Jana Partners Takes Stake in Casella Waste Systems

Jana Partners disclosed a new stake in Casella Waste Systems Inc. on Tuesday, causing the company's shares to rise approximately 4%. Speaking at the 13D Monitor Active-Passive Investor Summit in New York, managing partner Scott Ostfeld called for operational improvements to increase profit margins and returns on invested capital.

The activist investment firm is urging the Rutland, Vermont-based company to publicly commit to achieving 27% earnings before interest, taxes, depreciation and amortization margins by 2029. This target represents an increase from the 22.7% margin reported for the quarter ending June 30, 2026.

Jana Partners further demanded that Casella align executive compensation with shareholder value and hire a performance improvement consulting firm to better compete with public rivals. Ostfeld noted that Casella's strong position in the northeastern United States and its depressed valuation could make the company an attractive acquisition target for larger industry buyers or private equity firms.