Group 1: ClearBridge Investments Overview - ClearBridge Investments released its "ClearBridge Mid Cap Strategy" Q4 2025 investor letter, reporting underperformance compared to the Russell Midcap Index, which returned 0.16% during the period [1] - The underperformance was attributed to narrow market leadership and sentiment-driven trading, with weaknesses in information technology and real estate holdings impacting returns, while gains in select consumer discretionary stocks provided partial support [1] - The firm noted that elevated dispersion and uneven earnings reactions continued to shape mid-cap equity performance during the quarter [1] Group 2: Future Outlook - The portfolio management team expressed cautious optimism, indicating that improving clarity around policy, interest rates, and business investment could create a more favorable backdrop for active stock selection [1] - The widening valuation gaps and strengthening fundamentals across many mid-cap companies were highlighted as positive indicators for future performance [1] Group 3: Casella Waste Systems Inc. Insights - ClearBridge Investments initiated positions in Casella Waste Systems Inc. (NASDAQ:CWST), a residential waste services provider, following a transitory selloff related to minor acquisition integration issues [3] - The company has a high proportion of recurring revenue, which supports durable long-term growth, and limited exposure to near-term AI disruption [3] - Casella Waste Systems Inc. has a market capitalization of approximately $6.501 billion, with shares trading between $82.2 to $121.24 over the last 52 weeks [2] Group 4: Hedge Fund Interest - Casella Waste Systems Inc. was held by 26 hedge fund portfolios at the end of the third quarter, an increase from 24 in the previous quarter [4] - Despite the interest, the company is not among the 30 most popular stocks among hedge funds, with a belief that some AI stocks may offer greater promise for higher returns in a shorter time frame [4]

Baron Funds, an investment management company, released its “Baron Discovery Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Fund focuses on long-term, competitively positioned companies that are well-managed and have significant potential in untapped markets. The letter also addressed the advancements in AI and how humans define themselves in the changing landscape. In Q4, the fund generated a return of 0.19% (Institutional Shares), underperforming the Russell 2 ...

RUTLAND, Vt., Jan. 27, 2026 (GLOBE NEWSWIRE) -- Casella Waste Systems, Inc. (Nasdaq: CWST), a regional solid waste, recycling, and resource management services company, will release its financial results for the three months ended December 31, 2025 after the market closes on Thursday, February 19, 2026. The company will host a conference call to discuss these results on Friday, February 20, 2026, at 10:00 a.m. Eastern Time. Individuals interested in participating in the call should register by clicking here ...

Industry Overview - The waste management industry operates as an oligopoly, characterized by limited competition and significant pricing power due to the scarcity of landfill permits and the essential nature of waste disposal services [1] - The industry demonstrates resilience through economic cycles, including recessions and inflation, making it an attractive sector for investors [1] Company Summaries 1. Waste Management (NYSE:WM) - Waste Management is the largest player in the industry with a market cap of $92.4 billion and trailing revenue of $24.8 billion, owning over 250 landfills across North America [11] - The company reported a 5.2% growth in landfill volumes and achieved record operating EBITDA margins of 38.4% in Q3 2025 [11][12] - Waste Management expects free cash flow to approach $3.8 billion in 2026, with a return on equity of 29.3% and a consistent dividend of $3.30 annually [12][13] 2. Republic Services (NYSE:RSG) - Republic Services is the second-largest company with $16.5 billion in trailing revenue and a market cap of $67.9 billion, boasting operating margins of 19.9% [9] - The company is investing in sustainability, with seven renewable natural gas projects expected to generate $70 million in incremental revenue [10] - Republic's stock trades at 32x earnings, with a target price of $244.21, reflecting steady growth potential [10] 3. Waste Connections (NYSE:WCN) - Waste Connections focuses on secondary and tertiary cities, achieving $9.4 billion in revenue and 19.3% operating margins [6] - The company trades at 71x trailing earnings, with a forward multiple of 22x, indicating market expectations for recovery [7] - Waste Connections has consistently increased dividends, with a recent quarterly payout growth of 11% [7] 4. Casella Waste Systems (NASDAQ:CWST) - Casella Waste Systems, a regional specialist in the Northeast US, generated $1.8 billion in revenue with a year-over-year growth of 17.9% [4] - The company trades at 441x trailing earnings, indicating high valuation despite operational growth [5] - Casella's quarterly earnings increased by 60% year-over-year, showcasing its potential for margin expansion [5] 5. GFL Environmental Holdings (NYSE:GFL) - GFL Environmental is a Canadian company that has aggressively acquired smaller haulers, achieving $8.2 billion in revenue with 9% year-over-year growth [2] - The company has a high valuation, trading at 261x trailing earnings, with operating margins of 10.5% [3] - GFL's institutional ownership at 99.7% reflects confidence in its consolidation strategy, although it faces execution challenges [3]

