John W. Casella, the Chief Executive Officer of Casella Waste (NASDAQ:CWST) Systems Inc. (NASDAQ:CWST), recently engaged in significant stock transactions, according to a new SEC filing. The CEO sold shares of Class A Common Stock over two consecutive days, totaling over $246,000 in value.
On March 13, Casella disposed of 1,673 shares at weighted average prices ranging from $94.09 to $94.33, netting a total of $157,479. The following day, he continued selling, parting with 951 shares at an average price between $93.79 and $94.17, for a total of $89,536. These sales were part of a "sell-to-cover" transaction to satisfy tax withholding obligations related to the vesting of previously granted Restricted Stock Units (RSUs).
Investors should note that these transactions are part of an automatic sell-to-cover instruction that Casella had adopted prior to the sales, indicating that these were not discretionary sales.
In addition to the sales, Casella was awarded 5,060 RSUs under the company's 2016 Incentive Plan, which are set to vest in three equal annual installments starting from March 12, 2025. This award, valued at $0 due to its contingent nature, was not included in the total sale value.
Casella Waste Systems, headquartered in Rutland, Vermont, specializes in refuse systems and has been a notable player in the waste management industry. The recent transactions by the CEO are part of the company's regular financial disclosures and provide investors with insight into executive stock ownership and movements.
InvestingPro Insights
As the CEO of Casella Waste Systems Inc. (NASDAQ:CWST) navigates through stock transactions, investors and analysts are closely monitoring the company's financial health and market performance. According to real-time data from InvestingPro, Casella Waste Systems is currently trading at a high earnings multiple with a P/E ratio of 204.93. Despite this, the company has experienced significant revenue growth in the last twelve months as of Q1 2023, with a 16.54% increase, reflecting a robust expansion in their business operations.
InvestingPro Tips suggest that Casella Waste Systems has been trading near its 52-week high, with the price percentage of the 52-week high at 99.04%. This could indicate strong market confidence in the company, aligning with the CEO's recent stock transactions. Additionally, the company is noted for operating with a moderate level of debt, which may provide investors with a sense of stability in the company's financial structure.
For those looking to delve deeper into Casella Waste Systems' financial metrics and potential investment opportunities, InvestingPro offers a wealth of additional tips. For instance, there are currently 14 more InvestingPro Tips available that could provide valuable insights into the company's profitability, stock volatility, and valuation multiples. Interested investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro, which includes these insightful tips.
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