US Ecology Inc. (ECOL): Bares Capital Management Cuts Exposure

A newly amended 13G filing with the US Securities and Exchange Commission revealed that Brian Bares’ Bares Capital Management has reduced its position in US Ecology Inc. (NASDAQ:ECOL), below the 5% threshold. The fund previously held 1.24 million shares of US Ecology that accounted for 5.7% of the company’s outstanding stock.

US Ecology provides a variety of environmental services, including disposal of radioactive waste, operating in two sectors – Environmental Services, and Field & Industrial Services. Since the beginning of the year, US Ecology’s stock has gained 19.65%. US Ecology has reported better-than-expected results for the first quarter, posting earnings per share of $0.32 and revenue of $113.3 million, above the estimates of $0.28 and $111.8, respectively. In addition, the company has recently completed the acquisition of Ontario, Canada-Based Environmental Services Inc.

According to our database, the number of hedge funds long US Ecology (NASDAQ:ECOL) decreased by four over the fourth quarter and eight investors reported long positions in the stock heading into 2016. Among them, Bares Capital Management held the most valuable position, followed by John Ku’s Manor Road Capital Partners with a stake worth around $33.3 million. Other money managers that were bullish on this stock included Jim Simons’s Renaissance Technologies, Joel Greenblatt’s Gotham Asset Management and Chuck Royce’s Royce & Associates.

Among the investors who dumped US Ecology (NASDAQ:ECOL), included Israel Englander’s Millennium Management, which dropped the stake worth close to $0.9 million in stock, and Matthew Tewksbury’s Stevens Capital Management, which sold off its $0.5 million stake.

You can access the original SEC filing by clicking here.

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