Martingale Asset Management L P Cuts Stock Holdings in Clean Harbors, Inc. $CLH

Key Points

• Martingale Asset Management L P has significantly reduced its stake in Clean Harbors, Inc. by selling 60,605 shares, which is a 75% decrease in its holdings, leaving it with 20,158 shares valued at approximately $3.97 million.
• CEO Michael Louis Battles demonstrated confidence in the company by purchasing 2,000 shares for around $467,000, increasing his total ownership to 82,911 shares, valued at over $19 million.
• Clean Harbors reported a net revenue of $1.55 billion for the last quarter, slightly below analyst expectations, and an EPS of $2.36, beating estimates by $0.03.

Martingale Asset Management L P cut its stake in Clean Harbors, Inc. (NYSE:CLH - Free Report) by 75.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,158 shares of the business services provider's stock after selling 60,605 shares during the quarter. Martingale Asset Management L P's holdings in Clean Harbors were worth $3,973,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in CLH. Cambridge Investment Research Advisors Inc. lifted its position in shares of Clean Harbors by 2.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 4,634 shares of the business services provider's stock valued at $913,000 after buying an additional 122 shares during the last quarter. Concurrent Investment Advisors LLC boosted its stake in Clean Harbors by 16.2% in the first quarter. Concurrent Investment Advisors LLC now owns 1,059 shares of the business services provider's stock valued at $209,000 after acquiring an additional 148 shares in the last quarter. Janney Montgomery Scott LLC increased its position in shares of Clean Harbors by 18.6% during the first quarter. Janney Montgomery Scott LLC now owns 8,310 shares of the business services provider's stock worth $1,638,000 after purchasing an additional 1,301 shares in the last quarter. Deutsche Bank AG increased its position in shares of Clean Harbors by 1.0% during the fourth quarter. Deutsche Bank AG now owns 5,793 shares of the business services provider's stock worth $1,333,000 after purchasing an additional 56 shares in the last quarter. Finally, Ritholtz Wealth Management purchased a new stake in shares of Clean Harbors during the 1st quarter valued at $202,000. Institutional investors own 90.43% of the company's stock.

Insiders Place Their Bets

In other Clean Harbors news, insider Robert Speights sold 1,022 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $228.49, for a total transaction of $233,516.78. Following the transaction, the insider owned 16,310 shares in the company, valued at approximately $3,726,671.90. This represents a 5.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Louis Battles acquired 2,000 shares of the business's stock in a transaction dated Friday, August 1st. The stock was acquired at an average price of $233.50 per share, with a total value of $467,000.00. Following the completion of the transaction, the chief executive officer directly owned 82,911 shares of the company's stock, valued at approximately $19,359,718.50. This represents a 2.47% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 15,112 shares of company stock valued at $3,422,651. Insiders own 5.60% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Oppenheimer upped their target price on Clean Harbors from $254.00 to $256.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Needham & Company LLC decreased their price objective on shares of Clean Harbors from $268.00 to $255.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Wall Street Zen raised shares of Clean Harbors from a "hold" rating to a "buy" rating in a research report on Thursday, May 1st. Raymond James Financial lifted their price objective 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. Finally, BMO Capital Markets set a $268.00 price target on Clean Harbors and gave the company an "outperform" rating in a research note on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $263.40.

Clean Harbors Stock Performance

Shares of CLH traded up $3.8150 during mid-day trading on Friday, reaching $248.3750. The company had a trading volume of 219,509 shares, compared to its average volume of 414,531. The stock has a market capitalization of $13.32 billion, a P/E ratio of 34.88 and a beta of 1.18. Clean Harbors, Inc. has a 52-week low of $178.29 and a 52-week high of $267.11. The stock has a 50 day moving average of $234.47 and a two-hundred day moving average of $220.47. The company has a quick ratio of 2.07, a current ratio of 2.45 and a debt-to-equity ratio of 1.02.

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

Clean Harbors 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.