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.
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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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Page 1 of 7 – SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No.2)*
| US Ecology, Inc. |
| (Name of Issuer) |
| Common Stock |
| (Title of Class of Securities) |
| 91732J102 |
| (CUSIP Number) |
| 04/30/2016 |
| (Date of Event which Requires Filing of this Statement) |
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
| ☒ | Rule 13d-1(b) |
| ☐ | Rule 13d-1(c) |
| ☐ | Rule 13d-1(d) |
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
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Page 2 of 7 – SEC Filing
| CUSIP No. 91732J102 | 13G | Page 2 of 7 Pages |
| 1 | NAMES OF REPORTING PERSONS | ||||
| I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | |||||
| Bares Capital Management, Inc. – IRS # 74-2961140 | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) | ||||
| (a)☐ | |||||
| (b)☒ | |||||
| 3 | SEC USE ONLY | ||||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
| Texas | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 5 | SOLE VOTING POWER | |||
| 6 | SHARED VOTING POWER | ||||
| 7 | SOLE DISPOSITIVE POWER | ||||
| 8 | SHARED DISPOSITIVE POWER | ||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
| 0 | |||||
| 10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
| ☐ | |||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
| IA | |||||
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Page 3 of 7 – SEC Filing
| CUSIP No. 91732J102 | 13G | Page 3 of 7 Pages |
| 1 | NAMES OF REPORTING PERSONS | ||||
| I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | |||||
| Brian Bares | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) | ||||
| (a)☐ | |||||
| (b)☒ | |||||
| 3 | SEC USE ONLY | ||||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
| USA | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 5 | SOLE VOTING POWER | |||
| 6 | SHARED VOTING POWER | ||||
| 7 | SOLE DISPOSITIVE POWER | ||||
| 8 | SHARED DISPOSITIVE POWER | ||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
| 0 | |||||
| 10 | CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
| ☐ | |||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) | ||||
| 12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
| IA, IN | |||||
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Page 4 of 7 – SEC Filing
| CUSIP No. 91732J102 | 13G | Page 4 of 7 Pages |
Item 1.
| (a) | Name of Issuer US Ecology, Inc. | |
| (b) | Address of Issuer’s Principal Executive Offices 251 E. Front St., Suite 400 | |
| Boise, ID 83702 |
Item 2.
| (a) | Name of Person Filing Bares Capital Management, Inc. | |
| (b) | Address of the Principal Office or, if none, residence 12600 Hill Country Blvd, Suite R-230 Austin, TX 78738 | |
| (c) | Citizenship USA | |
| (d) | Title of Class of Securities Common stock | |
| (e) | CUSIP Number 91732J102 |
| Item 3. | If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: |
| (a) | ☐ | Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). | |
| (b) | ☐ | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). | |
| (c) | ☐ | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). | |
| (d) | ☐ | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). | |
| (e) | ☒ | An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E); | |
| (f) | ☐ | An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F); | |
| (g) | ☐ | A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G); | |
| (h) | ☐ | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); | |
| (i) | ☐ | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); | |
| (j) | ☐ | Group, in accordance with §240.13d-1(b)(1)(ii)(J). |
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Page 5 of 7 – SEC Filing
| Item 4. | Ownership. |
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
| (a) | Amount beneficially owned: Bares Capital Management, Inc. – Brian Bares – | ||
| (b) | Percent of class: Bares Capital Management, Inc. – Brian Bares – | ||
| (c) | Number of shares as to which the person has: | ||
| (i) | Sole power to vote or to direct the vote Bares Capital Management, Inc. – Brian Bares – | ||
| (ii) | Shared power to vote or to direct the vote Bares Capital Management, Inc. – Brian Bares – | ||
| (iii) | Sole power to dispose or to direct the disposition of Bares Capital Management, Inc. – Brian Bares – | ||
| (iv) | Shared power to dispose or to direct the disposition of Bares Capital Management, Inc. – Brian Bares – | ||
Instruction. For computations regarding securities which represent a right to acquire an underlying security see §240.13d-3(d)(1).
| Item 5. | Ownership of Five Percent or Less of a Class. ☒ |
| Item 6. | Ownership of More than Five Percent on Behalf of another Person. |
Not Applicable
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company. |
Not Applicable
| Item 8. | Identification and Classification of Members of the Group. |
Not Applicable
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Page 6 of 7 – SEC Filing
| Item 9. | Notice of Dissolution of Group. |
Not Applicable
| Item 10. | Certification. |
| (a) | The following certification shall be included if the statement is filed pursuant to §240.13d-1(b): |
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
| (b) | The following certification shall be included if the statement is filed pursuant to §240.13d-1(c): |
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
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Page 7 of 7 – SEC Filing
| CUSIP No. 91732J102 | 13G | Page 7 of 7 Pages |
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
| 05/10/2016 | |
| Date | |
| /s/ Brian T Bares | |
| Signature | |
| Brian T Bares/President | |
| Name/Title |
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