Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. Conestoga Small Cap Composite returned 3.69% in the first quarter compared to 7.58% for the Russell 2000 Growth Index. The market continued to rise in the first quarter as many major asset classes delivered positive returns. Lack of holdings in Super Micro Computer Inc. (SMCI) and MicroStrategy Inc. (MSTR), the largest names in the benchmark, was the major reason for the underperformance of the portfolio relative to the index. In addition, stock selection in the technology sector, especially within the software industry proved challenging. Please check the top 5 holdings of the fund for a better understanding of their best picks for 2024.
Conestoga Capital Advisors Small Cap Strategy 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 with a market capitalization of $5.826 billion. One-month return of Casella Waste Systems, Inc. (NASDAQ:CWST) was 5.06%, and its shares gained 7.99% of their value over the last 52 weeks. On May 20, 2024, Casella Waste Systems, Inc. (NASDAQ:CWST) stock closed at $100.26 per share.
Conestoga Capital Advisors Small Cap Strategy stated the following regarding Casella Waste Systems, Inc. (NASDAQ:CWST) in its first quarter 2024 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. CWST, along with most waste management stocks, performed well YTD given the consistency of their business models which proved out in the fourth quarter earnings report with favorable price vs. cost dynamics, improved labor and solid volumes.”
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, 20 hedge fund portfolios held Casella Waste Systems, Inc. (NASDAQ:CWST) at the end of the fourth quarter which was 22 in the previous quarter.
In another article, we discussed Casella Waste Systems, Inc. (NASDAQ:CWST) and shared the list of biggest waste management companies in the world. 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.
