World-class money managers like Bill Ackman and Barry Rosenstein only invest their wealthy clients’ money after undertaking a rigorous examination of any potential stock. They are particularly successful in this regard when it comes to small-cap stocks, which their peerless research gives them a big information advantage on when it comes to judging their worth. It’s not surprising then that they generate their biggest returns from these stocks and invest more of their money in these stocks on average than other investors. It’s also not surprising then that we pay close attention to these picks ourselves and have built a market-beating investment strategy around them.
Clean Harbors Inc (NYSE:CLH) has seen an increase in support from the world’s most elite money managers lately. CLH was in 22 hedge funds’ portfolios at the end of September. There were 19 hedge funds in our database with CLH holdings at the end of the previous quarter. At the end of this article we will also compare CLH to other stocks including World Fuel Services Corporation (NYSE:INT), Myriad Genetics, Inc. (NASDAQ:MYGN), and TCF Financial Corporation (NYSE:TCB) to get a better sense of its popularity.
Follow Clean Harbors Inc (NYSE:CLH)
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With all of this in mind, we’re going to check out the recent action encompassing Clean Harbors Inc (NYSE:CLH).
What have hedge funds been doing with Clean Harbors Inc (NYSE:CLH)?
At the end of the third quarter, a total of 22 of the hedge funds tracked by Insider Monkey were long this stock, a change of 16% from the second quarter. With hedgies’ positions undergoing their usual ebb and flow, there exists a few key hedge fund managers who were boosting their holdings meaningfully (or already accumulated large positions).
According to Insider Monkey’s hedge fund database, Paul Reeder and Edward Shapiro’s PAR Capital Management has the largest position in Clean Harbors Inc (NYSE:CLH), worth close to $86.5 million, amounting to 1.8% of its total 13F portfolio. The second most bullish fund manager is Blue Harbour Group, managed by Clifton S. Robbins, which holds a $42.6 million position; 1.3% of its 13F portfolio is allocated to the company. Remaining professional money managers that hold long positions comprise Ross Margolies’ Stelliam Investment Management, Lee Munder’s Lee Munder Capital Group and James A. Noonan’s Pivot Point Capital.
As aggregate interest increased, key hedge funds were leading the bulls’ herd. HighVista Strategies, managed by Andre F. Perold, assembled the largest position in Clean Harbors Inc (NYSE:CLH). HighVista Strategies had $3.4 million invested in the company at the end of the quarter. Peter Muller’s PDT Partners also made a $1.2 million investment in the stock during the quarter. The other funds with new positions in the stock are Matthew Hulsizer’s PEAK6 Capital Management, David Costen Haley’s HBK Investments, and Benjamin A. Smith’s Laurion Capital Management.
Let’s go over hedge fund activity in other stocks similar to Clean Harbors Inc (NYSE:CLH). We will take a look at World Fuel Services Corporation (NYSE:INT), Myriad Genetics, Inc. (NASDAQ:MYGN), TCF Financial Corporation (NYSE:TCB), and New Jersey Resources Corp (NYSE:NJR). All of these stocks’ market caps resemble CLH’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| INT | 22 | 96971 | 1 |
| MYGN | 21 | 734215 | 1 |
| TCB | 21 | 213017 | 4 |
| NJR | 14 | 41375 | -3 |
As you can see these stocks had an average of 19.5 hedge funds with bullish positions and the average amount invested in these stocks was $271 million. That figure was $293 million in CLH’s case. World Fuel Services Corporation (NYSE:INT) is the most popular stock in this table. On the other hand New Jersey Resources Corp (NYSE:NJR) is the least popular one with only 14 bullish hedge fund positions. Along with INT, Clean Harbors Inc (NYSE:CLH) is the most popular stock in this group and that makes CLH worht a closer look.
