Zacks Investment Research upgraded shares of Clean Harbors (NYSE:CLH) from a strong sell rating to a hold rating in a report published on Tuesday.
According to Zacks, “Clean Harbors has underperformed the industry in the last three months. The company is highly exposed to foreign exchange rate risk. The primary exposure relates to operating expenses in Canada, where several manufacturing facilities are located. Moreover, fuel price volatility and challenging macroeconomic environment are clouding the global oil picture. This is lowering the activity levels and affecting the margins of the company as its operations are largely dependent upon the operation of oil rigs. However, Clean Harbors is improving its efficiency and lowering operating costs through enhanced technology, process efficiencies and stringent cost management. The company continues to make capital investments to enhance its quality and comply with government and local regulations. Expansion of the existing services portfolio, especially in non-disposal services, is also expected to generate incremental revenues in the future.”
A number of other analysts also recently commented on CLH. Canaccord Genuity restated a hold rating and set a $57.00 price target on shares of Clean Harbors in a research report on Wednesday, November 1st. KeyCorp restated a hold rating on shares of Clean Harbors in a research report on Wednesday, November 1st. UBS Group upgraded shares of Clean Harbors from an underperform rating to a market perform rating in a research report on Thursday, November 2nd. Raymond James Financial upgraded shares of Clean Harbors from an underperform rating to a market perform rating in a research report on Thursday, November 2nd. Finally, BMO Capital Markets dropped their price target on shares of Clean Harbors from $65.00 to $59.00 and set an outperform rating on the stock in a research report on Thursday, November 2nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $61.00.
In other news, COO Eric W. Gerstenberg sold 7,150 shares of Clean Harbors stock in a transaction that occurred on Wednesday, December 27th. The shares were sold at an average price of $52.77, for a total value of $377,305.50. Following the transaction, the chief operating officer now directly owns 86,202 shares of the company’s stock, valued at $4,548,879.54. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Brian P. Weber sold 1,870 shares of Clean Harbors stock in a transaction that occurred on Thursday, December 28th. The stock was sold at an average price of $53.00, for a total transaction of $99,110.00. Following the completion of the transaction, the executive vice president now directly owns 57,205 shares in the company, valued at $3,031,865. The disclosure for this sale can be found here. Insiders sold a total of 11,581 shares of company stock worth $613,418 in the last ninety days. Corporate insiders own 8.90% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Clean Harbors by 9.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,081 shares of the business services provider’s stock valued at $116,000 after purchasing an additional 188 shares in the last quarter. Zions Bancorporation purchased a new position in Clean Harbors during the third quarter valued at approximately $189,000. Balyasny Asset Management LLC purchased a new position in Clean Harbors during the second quarter valued at approximately $203,000. Stifel Financial Corp purchased a new position in Clean Harbors during the third quarter valued at approximately $211,000. Finally, Shelton Capital Management purchased a new position in Clean Harbors during the second quarter valued at approximately $221,000. 92.54% of the stock is currently owned by institutional investors and hedge funds.
About Clean Harbors
Clean Harbors, Inc is a provider of environmental, energy and industrial services throughout North America. The Company is also a re-refiner and recycler of used oil in the world and a provider of parts cleaning and related environmental services to commercial, industrial and automotive customers in North America.
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