California State Teachers Retirement System Purchases 17,350,498 Shares of Clean Harbors, Inc. $CLH

Key Points

• California State Teachers Retirement System increased its Clean Harbors stake by 17.35 million shares, owning approximately 33% of the company valued at $5.2 billion. Institutional investors collectively hold 90.43% of CLH.
• Clean Harbors reported quarterly adjusted earnings of $3.22 per share and revenue of $1.74 billion, exceeding analyst estimates; revenue rose 11.9% year over year.
• Analysts maintain a positive outlook, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $354.57 versus its reported price of $316.20.

California State Teachers Retirement System lifted its holdings in Clean Harbors, Inc. (NYSE:CLH - Free Report) by 29,329.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,409,656 shares of the business services provider's stock after acquiring an additional 17,350,498 shares during the quarter. California State Teachers Retirement System owned approximately 32.98% of Clean Harbors worth $5,201,135,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in Clean Harbors in the 2nd quarter valued at $1,516,521,000. Jupiter Topco LLC bought a new stake in shares of Clean Harbors during the second quarter worth $477,570,000. Norges Bank acquired a new stake in shares of Clean Harbors in the fourth quarter valued at $152,195,000. Durable Capital Partners LP bought a new position in shares of Clean Harbors in the third quarter valued at about $133,217,000. Finally, Bank of America Corp DE bought a new position in shares of Clean Harbors in the second quarter valued at about $142,801,000. 90.43% of the stock is owned by institutional investors and hedge funds.

Clean Harbors Stock Down 0.3%

Shares of NYSE:CLH opened at $316.20 on Thursday. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.13 and a quick ratio of 1.80. The stock has a market cap of $16.69 billion, a price-to-earnings ratio of 38.37, a P/E/G ratio of 2.05 and a beta of 0.85. The company has a 50 day moving average of $310.77 and a 200-day moving average of $298.92. Clean Harbors, Inc. has a one year low of $201.34 and a one year high of $335.94.

Clean Harbors (NYSE:CLH - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The business services provider reported $3.22 earnings per share for the quarter, beating the consensus estimate of $2.81 by $0.41. Clean Harbors had a net margin of 7.03% and a return on equity of 15.65%. The business had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same period in the prior year, the business posted $2.36 earnings per share. Clean Harbors's revenue was up 11.9% compared to the same quarter last year. On average, sell-side analysts forecast that Clean Harbors, Inc. will post 9.72 earnings per share for the current year.

Insider Buying and Selling at Clean Harbors

In related news, Director Andrea Robertson sold 789 shares of Clean Harbors stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $314.01, for a total transaction of $247,753.89. Following the completion of the sale, the director directly owned 8,979 shares of the company's stock, valued at $2,819,495.79. The trade was a 8.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Eric W. Gerstenberg sold 2,500 shares of the company's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $321.34, for a total value of $803,350.00. Following the completion of the sale, the chief executive officer owned 56,793 shares of the company's stock, valued at $18,249,862.62. This represents a 4.22% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 5.00% of the company's stock.

Analysts Set New Price Targets

CLH has been the topic of a number of research analyst reports. Raymond James Financial reissued a "strong-buy" rating and set a $375.00 price objective on shares of Clean Harbors in a report on Thursday, July 30th. Stifel Nicolaus boosted their target price on shares of Clean Harbors from $337.00 to $364.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Truist Financial upped their target price on shares of Clean Harbors from $350.00 to $365.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. BMO Capital Markets raised their price target on shares of Clean Harbors from $340.00 to $342.00 and gave the company an "outperform" rating in a report on Wednesday, July 8th. Finally, UBS Group boosted their price objective on shares of Clean Harbors from $300.00 to $315.00 and gave the stock a "neutral" rating in a research report on Thursday, May 14th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $354.57.

Clean Harbors Profile

Clean Harbors, Inc provides environmental, energy and industrial services throughout the United States and Canada. The company manages hazardous and non-hazardous waste through services that include collection, transportation, treatment, disposal, recycling and incineration. It also provides emergency spill response, wastewater treatment and specialized environmental remediation.

Through its industrial services operations, Clean Harbors supports refineries, chemical plants, utilities, manufacturers and other industrial customers with maintenance, cleaning, turnaround and specialty services.

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