Fifth Third Bancorp Increases Stake in Clean Harbors, Inc. $CLH

Key Points

• Fifth Third Bancorp boosted its stake in Clean Harbors by 2,088.3% in the first quarter, ending with 14,771 shares valued at about $4.2 million.
• Other big institutions have also been adding to CLH, including Norges Bank, Durable Capital Partners, and Nordea Investment Management, and institutional investors now own 90.43% of the company.
• Analysts remain generally upbeat on Clean Harbors, with a consensus rating of “Moderate Buy” and an average price target of $326, while the stock recently traded near $310.16 after reporting earnings that beat EPS estimates.

Fifth Third Bancorp increased its stake in Clean Harbors, Inc. (NYSE:CLH - Free Report) by 2,088.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,771 shares of the business services provider's stock after purchasing an additional 14,096 shares during the period. Fifth Third Bancorp's holdings in Clean Harbors were worth $4,235,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of CLH. Norges Bank purchased a new position in shares of Clean Harbors in the fourth quarter worth $152,195,000. Durable Capital Partners LP acquired a new position in shares of Clean Harbors in the 3rd quarter valued at $133,217,000. Nordea Investment Management AB increased its position in shares of Clean Harbors by 120.8% in the 4th quarter. Nordea Investment Management AB now owns 1,040,594 shares of the business services provider's stock valued at $246,725,000 after acquiring an additional 569,388 shares during the period. Two Sigma Investments LP raised its stake in Clean Harbors by 148.3% in the 3rd quarter. Two Sigma Investments LP now owns 384,494 shares of the business services provider's stock worth $89,287,000 after acquiring an additional 229,666 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position in Clean Harbors by 10.0% during the 4th quarter. Janus Henderson Group PLC now owns 2,376,088 shares of the business services provider's stock worth $557,146,000 after acquiring an additional 215,659 shares during the period. Institutional investors and hedge funds own 90.43% of the company's stock.

Insider Transactions at Clean Harbors

In other Clean Harbors news, Director Lauren States sold 789 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $286.19, for a total value of $225,803.91. Following the sale, the director owned 11,359 shares in the company, valued at approximately $3,250,832.21. This represents a 6.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 5.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CLH shares. Stifel Nicolaus assumed coverage on Clean Harbors in a research note on Friday, May 29th. They set a "buy" rating and a $337.00 price target on the stock. BMO Capital Markets lifted their target price on Clean Harbors from $340.00 to $342.00 and gave the stock an "outperform" rating in a report on Wednesday, July 8th. Truist Financial upped their target price on Clean Harbors from $310.00 to $325.00 and gave the company a "buy" rating in a research report on Monday, April 20th. Barclays increased their price target on shares of Clean Harbors from $304.00 to $305.00 and gave the stock an "equal weight" rating in a report on Thursday, July 9th. Finally, Wells Fargo & Company raised their price target on shares of Clean Harbors from $309.00 to $313.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $326.00.

Clean Harbors Stock Performance

NYSE CLH opened at $310.16 on Friday. The stock has a 50-day simple moving average of $292.87 and a two-hundred day simple moving average of $283.99. The firm has a market capitalization of $16.39 billion, a P/E ratio of 42.03 and a beta of 0.86. Clean Harbors, Inc. has a fifty-two week low of $201.34 and a fifty-two week high of $316.98. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.99 and a current ratio of 2.34.

Clean Harbors (NYSE:CLH - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The business services provider reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.04. The business had revenue of $1.46 billion during the quarter, compared to analysts' expectations of $1.47 billion. Clean Harbors had a return on equity of 14.37% and a net margin of 6.53%.The company's revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.09 EPS. On average, equities analysts forecast that Clean Harbors, Inc. will post 8.51 earnings per share for the current year.

Clean Harbors Profile

Clean Harbors, Inc is a leading provider of environmental, energy and industrial services in North America. The company specializes in the collection, transportation and disposal of hazardous and non-hazardous wastes, emergency spill response and remediation, industrial cleaning and on-site field services. Its comprehensive service offering also includes chemical neutralization, drum crushing, high-pressure water blasting, tank cleaning and vacuum services designed to help customers meet stringent environmental regulations.

Founded in 1980 by Alan S.

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