Core Insights - TimesSquare Capital Management's "U.S. Small Cap Growth Strategy" reported a gross return of 2.26% and a net return of 2.01% for Q3 2025, significantly underperforming the Russell 2000 Growth Index, which returned 12.19% [1] - The fund's top five holdings include notable stocks, with a focus on companies providing essential services and infrastructure [1] Company Performance - Casella Waste Systems, Inc. (NASDAQ:CWST) is highlighted as a key stock, with a one-month return of 3.62% but a 52-week decline of 5.03% [2] - As of January 5, 2026, Casella Waste Systems, Inc. had a market capitalization of $6.357 billion, with shares closing at $100.12 [2] - The company reported revenues of $485.4 million for Q3 2025, reflecting a year-over-year increase of $73.7 million or 17.9% [4] Operational Challenges - Casella Waste Systems faced operational challenges due to slower-than-expected systems integration in newly acquired territories and the implementation of a new enterprise resource planning system, which impacted earnings [3] - Despite these challenges, the company has a history of quickly improving margins from acquisitions, and the new ERP system is expected to facilitate this improvement [3] Market Position - Casella Waste Systems is not among the top 30 most popular stocks among hedge funds, although it saw an increase in hedge fund holdings from 24 to 26 in the last quarter [4] - The investment community acknowledges the potential of Casella Waste Systems but suggests that certain AI stocks may offer greater upside potential with less downside risk [4]

Core Viewpoint - Casella Waste Systems, Inc. has successfully completed its CEO succession plan, appointing Edmond R. "Ned" Coletta as the new CEO, marking a significant milestone as he becomes only the second CEO in the company's 50-year history [1] Group 1: Leadership Transition - Ned Coletta officially assumed the role of Chief Executive Officer and joined the Board of Directors effective January 1, 2026 [1] - Former CEO John W. Casella will continue as Executive Chairman of the Board, collaborating with Coletta on strategic development and organizational culture [3] Group 2: Strategic Focus - Coletta emphasized a clear focus on executing the long-term strategy and strengthening the foundation for future growth, with an emphasis on investing in people and fostering a culture of safety, innovation, and accountability [2] - The company aims to drive continued growth and deliver lasting value for customers, shareholders, and communities [2] Group 3: Leadership Experience - Coletta brings over two decades of experience with Casella, having joined in 2004 and served in key roles such as Chief Financial Officer and President [2] - He has a strong track record in financial discipline, operational excellence, and strategic expansion, positioning Casella as an industry leader in resource recovery [2]

Company Overview - Casella Waste is a Vermont-based waste management company founded in 1975, growing from a one-truck operation to a $6.37 billion enterprise over fifty years, specializing in resource renewal and sustainability through recycling services [2] - The company operates in nine states, providing services such as trash collection, organics disposal, compressed natural gas collection, landfill operations, and specialized waste management [1] Financial Performance - In Q3, Casella reported revenue of $485.4 million, reflecting an 18% year-over-year increase and exceeding forecasts by $9 million [7] - The non-GAAP EPS for Q3 was 42 cents, up 2 cents from the previous year and beating expectations by 10 cents [7] Analyst Insights - Raymond James analyst Patrick Brown views the post-Q2 stock pullback of Casella as overdone, expecting a rebound as the company completes its systems integration and realizes synergies from recent acquisitions [8] - Brown has assigned a Strong Buy rating to Casella with a price target of $120, indicating a potential upside of 22.5% [8] Market Context - The current bull market, which began in fall 2022, has seen the S&P 500 advance approximately 16.5% in 2025, with the tech-heavy Nasdaq rising about 20.5% [5] - The macroeconomic environment is characterized by resilient growth, fiscal tailwinds, and robust corporate earnings, suggesting continued support for the bull market [4] Competitive Landscape - Casella's versatility allows it to serve a wide range of industries, including agriculture, retail, construction, and municipalities, highlighting its adaptability in waste management [6]

Group 1 - The article does not provide any relevant content regarding the company or industry [1]

Core Viewpoint - Casella Waste Systems (CWST) has been under observation, with shares declining approximately 9% since the last analysis in December 2024, which maintained a 'hold' rating on the stock [1] Company Analysis - The company is recognized for its high-quality stock and strong business fundamentals, particularly in capital allocation and return on capital [1] Investment Philosophy - The investment approach emphasizes acquiring stocks from businesses that demonstrate disciplined capital allocation, exceptional returns on capital, and the ability to compound invested capital over extended periods [1]

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