friday, June 26th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Casella Waste Systems in a research note on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Casella Waste Systems currently has an average rating of "Moderate Buy" and a consensus target price of $109.75.

Casella Waste Systems Price Performance

NASDAQ:CWST traded up $0.34 during midday trading on Monday, hitting $89.75. 538,795 shares of the stock were exchanged, compared to its average volume of 760,122. The company has a market capitalization of $5.71 billion, a price-to-earnings ratio of 997.28 and a beta of 0.74. The company has a current ratio of 0.99, a quick ratio of 1.38 and a debt-to-equity ratio of 0.84. Casella Waste Systems has a one year low of $74.05 and a one year high of $107.96. The business has a 50-day moving average price of $91.19 and a two-hundred day moving average price of $90.41.

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 (EPS) for the quarter, beating analysts' consensus estimates 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 analyst estimates of $526.43 million. During the same period last year, the company posted $0.36 EPS. The firm's quarterly revenue was up 16.9% on a year-over-year basis. Sell-side analysts predict that Casella Waste Systems will post 1.06 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Edmond Coletta sold 12,500 shares of the company'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 directly owned 140,118 shares of the company's stock, valued at $12,548,968.08. This represents a 8.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Michael K. Burke sold 2,305 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $87.56, for a total value of $201,825.80. Following the completion of the transaction, the director owned 14,048 shares of the company's stock, valued at $1,230,042.88. This trade represents a 14.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 3.78% of the company's stock.

Institutional Trading of Casella Waste Systems

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Pictet Asset Management Holding SA raised its holdings in shares of Casella Waste Systems by 10,865.8% during the fourth quarter. Pictet Asset Management Holding SA now owns 990,651 shares of the industrial products company's stock valued at $97,040,000 after acquiring an additional 981,617 shares during the period. Wasatch Advisors LP boosted its stake in Casella Waste Systems by 36.8% in the 2nd quarter. Wasatch Advisors LP now owns 3,531,594 shares of the industrial products company's stock worth $342,459,000 after purchasing an additional 949,374 shares during the period. State Street Corp boosted its stake in Casella Waste Systems by 60.7% in the 4th quarter. State Street Corp now owns 2,306,780 shares of the industrial products company's stock worth $225,926,000 after purchasing an additional 871,761 shares during the period. Alliancebernstein L.P. grew its position in Casella Waste Systems by 1,106.7% during the 2nd quarter. Alliancebernstein L.P. now owns 867,285 shares of the industrial products company's stock worth $100,067,000 after purchasing an additional 795,414 shares in the last quarter. Finally, UBS Group AG grew its position in Casella Waste Systems by 653.2% during the 4th quarter. UBS Group AG now owns 841,897 shares of the industrial products company's stock worth $82,455,000 after purchasing an additional 730,128 shares in the last quarter. Institutional investors and hedge funds own 99.51% of the company's stock.

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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