Clean Harbors, Inc CLH recently announced that its board of directors has doubled the share repurchase authorization to $300 million. With $104.3 million worth of share repurchases as of Dec 31, 2014, the increase in the stock buyback plan would take the total available repurchase amount to $195.7 million. The company expects to fund the repurchases through cash.
Clean Harbors has a solid liquidity position. The company generated $246.9 million in cash from operations for the year ended Dec 31, 2014. The higher share repurchase authorization further signifies the confidence the company has in generating a robust cash flow. The company’s investment strategy takes a holistic view of the rapidly evolving market and deploys a dynamic capital allocation approach to execute its growth strategy.
Clean Harbors is focused on enhancing shareholder value by pursuing aggressive share repurchases. The company believes that these actions, along with business expansion and regular acquisitions, will lead to higher profitability for the company and help strengthen its competitive position in the market.
Headquartered in Norwell, MA, Clean Harbors is a leading provider of environmental, energy and industrial services serving a diverse customer base across chemical, energy, manufacturing and additional markets as well as numerous government agencies. These customers depend on the company for varied services, which include end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance and recycling services.
Clean Harbors currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look include CBIZ, Inc CBZ, NV5 Holdings, Inc. NVEE both carrying a Zacks Rank #1 (Strong Buy) and Corporate Executive Board Co. CEB carrying a Zacks Rank #2 (Buy).
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