Seeing as Clean Harbors Inc (NYSE:CLH) has witnessed a decline in interest from hedge fund managers, it’s easy to see that there is a sect of fund managers who sold off their full holdings by the end of the third quarter. At the top of the heap, David L Briggs’ Dulcet Capital cashed in the biggest stake of the “upper crust” of funds followed by Insider Monkey, totaling an estimated $6.8 million in stock, and Mark Coe’s Coe Capital Management was right behind this move, as the fund sold off about $3.9 million worth of shares.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Clean Harbors Inc (NYSE:CLH) but similarly valued. We will take a look at IBERIABANK Corporation (NASDAQ:IBKC), The Timken Company (NYSE:TKR), Texas Roadhouse Inc (NASDAQ:TXRH), and Melco Crown Entertainment Ltd (ADR) (NASDAQ:MPEL). 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|
As you can see these stocks had an average of 20 hedge funds with bullish positions and the average amount invested in these stocks was $193 million. That figure was $175 million in CLH’s case. The Timken Company (NYSE:TKR) is the most popular stock in this table. On the other hand Melco Crown Entertainment Ltd (ADR) (NASDAQ:MPEL) is the least popular one with only 16 bullish hedge fund positions. Compared to these stocks Clean Harbors Inc (NYSE:CLH) is even less popular than MPEL. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.