Norges Bank Invests $152.20 Million in Clean Harbors, Inc. $CLH

Key Points

• Norges Bank opened a new position in Clean Harbors, buying 649,075 shares valued at about $152.2 million and ending up with 1.21% of the company.
• Institutional ownership remains heavy, with 90.43% of Clean Harbors held by institutions and hedge funds, while insiders have also been trimming positions through recent stock sales.
• Clean Harbors reported better-than-expected quarterly EPS of $1.19 versus $1.15 estimated, and analysts currently rate the stock Moderate Buy with an average price target of $323.23.

Norges Bank purchased a new position in shares of Clean Harbors, Inc. (NYSE:CLH - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 649,075 shares of the business services provider's stock, valued at approximately $152,195,000. Norges Bank owned 1.21% of Clean Harbors as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC increased its stake in shares of Clean Harbors by 5.4% during the fourth quarter. GAMMA Investing LLC now owns 1,034 shares of the business services provider's stock worth $242,000 after acquiring an additional 53 shares during the period. SkyView Investment Advisors LLC increased its stake in shares of Clean Harbors by 2.3% during the second quarter. SkyView Investment Advisors LLC now owns 2,378 shares of the business services provider's stock worth $549,000 after acquiring an additional 53 shares during the period. US Bancorp DE increased its stake in shares of Clean Harbors by 16.9% during the third quarter. US Bancorp DE now owns 374 shares of the business services provider's stock worth $87,000 after acquiring an additional 54 shares during the period. Baird Financial Group Inc. increased its stake in shares of Clean Harbors by 1.4% during the second quarter. Baird Financial Group Inc. now owns 4,418 shares of the business services provider's stock worth $1,021,000 after acquiring an additional 60 shares during the period. Finally, Acorn Wealth Advisors LLC increased its stake in shares of Clean Harbors by 6.9% during the fourth quarter. Acorn Wealth Advisors LLC now owns 1,007 shares of the business services provider's stock worth $236,000 after acquiring an additional 65 shares during the period. 90.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Clean Harbors

In other Clean Harbors news, CEO Eric W. Gerstenberg sold 1,000 shares of the company's stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $293.00, for a total value of $293,000.00. Following the sale, the chief executive officer owned 38,877 shares of the company's stock, valued at $11,390,961. This represents a 2.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lauren States sold 789 shares of the company's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $286.19, for a total transaction of $225,803.91. Following the completion of the sale, the director directly owned 11,359 shares in the company, valued at $3,250,832.21. This trade represents a 6.49% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 7,308 shares of company stock valued at $2,133,467. 5.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CLH. Stifel Nicolaus began coverage on shares of Clean Harbors in a research note on Friday, May 29th. They set a "buy" rating and a $337.00 price target on the stock. UBS Group boosted their price target on shares of Clean Harbors from $300.00 to $315.00 and gave the stock a "neutral" rating in a research note on Thursday, May 14th. The Goldman Sachs Group boosted their price target on shares of Clean Harbors from $268.00 to $306.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 8th. BMO Capital Markets upped their target price on shares of Clean Harbors from $290.00 to $310.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 18th. Finally, Wall Street Zen lowered shares of Clean Harbors from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $323.23.

Clean Harbors Trading Up 3.9%

Shares of CLH opened at $286.76 on Thursday. The company has a current ratio of 2.34, a quick ratio of 1.99 and a debt-to-equity ratio of 0.99. The firm's 50-day moving average is $295.12 and its two-hundred day moving average is $269.99. Clean Harbors, Inc. has a twelve month low of $201.34 and a twelve month high of $316.98. The firm has a market capitalization of $15.16 billion, a P/E ratio of 38.86 and a beta of 0.87.

Clean Harbors (NYSE:CLH - Get Free Report) last issued its earnings results on Wednesday, May 6th. The business services provider reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.04. Clean Harbors had a net margin of 6.53% and a return on equity of 14.37%. The company had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same period in the prior year, the business posted $1.09 earnings per share. The firm's revenue for the quarter was up 1.9% compared to the same quarter last year. On average, research analysts predict that Clean Harbors, Inc. will post 8.5 earnings per share for the current fiscal year.

About Clean Harbors

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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