Casella Waste Systems (NASDAQ:CWST) Issues Earnings Results, Beats Expectations By $0.04 EPS

Casella Waste Systems (NASDAQ:CWST) posted its quarterly earnings results on Thursday. The industrial products company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.04, FiscalAI reports. The business had revenue of $543.75 million for the quarter, compared to analysts’ expectations of $526.43 million. Casella Waste Systems had a return on equity of 5.19% and a net margin of 0.38%.The firm’s revenue for the quarter was up 16.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.36 EPS.

Casella Waste Systems Trading Up 0.5%

NASDAQ:CWST traded up $0.42 on Thursday, reaching $90.46. 873,597 shares of the stock traded hands, compared to its average volume of 686,185. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $5.75 billion, a price-to-earnings ratio of 822.44 and a beta of 0.74. The company’s 50 day moving average is $91.05 and its 200-day moving average is $90.53. Casella Waste Systems has a 1-year low of $74.05 and a 1-year high of $107.96.

Insider Transactions at Casella Waste Systems

In other news, Director Michael K. Burke sold 2,305 shares of Casella Waste Systems 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 sale, the director owned 14,048 shares in the company, valued at $1,230,042.88. The trade was a 14.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Edmond Coletta sold 12,500 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $89.56, for a total transaction of $1,119,500.00. Following the transaction, the chief executive officer owned 140,118 shares in the company, valued at $12,548,968.08. The trade was a 8.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 3.78% of the company’s stock.

Institutional Investors Weigh In On Casella Waste Systems

A number of large investors have recently bought and sold shares of CWST. State Street Corp grew its holdings in shares of 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 valued at $225,926,000 after buying an additional 871,761 shares during the last quarter. Alliancebernstein L.P. boosted its stake 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 valued at $100,067,000 after purchasing an additional 795,414 shares during the last quarter. Morgan Stanley increased its holdings in Casella Waste Systems by 61.9% during the 4th quarter. Morgan Stanley now owns 1,362,854 shares of the industrial products company’s stock worth $133,478,000 after purchasing an additional 521,088 shares in the last quarter. Bamco Inc. NY bought a new stake in Casella Waste Systems during the 4th quarter worth approximately $43,705,000. Finally, Wasatch Advisors LP raised its stake in shares of Casella Waste Systems by 14.4% in the second quarter. Wasatch Advisors LP now owns 3,412,123 shares of the industrial products company’s stock worth $393,691,000 after purchasing an additional 428,909 shares during the last quarter. 99.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

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.