Citigroup Inc. Purchases 70,691 Shares of Clean Harbors, Inc. (NYSE:CLH)

Key Points

• Citigroup Inc. increased its stake in Clean Harbors, Inc. by 36.7%, owning approximately 0.49% of the company valued at $51.9 million after acquiring additional shares during the first quarter.
• Clean Harbors reported an EPS of $2.36 for the latest quarter, surpassing the expected $2.33, but experienced a slight decline in revenue compared to the same period last year.
• Analysts are optimistic about Clean Harbors, with several firms raising their price targets; BMO Capital markets set a target of $268 while Raymond James increased theirs to $280.

Citigroup Inc. grew its position in Clean Harbors, Inc. (NYSE:CLH - Free Report) by 36.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 263,352 shares of the business services provider's stock after acquiring an additional 70,691 shares during the quarter. Citigroup Inc. owned about 0.49% of Clean Harbors worth $51,907,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CLH. Russell Investments Group Ltd. raised its stake in shares of Clean Harbors by 267.1% in the fourth quarter. Russell Investments Group Ltd. now owns 16,220 shares of the business services provider's stock valued at $3,733,000 after acquiring an additional 11,801 shares during the period. Bank of Montreal Can raised its stake in shares of Clean Harbors by 1.9% in the fourth quarter. Bank of Montreal Can now owns 41,410 shares of the business services provider's stock valued at $9,530,000 after acquiring an additional 781 shares during the period. Advisory Services Network LLC purchased a new stake in shares of Clean Harbors in the fourth quarter valued at $1,039,000. Scotia Capital Inc. raised its stake in shares of Clean Harbors by 0.4% in the fourth quarter. Scotia Capital Inc. now owns 14,262 shares of the business services provider's stock valued at $3,282,000 after acquiring an additional 59 shares during the period. Finally, Treasurer of the State of North Carolina raised its stake in shares of Clean Harbors by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 22,387 shares of the business services provider's stock valued at $5,152,000 after acquiring an additional 140 shares during the period. Hedge funds and other institutional investors own 90.43% of the company's stock.

Insider Activity at Clean Harbors

In other Clean Harbors news, Director John R. Welch sold 1,250 shares of the stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $228.51, for a total transaction of $285,637.50. Following the transaction, the director directly owned 11,402 shares in the company, valued at $2,605,471.02. This represents a 9.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Brian P. Weber sold 3,035 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $227.17, for a total transaction of $689,460.95. Following the transaction, the executive vice president owned 54,548 shares in the company, valued at approximately $12,391,669.16. The trade was a 5.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,948 shares of company stock worth $3,611,729 over the last quarter. Corporate insiders own 5.60% of the company's stock.

Analysts Set New Price Targets

CLH has been the topic of several recent analyst reports. Robert W. Baird increased their target price on shares of Clean Harbors from $250.00 to $255.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Truist Financial reduced their price target on shares of Clean Harbors from $270.00 to $250.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. BMO Capital Markets set a $268.00 price target on shares of Clean Harbors and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Oppenheimer raised their price target on shares of Clean Harbors from $254.00 to $256.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Finally, Raymond James Financial raised their price target on shares of Clean Harbors from $278.00 to $280.00 and gave the stock a "strong-buy" rating in a research note on Thursday, July 31st. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $263.40.

Clean Harbors Stock Down 0.5%

Clean Harbors stock traded down $1.21 during midday trading on Friday, hitting $245.84. 88,446 shares of the company's stock were exchanged, compared to its average volume of 422,508. The company has a debt-to-equity ratio of 1.02, a quick ratio of 2.07 and a current ratio of 2.45. Clean Harbors, Inc. has a 12 month low of $178.29 and a 12 month high of $267.11. The firm has a 50-day moving average of $232.23 and a two-hundred day moving average of $220.31. The company has a market cap of $13.18 billion, a PE ratio of 34.52 and a beta of 1.18.

Clean Harbors (NYSE:CLH - Get Free Report) last issued its earnings results on Wednesday, July 30th. The business services provider reported $2.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.33 by $0.03. Clean Harbors had a net margin of 6.48% and a return on equity of 14.82%. The company had revenue of $1.55 billion for the quarter, compared to analysts' expectations of $1.59 billion. During the same period in the prior year, the business earned $2.46 EPS. The firm's quarterly revenue was down .2% on a year-over-year basis. As a group, analysts expect that Clean Harbors, Inc. will post 7.89 earnings per share for the current fiscal year.

Clean Harbors Company Profile

Clean Harbors, Inc provides environmental and industrial services in the United States and internationally. The company operates through two segments, Environmental Services and Safety-Kleen Sustainability Solutions. The Environmental Services segment collects, transports, treats, and disposes hazardous and non-hazardous waste, such as resource recovery, physical treatment, fuel blending, incineration, landfill disposal, wastewater treatment, lab chemicals disposal, and explosives management services; and offers CleanPack services, including collection, identification, categorization, specialized packaging, transportation, and disposal of laboratory chemicals and household hazardous waste.