Privately owned activist fund Relational Investors LLC disclosed a 9.08 percent stake in Clean Harbors Inc, saying the hazardous waste manager is "undervalued," according to a regulatory filing. Clean Harbors shares rose 8.6 percent in extended trading.The San Diego, California-based asset manager, which made its initial investment in Clean Harbors in February, said it had discussed ways to raise the company's valuation, including a strategic review and operational improvements. (link.reuters.com/gyp78v)Clean Harbors shares do not "adequately reflect the potential for significant earnings and cash flow growth," Relational Investors said in a filing.Clean Harbors could not be immediately reached for comment.
Clean Harbors, Inc. (Clean Harbors) is a provider of environmental, energy and industrial services throughout North America. Shares of CLH fell by 0.02% or $-0.01/share to $58.01. In the past year, the shares have traded as low as $44.95 and as high as $64.12. On average, 866806 shares of CLH exchange hands on a given day and today's volume is recorded at 530679.
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