Lauren States, a director at Clean Harbors Inc . (NYSE:CLH), recently sold 308 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were sold on October 15 at a price of $260.74 each, amounting to a total transaction value of $80,307. Following this transaction, States holds 13,150 shares of Clean Harbors directly.
In other recent news, Clean Harbors has made strategic financial moves to enhance its financial flexibility. The company amended its credit agreement with Goldman Sachs (NYSE:GS) Lending Partners LLC, resulting in reduced interest rates on its 2021 Incremental Term Loans. This amendment could potentially allow for further adjustments to the loan terms in the near future.
Clean Harbors has also reported record-breaking quarterly revenue and adjusted EBITDA for the second quarter of 2024, outperforming market expectations. This strong performance was attributed to high demand in its Environmental Services segment and significant contributions from the recent acquisition of HEPACO. Consequently, Clean Harbors raised its adjusted EBITDA guidance for the year.
Investment firms BMO Capital and Oppenheimer have expressed confidence in the company, with BMO raising its price target from $242 to $264 and maintaining an Outperform rating, while Oppenheimer increased its price target from $245 to $252, reiterating its Outperform rating.
In leadership developments, Clean Harbors expanded its board to 13 members with the appointment of Co-CEOs Michael Battles and Eric Gerstenberg. The company has also revealed a strong project pipeline expected to continue into 2025, with organic growth initiatives such as the Kimball and Baltimore expansions anticipated to provide self-driven growth. Furthermore, the performance of recent mergers and acquisitions, including HEPACO, has exceeded expectations, positively impacting the company's outlook.
InvestingPro Insights
Clean Harbors Inc. (NYSE:CLH) has been experiencing a strong market performance, as evidenced by its recent stock activity and financial metrics. According to InvestingPro data, the company's stock is trading near its 52-week high, with a price that is 98.78% of its highest point over the past year. This aligns with the recent insider sale by director Lauren States, who sold shares at $260.74 each.
The company's financial health appears robust, with InvestingPro Tips highlighting that Clean Harbors operates with a moderate level of debt and its liquid assets exceed short-term obligations. This financial stability may contribute to investor confidence and the stock's strong performance.
Clean Harbors has demonstrated impressive growth, with a 31.43% price total return over the past six months and a substantial 59.64% return over the last year. These figures underscore the company's strong market position and investor appeal. Additionally, an InvestingPro Tip notes that Clean Harbors has shown a high return over the last decade, indicating consistent long-term performance.
While the company is trading at a high earnings multiple, with a P/E ratio of 35.49, it's worth noting that analysts predict Clean Harbors will remain profitable this year. The company's revenue growth of 5.36% over the last twelve months, coupled with an 11.08% quarterly revenue growth, suggests ongoing business expansion.
For investors seeking more comprehensive analysis, InvestingPro offers 12 additional tips for Clean Harbors, providing a deeper understanding of the company's financial position and market outlook.
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