Fred Alger Management, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. US markets performed strongly in Q1, with the S&P Index up 10.56%. Investor confidence rose with the anticipated soft landing of the market. However, Class A shares of the fund underperformed the Russell 2500 Growth Index in the quarter. Communication services and real estate sectors boosted the relative performance while information technology and industrials weighed down. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Alger Weatherbie Specialized Growth Fund highlighted stocks like Casella Waste Systems, Inc. (NASDAQ:CWST), in the first quarter 2024 investor letter. Casella Waste Systems, Inc. (NASDAQ:CWST) is a vertically integrated solid waste services company. One-month return of Casella Waste Systems, Inc. (NASDAQ:CWST) was 9.79%, and its shares gained 7.22% of their value over the last 52 weeks. On May 31, 2024, Casella Waste Systems, Inc. (NASDAQ:CWST) stock closed at $100.59 per share, with a market capitalization of $5.845 billion.
Alger Weatherbie Specialized Growth Fund stated the following regarding Casella Waste Systems, Inc. (NASDAQ:CWST) in its first quarter 2024 investor letter:
“Casella Waste Systems, Inc. (NASDAQ:CWST) is a regional, integrated solid waste management services company that provides collection, transfer, landfill disposal, and recycling services primarily in secondary markets throughout the northeastern U.S. During the quarter, shares contributed to performance after the company reported strong fiscal fourth quarter results, as revenues grew 32% year-over-year. Solid waste revenues during the quarter were also strong, as steady price increases offset a slight decline in volumes. Further, management provided forward guidance that met analyst estimates, as management believes margins should continue to improve going forward. We believe Casella is well positioned for long-term growth, driven by strong pricing power, an attractive landfill footprint across the northeast U.S., and further expansion into the mid-Atlantic region.”
Aerial shot of a recycling plant and its surrounding environment, highlighting the company’s commitment to environmental sustainability.
Casella Waste Systems, Inc.’s (NASDAQ:CWST) trailing 12 months revenue is $1.34 billion and year over year quarterly revenue growth rate is 29.90%. As per earnings call, in the first quarter Casella Waste Systems, Inc.’s (NASDAQ:CWST) generated $341 million revenues, up $78.4 million from same period last year.
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 which was 20 in the previous quarter.
In another article, we discussed Casella Waste Systems, Inc. (NASDAQ:CWST) and shared Conestoga Capital Advisors’ views on the company. In addition, please check out our hedge fund investor letters Q1 2024 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.
