Should You Hold Casella Waste Systems (CWST)?

Conestoga Capital Advisors, an asset management company, released its “SMid Cap Growth Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Conestoga SMid Cap Growth Composite rose 10.01% net of fees in the first quarter, compared to the Russell 2500 Growth Index’s 6.54% return. Both sector allocation and stock selection contributed positively to the performance of the fund in the quarter. The strategy also benefited from the market rotation. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga SMid Cap Growth Strategy highlighted stocks like Casella Waste Systems, Inc. (NASDAQ:CWST) in the first quarter 2023 investor letter. Headquartered in Rutland, Vermont, Casella Waste Systems, Inc. (NASDAQ:CWST) engages in solid waste management services. On May 26, 2023, Casella Waste Systems, Inc. (NASDAQ:CWST) stock closed at $92.37 per share. One-month return of Casella Waste Systems, Inc. (NASDAQ:CWST) was 3.79%, and its shares gained 26.86% of their value over the last 52 weeks. Casella Waste Systems, Inc. (NASDAQ:CWST) has a market capitalization of $4.793 billion.

Conestoga SMid Cap Growth Strategy made the following comment about Casella Waste Systems, Inc. (NASDAQ:CWST) in its Q1 2023 investor letter:

“After holding up better than a majority of the names in the benchmark during the market decline of 2022, our lone holding in the Utilities sector, Casella Waste Systems, Inc. (NASDAQ:CWST), didn’t bounce as strongly during the market snapback in the first quarter, hurting relative performance.”

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Casella Waste Systems, Inc. (NASDAQ:CWST) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Casella Waste Systems, Inc. (NASDAQ:CWST) at the end of the first quarter 2023 which was 16 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 Q1 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.