On September 18, 2023, it was reported that First Hawaiian Bank had acquired a new position in Casella Waste Systems, Inc. (NASDAQ:CWST) during the second quarter. According to the filing with the Securities and Exchange Commission (SEC), the firm purchased 5,845 shares of the industrial products company’s stock, with an approximate value of $529,000.
Casella Waste Systems stock started trading at $83.36 on Monday. The company currently boasts a market capitalization of $4.83 billion, a price-to-earnings ratio of 108.26, a price-to-earnings-growth ratio of 5.06, and a beta of 0.89. In terms of financials, Casella Waste Systems has a debt-to-equity ratio of 0.98, showcasing moderate leverage in its operations. Furthermore, the firm maintains a solid current ratio of 2.87 and quick ratio of 2.79 indicating strong liquidity.
Analyzing trends in the stock’s performance over time reveals that its fifty-day moving average stands at $82.01 while its two-hundred-day moving average is slightly higher at $85.03. It is worth noting that these figures are subject to change as market conditions evolve.
However, like any publicly traded company, Casella Waste Systems experienced fluctuations in its valuation throughout the year due to various factors influencing investor sentiment and broader market conditions. Over the past twelve months, this waste management company reached a low point at $70.07 per share and peaked at $95.78 per share – highlighting the potential for volatility within this sector.
Casella Waste Systems operates within an industry crucial to environmental sustainability – waste management plays an integral role in safeguarding our planet by minimizing pollution and promoting responsible disposal practices.
In conclusion,First Hawaiian Bank has made significant moves to diversify its investment portfolio through acquiring shares in Casella Waste Systems. Investors and analysts will closely monitor the performance of this holding, keeping a watchful eye on the industrial products company’s ability to navigate the complexities of its operating environment and deliver sustainable growth over time.
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Significant Interest from Investors and Insiders in Casella Waste Systems
In recent news, Casella Waste Systems (NASDAQ:CWST) has seen a number of large investors buying and selling shares of the company. TD Capital Management LLC, for example, purchased a new position in Casella Waste Systems during the 1st quarter with a value of $25,000. Similarly, Public Employees Retirement System of Ohio increased its stake in the company by 42.2% during the 3rd quarter. Signaturefd LLC and Manchester Capital Management LLC also raised their stakes in Casella Waste Systems in the 1st quarter, while Harbor Investment Advisory LLC did so during the same period.
Looking at these numbers, it is clear that there has been a significant degree of interest from institutional investors in Casella Waste Systems. To be more specific, 95.28% of the stock is currently owned by these investors.
However, amidst this investor activity, some insiders have also made moves regarding their shares. Senior Vice President Paul Ligon sold 2,500 shares of Casella Waste Systems’ stock on Friday, August 11th at an average price of $78.76 per share. Following this transaction, Ligon now owns 21,554 shares in the company with an approximate value of $1,697,593.04.
Additionally, CFO Edmond Coletta sold 10,000 shares on Wednesday, August 23rd at an average price of $81.66 per share. Coletta’s total transaction amounted to $816,600.00 and as a result of this sale he now holds 156,424 shares valued at approximately $12,773,583.84.
It is worth noting that within the last 90 days alone company insiders have collectively sold off 18,437 shares which equates to a total value of $1,4883.,483 million or approximately 4.75% of the overall stock.
Moving on to financial performance, Casella Waste Systems reported its earnings results on Friday, July 28th. The company posted an earnings per share (EPS) of $0.36 for the quarter, falling short of the consensus estimate by ($0.01). Revenue for the quarter was recorded at $289.65 million, lower than the projected $301.93 million.
Despite this slight discrepancy in earnings and revenue compared to analyst estimates, Casella Waste Systems demonstrated a net marginof 3.58% and a return on equity of 9.08%. It is worth noting that their revenue for the quarter showed a 2.1% increase compared to the same quarter in the previous year – a positive sign for the company’s growth.
Several research analysts have recently provided their insight into Casella Waste Systems’ stock. The Goldman Sachs Group initiated coverage with a “buy” rating and set a price target of $100.00 for the company. Raymond James also gave the stock a “strong-buy” rating and lowered their price target from $104.00 to $100.00 in their report released on Monday, July 31st.
Other analysts have not been as optimistic concerning Casella Waste Systems’ performance, with StockNews.com downgrading the stock from “hold” to “sell”. UBS Group, however, upped their target price from $105.00 to $110.00 in their research note released on Thursday, June 15th.
In conclusion, despite some mixed performance metrics and varied analyst opinions regarding Casella Waste SystemsÂ’ stocks, it is apparent that there has been significant interest from both institutional investors and insiders alike in recent months. The final verdict on Casella Waste Systems will be determined by how it continues to navigate these market dynamics moving forward.
