Raymond James & Associates cut its holdings in shares of GFL Environmental Inc. (NYSE:GFL – Free Report) by 35.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 421,653 shares of the company’s stock after selling 228,767 shares during the period. Raymond James & Associates owned 0.11% of GFL Environmental worth $16,816,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in the business. Capital Research Global Investors increased its position in shares of GFL Environmental by 17.4% during the first quarter. Capital Research Global Investors now owns 19,851,514 shares of the company’s stock worth $684,877,000 after purchasing an additional 2,935,811 shares in the last quarter. Vanguard Group Inc. increased its position in shares of GFL Environmental by 9.4% during the first quarter. Vanguard Group Inc. now owns 7,914,590 shares of the company’s stock worth $273,053,000 after purchasing an additional 683,120 shares in the last quarter. Fred Alger Management LLC increased its position in shares of GFL Environmental by 7.1% during the second quarter. Fred Alger Management LLC now owns 6,221,767 shares of the company’s stock worth $242,213,000 after purchasing an additional 411,128 shares in the last quarter. Millennium Management LLC increased its position in shares of GFL Environmental by 40.0% during the second quarter. Millennium Management LLC now owns 5,649,169 shares of the company’s stock worth $219,922,000 after purchasing an additional 1,614,182 shares in the last quarter. Finally, Maverick Capital Ltd. increased its position in shares of GFL Environmental by 22.1% during the second quarter. Maverick Capital Ltd. now owns 3,285,656 shares of the company’s stock worth $127,911,000 after purchasing an additional 595,259 shares in the last quarter. 64.70% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on GFL. BMO Capital Markets downgraded GFL Environmental from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $43.00 to $42.00 in a research note on Tuesday, July 9th. Royal Bank of Canada upped their target price on GFL Environmental from $46.00 to $48.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Scotiabank assumed coverage on shares of GFL Environmental in a report on Friday, October 4th. They issued a “sector outperform” rating and a $50.00 price target on the stock. Finally, Raymond James lifted their price objective on shares of GFL Environmental from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Monday, July 22nd. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $43.56.
GFL Environmental Price Performance
NYSE:GFL opened at $40.08 on Friday. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market cap of $15.09 billion, a price-to-earnings ratio of -26.72 and a beta of 1.16. The company has a 50 day moving average price of $40.83 and a 200-day moving average price of $37.77. GFL Environmental Inc. has a 1-year low of $26.87 and a 1-year high of $43.79.
GFL Environmental (NYSE:GFL – Get Free Report) last posted its earnings results on Wednesday, July 31st. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.01. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.51 billion. GFL Environmental had a negative net margin of 8.78% and a positive return on equity of 3.32%. Equities research analysts forecast that GFL Environmental Inc. will post 0.61 EPS for the current year.
GFL Environmental Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Wednesday, October 16th will be issued a $0.014 dividend. This represents a $0.06 annualized dividend and a yield of 0.14%. The ex-dividend date of this dividend is Wednesday, October 16th. GFL Environmental’s payout ratio is presently -4.00%.
GFL Environmental Company Profile
GFL Environmental Inc offers non-hazardous solid waste management and environmental services in Canada and the United States. It offers solid waste management, liquid waste management, and soil remediation services, including collection, transportation, transfer, recycling, and disposal services for municipal, residential, and commercial, and industrial customers.
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