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CWST Casella Waste Systems

Casella Waste Systems, Inc. is a solid waste services company, which engages in the provision of resource management and services to residential, commercial, municipal and industrial customers, primarily in the areas of solid waste collection, transfer, disposal, recycling and organics services. It operates through the following segments: Eastern Region, Western Region, Recycling and Other segments. The Eastern region segment is vertically integrated, with transfer, landfill, processing and recycling assets serviced by collection operations. The Western region segment also consists of wastesheds in western New York, which includes Ithaca, Elmira, Oneonta, Lowville, Potsdam, Geneva, Auburn, Rochester, Dunkirk, Jamestown and Olean markets. The Recycling segment provides a full range of solid waste services, and larger-scale recycling and commodity brokerage operations. The Other segment offers organic services, ancillary operations, major accounts and industrial services, discontinued operations, and earnings from equity method investees. The company was founded in 1975 and is headquartered in Rutland, VT.

Company profile

CWST stock data

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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

19 Feb 21
13 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
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Cost of revenue
Operating income
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Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
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Financial data from company earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
16 Mar 21 Christopher Heald Class A Common Stock Sell Dispose S No Yes 64.49 490 31.6K 40,880
16 Mar 21 Edmond Coletta Class A Common Stock Sell Dispose S No Yes 64.49 2,786 179.67K 168,680
16 Mar 21 Shelley E. Sayward Class A Common Stock Sell Dispose S No Yes 64.49 170 10.96K 11,817
16 Mar 21 Edwin D Johnson Class A Common Stock Sell Dispose S No Yes 64.49 2,786 179.67K 174,907
16 Mar 21 Douglas R Casella Class A Common Stock Sell Dispose S No Yes 64.49 1,526 98.41K 358,353
12 Mar 21 Christopher Heald Class A Common Stock Grant Aquire A No No 0 773 0 41,370
12 Mar 21 Edmond Coletta Class A Common Stock Grant Aquire A No No 0 3,091 0 171,466
12 Mar 21 Shelley E. Sayward Class A Common Stock Grant Aquire A No No 0 773 0 11,987
12 Mar 21 Edwin D Johnson Class A Common Stock Grant Aquire A No No 0 2,705 0 177,693
12 Mar 21 Douglas R Casella Class A Common Stock Grant Aquire A No No 0 2,550 0 359,879

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

97.0% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 219 202 +8.4%
Opened positions 35 32 +9.4%
Closed positions 18 18
Increased positions 87 64 +35.9%
Reduced positions 57 65 -12.3%
13F shares
Current Prev Q Change
Total value 3.01B 20.12B -85.0%
Total shares 48.59M 45.4M +7.0%
Total puts 4.2K 115.1K -96.4%
Total calls 0 28.9K EXIT
Total put/call ratio Infinity 4.0 +Infinity%
Largest owners
Shares Value Change
Vanguard 4.42M $273.94M +7.2%
WFC Wells Fargo & Co. 4.08M $252.74M +14.0%
BLK Blackrock 3.41M $211.51M +11.9%
Earnest Partners 3.06M $189.62M +0.9%
Conestoga Capital Advisors 2.73M $169.09M +12.7%
SAMG Silvercrest Asset Management 2.1M $129.9M -4.7%
Fred Alger Management 1.88M $116.21M +1.9%
TROW T. Rowe Price 1.67M $103.63M -0.8%
JPM JPMorgan Chase & Co. 1.48M $91.57M +65.8%
Dimensional Fund Advisors 1.46M $90.6M -5.2%
Largest transactions
Shares Bought/sold Change
JPM JPMorgan Chase & Co. 1.48M +586.46K +65.8%
Norges Bank 541.36K +541.36K NEW
WFC Wells Fargo & Co. 4.08M +500.77K +14.0%
Thornburg Investment Management 467.52K +467.52K NEW
BLK Blackrock 3.41M +362.64K +11.9%
Conestoga Capital Advisors 2.73M +306.88K +12.7%
Vanguard 4.42M +295.23K +7.2%
Renaissance Technologies 1.37M -293.34K -17.6%
IVZ Invesco 1.24M -177.22K -12.5%
Voya Investment Management 352.7K +157.87K +81.0%

