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Here’s Why Casella Waste Systems (CWST) Declined in Q3

Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The Small Cap Composite returned -6.72% net-of-fees in the third quarter, compared to the Russell 2000 Growth Index’s -7.32% return. The strategy’s outperformance was driven by positive stock selection effects, while sector allocation effects were modestly negative. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Small Cap Composite highlighted stocks like Casella Waste Systems, Inc. (NASDAQ:CWST) in the third quarter 2023 investor letter. Headquartered in Rutland, Vermont, Casella Waste Systems, Inc. (NASDAQ:CWST) engages in solid waste management services. On November 14, 2023, Casella Waste Systems, Inc. (NASDAQ:CWST) stock closed at $82.86 per share. One-month return of Casella Waste Systems, Inc. (NASDAQ:CWST) was 4.20%, and its shares gained 3.74% of their value over the last 52 weeks. Casella Waste Systems, Inc. (NASDAQ:CWST) has a market capitalization of $4.804 billion.

Conestoga Small Cap Composite made the following comment about Casella Waste Systems, Inc. (NASDAQ:CWST) in its Q3 2023 investor letter:

"Casella Waste Systems, Inc. (NASDAQ:CWST): CWST is one of the largest solid waste services companies in the Northeast, uniquely positioned with excess landfill capacity in a capacity constrained region. While the company reported a solid second quarter and raised full year guidance, we suspect there is investor apprehension over the company integrating two sizeable acquisitions this year (with combined purchase prices of over $700M), one of which adds a new geographic footprint to the company’s operation."

Aerial shot of a recycling plant and its surrounding environment, highlighting the company's commitment to environmental sustainability.

Casella Waste Systems, Inc. (NASDAQ:CWST) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Casella Waste Systems, Inc. (NASDAQ:CWST) at the end of second quarter which was 14 in the previous quarter.

We discussed Casella Waste Systems, Inc. (NASDAQ:CWST) in another article and shared the list of best waste management stocks to buy. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.

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