Casella Waste Systems (NASDAQ:CWST) Releases Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Casella Waste Systems (NASDAQ:CWST) issued its quarterly earnings results on Thursday. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.10, FiscalAI reports. Casella Waste Systems had a return on equity of 5.17% and a net margin of 0.43%.The company had revenue of $457.33 million for the quarter, compared to analysts’ expectations of $454.57 million. During the same period last year, the firm earned $0.19 EPS. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis.

Casella Waste Systems Stock Up 1.5%

Shares of Casella Waste Systems stock traded up $1.14 during midday trading on Thursday, hitting $79.25. The company’s stock had a trading volume of 852,763 shares, compared to its average volume of 829,303. The firm has a market capitalization of $5.03 billion, a P/E ratio of 660.47 and a beta of 0.84. The stock has a 50-day simple moving average of $85.11 and a 200-day simple moving average of $92.91. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.72. Casella Waste Systems has a 1-year low of $74.05 and a 1-year high of $121.24.

Wall Street Analyst Weigh In

CWST has been the topic of several research analyst reports. Jefferies Financial Group set a $120.00 price target on Casella Waste Systems and gave the company a “buy” rating in a research report on Tuesday, January 6th. Raymond James Financial reiterated a “strong-buy” rating and set a $115.00 price target on shares of Casella Waste Systems in a research report on Monday, February 23rd. Zacks Research upgraded Casella Waste Systems from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 1st. Weiss Ratings cut Casella Waste Systems from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, February 23rd. Finally, JPMorgan Chase & Co. decreased their target price on Casella Waste Systems from $112.00 to $110.00 and set a “neutral” rating on the stock in a report on Monday, February 23rd. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $111.00.

Insiders Place Their Bets

In other news, CEO Edmond Coletta sold 988 shares of the firm’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $87.81, for a total value of $86,756.28. Following the completion of the sale, the chief executive officer owned 152,618 shares of the company’s stock, valued at $13,401,386.58. This trade represents a 0.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Kevin Drohan sold 675 shares of the firm’s stock in a transaction on Friday, February 27th. The stock was sold at an average price of $92.61, for a total value of $62,511.75. Following the completion of the sale, the chief accounting officer directly owned 7,462 shares of the company’s stock, valued at approximately $691,055.82. This trade represents a 8.30% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 15,830 shares of company stock worth $1,454,208. 3.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Casella Waste Systems

A number of institutional investors have recently bought and sold shares of CWST. Los Angeles Capital Management LLC acquired a new stake in Casella Waste Systems during the fourth quarter valued at $27,000. Geneos Wealth Management Inc. boosted its position in Casella Waste Systems by 301.6% during the first quarter. Geneos Wealth Management Inc. now owns 245 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 184 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Casella Waste Systems by 235.3% during the second quarter. EverSource Wealth Advisors LLC now owns 285 shares of the industrial products company’s stock valued at $33,000 after purchasing an additional 200 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in Casella Waste Systems by 75.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 521 shares of the industrial products company’s stock valued at $52,000 after purchasing an additional 224 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its position in Casella Waste Systems by 173.3% during the third quarter. Caitong International Asset Management Co. Ltd now owns 593 shares of the industrial products company’s stock valued at $56,000 after purchasing an additional 376 shares during the last quarter. Institutional investors and hedge funds own 99.51% 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.