Casella Waste (NASDAQ:CWST) Systems Inc. (NASDAQ:CWST) President Edmond Coletta has recently engaged in transactions involving the company's Class A Common Stock, selling shares with an aggregate value exceeding $110,000. The sales occurred on separate days, with prices for the stock ranging between $93.97 and $94.36.
On March 13, Coletta sold 733 shares at a weighted average price of $94.31, totaling approximately $69,129. The following day, he sold an additional 452 shares at a weighted average price of $94.02, amounting to roughly $42,497. These transactions were carried out as "sell-to-cover" operations to meet tax withholding obligations related to the vesting of Restricted Stock Units (RSUs) previously granted to Coletta. It is important to note that these sales were executed in accordance with pre-established automatic sell-to-cover instructions and were not discretionary sales by the reporting person.
In addition to the sales, Coletta was awarded 2,663 RSUs under the company's 2016 Incentive Plan, which carry a contingent right to receive shares of Casella's Class A Common Stock. These units are scheduled to vest in three equal annual installments beginning on March 12, 2025.
Following these transactions, Coletta's ownership in Casella Waste Systems stands at 170,034 Class A Common Stock shares. The transactions are detailed in a Form 4 filing with the Securities and Exchange Commission, dated March 14, 2024.
InvestingPro Insights
Casella Waste Systems Inc. (NASDAQ:CWST) has been a topic of interest following recent insider transactions by President Edmond Coletta. While the transactions themselves are part of a pre-established plan, they coincide with a period in which Casella Waste Systems is trading near its 52-week high, with a closing price of $94.86. This aligns with one of the InvestingPro Tips, which highlights that the stock is trading near the pinnacle of its 52-week range.
From a valuation perspective, Casella Waste Systems is currently trading at a high earnings multiple, with a P/E ratio (adjusted for the last twelve months as of Q4 2023) of 119.98. This suggests a premium valuation compared to the industry average, which is an important consideration for investors looking at the company's stock price in relation to its earnings. Additionally, the company's Price/Book ratio stands at 5.36, further emphasizing a high valuation in terms of its net asset value.
On the financial health front, Casella Waste Systems maintains a stable position with liquid assets that exceed short-term obligations, indicating the company's ability to cover its immediate liabilities. This is complemented by a moderate level of debt, which can be a reassuring sign for investors concerned about the company's leverage and financial resilience.
For those interested in a deeper dive into Casella Waste Systems' financials and market performance, there are additional InvestingPro Tips available that provide insights into aspects such as earnings revisions, stock volatility, and profitability. In fact, there are 14 more tips available on InvestingPro for Casella Waste Systems. To access these insights and make informed investment decisions, consider subscribing to InvestingPro. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
Investors may want to keep an eye on the next earnings date scheduled for April 25, 2024, to assess how the company's performance aligns with current market expectations and valuation metrics.
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