Financial report summary

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Risks
  • The COVID-19 pandemic and related decline in economic activity has adversely affected, and will continue to adversely affect, our business, outlook, liquidity and results of operations, and we have experienced and expect to continue to experience reductions in demand for certain of our services.
  • We face substantial competition in the solid waste services industry, and if we cannot successfully compete in the marketplace, our business, financial condition and results of operations may be materially adversely affected.
  • Our growth strategy focuses on complementing or expanding our business through the acquisition of companies or assets, or the development of new operations. However, we may be unable to complete these transactions and, if executed, these transactions may not improve our business or may pose significant risks and could have a negative effect on our operations.
  • The waste management industry is undergoing fundamental change as traditional waste streams are increasingly viewed as renewable resources, which may adversely affect volumes and tipping fees at our landfills.
  • The waste industry is subject to extensive government regulations, including environmental laws and regulations, and we incur substantial costs to comply with such laws and regulations. Failure to comply with environmental or other laws and regulations, as well as enforcement actions and litigation arising from an actual or perceived breach of such laws and regulations, could subject us to fines, penalties, and judgments, and impose limits on our ability to operate
  • Our results of operations are affected by low commodity prices and diminished markets for recyclable materials.
  • Our business requires a high level of capital expenditures.
  • Cybersecurity incidents could negatively impact our business and our relationships with customers, adversely affecting our financial results and exposing us to litigation risk.
  • Our business is geographically concentrated and is therefore subject to regional economic downturns.
  • Our results of operations and financial condition may be negatively affected if we inadequately accrue for final capping, closure and post-closure costs or by the timing of these costs for our waste disposal facilities.
  • Fluctuations in fuel costs could affect our operating expenses and results.
  • Our insurance coverage and self-insurance reserves may be inadequate to cover all significant risk exposures.
  • We could be precluded from entering into contracts or obtaining or maintaining permits or certain contracts if we are unable to obtain third-party financial assurance to secure our contractual obligations.
  • We may be required to write-off or impair capitalized costs or intangible assets in the future or we may incur restructuring costs or other charges, each of which could harm our earnings.
  • Our revenues and our operating income experience seasonal fluctuations.
  • Adverse weather conditions may limit our operations and increase the costs of collection and disposal.
  • Efforts by labor unions to organize our employees could divert management attention and increase our operating expenses.
  • Our enterprise risk management process may not be effective in mitigating the risks to which we are subject, or in reducing the potential for losses in connection with such risks.
  • We have substantial debt and have the ability to incur additional debt. The principal and interest payment obligations of such debt may restrict our future operations.
  • Holders of our Class A common stock are entitled to one vote per share, and holders of our Class B common stock are entitled to ten votes per share. The lower voting power of the Class A common stock may negatively affect the attractiveness of our Class A common stock to investors and, as a result, its market value.
Management Discussion
  • We manage our solid waste operations, which include a full range of solid waste services, on a geographic basis through two regional operating segments, which we designate as the Eastern and Western regions. Revenues in our Eastern and Western regions consist primarily of fees charged to customers for solid waste collection and disposal, landfill, landfill gas-to-energy, transfer and recycling services. We derive a substantial portion of our collection revenues from commercial, industrial and municipal services that are generally performed under service agreements or pursuant to contracts with municipalities. The majority of our residential collection services are performed on a subscription basis with individual households. Landfill and transfer customers are charged a tipping fee on a per ton basis for disposing of their solid waste at our disposal facilities and transfer stations. We also generate and sell electricity at certain of our landfill facilities. We classify our resource-renewal services by service in our Resource Solutions operating segment. Revenues associated with our resource-renewal operations are derived from organics services, large scale commercial and industrial services, as well as recycling services generated from both municipalities and customers in the form of processing fees, tipping fees and commodity sales.
Content analysis
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