Casella Waste Systems (NASDAQ:CWST) announced its quarterly earnings results on Thursday. The industrial products company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.02), Briefing.com reports. The business had revenue of $172.83 million for the quarter, compared to the consensus estimate of $172.77 million. Casella Waste Systems had a net margin of 4.79% and a negative return on equity of 63.60%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.30 earnings per share.
CWST stock traded down $2.04 during trading on Friday, reaching $30.10. The stock had a trading volume of 538,324 shares, compared to its average volume of 229,127. Casella Waste Systems has a 52 week low of $18.98 and a 52 week high of $34.48. The company has a market cap of $1.39 billion, a price-to-earnings ratio of 44.93 and a beta of 0.88.
In other Casella Waste Systems news, General Counsel David L. Schmitt sold 10,000 shares of the stock in a transaction dated Tuesday, September 11th. The stock was sold at an average price of $32.30, for a total value of $323,000.00. Following the transaction, the general counsel now owns 42,006 shares of the company’s stock, valued at $1,356,793.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Gregory B. Peters sold 3,000 shares of the stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $33.31, for a total value of $99,930.00. Following the completion of the transaction, the director now directly owns 92,015 shares in the company, valued at approximately $3,065,019.65. The disclosure for this sale can be found here. In the last three months, insiders sold 66,845 shares of company stock worth $1,999,113. 11.47% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the business. Tower Research Capital LLC TRC bought a new position in Casella Waste Systems in the second quarter valued at about $118,000. Acadian Asset Management LLC purchased a new stake in Casella Waste Systems in the third quarter worth about $152,000. Integrated Investment Consultants LLC purchased a new stake in Casella Waste Systems in the second quarter worth about $135,000. Cookson Peirce & Co. Inc. purchased a new stake in Casella Waste Systems in the third quarter worth about $243,000. Finally, Sawtooth Solutions LLC purchased a new stake in Casella Waste Systems in the second quarter worth about $212,000. 84.14% of the stock is currently owned by institutional investors.
A number of brokerages have recently issued reports on CWST. ValuEngine raised Casella Waste Systems from a “buy” rating to a “strong-buy” rating in a report on Tuesday, September 11th. BidaskClub downgraded Casella Waste Systems from a “buy” rating to a “hold” rating in a report on Wednesday, July 11th. Zacks Investment Research downgraded Casella Waste Systems from a “buy” rating to a “hold” rating in a report on Monday, July 9th. Stifel Nicolaus downgraded Casella Waste Systems from a “buy” rating to a “hold” rating and set a $30.00 price target on the stock. in a report on Monday, August 6th. They noted that the move was a valuation call. Finally, Raymond James upped their price target on Casella Waste Systems from $33.00 to $35.00 and gave the company a “strong-buy” rating in a report on Friday, September 7th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and three have issued a strong buy rating to the company. Casella Waste Systems currently has a consensus rating of “Buy” and an average price target of $31.50.
About Casella Waste Systems
Casella Waste Systems, Inc, together with its subsidiaries, operates as a vertically-integrated solid waste services company in the northeastern United States. The company operates through Eastern Region, Western Region, Recycling, and Other segments. It offers resource management services primarily in the areas of solid waste collection and disposal, transfer, recycling, and organics services to residential, commercial, municipal, and industrial customers.
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