Bank of Nova Scotia Reduces Stock Holdings in GFL Environmental Inc. $GFL

Bank of Nova Scotia trimmed its holdings in shares of GFL Environmental Inc. (NYSE:GFL) by 7.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 326,009 shares of the company’s stock after selling 24,774 shares during the quarter. Bank of Nova Scotia owned approximately 0.09% of GFL Environmental worth $13,596,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of GFL. Jones Financial Companies Lllp raised its position in shares of GFL Environmental by 684.5% during the 1st quarter. Jones Financial Companies Lllp now owns 2,573 shares of the company’s stock valued at $124,000 after purchasing an additional 2,245 shares during the period. Goldman Sachs Group Inc. raised its position in shares of GFL Environmental by 94.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 714,438 shares of the company’s stock valued at $34,514,000 after buying an additional 346,394 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in GFL Environmental by 3.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 458,936 shares of the company’s stock valued at $22,171,000 after purchasing an additional 14,252 shares during the period. Invesco Ltd. lifted its position in GFL Environmental by 22.7% in the second quarter. Invesco Ltd. now owns 86,967 shares of the company’s stock worth $4,388,000 after buying an additional 16,096 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of GFL Environmental by 43.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 727 shares of the company’s stock worth $37,000 after acquiring an additional 219 shares during the last quarter. Hedge funds and other institutional investors own 64.70% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Citigroup set a $51.00 price target on GFL Environmental and gave the stock a “buy” rating in a research note on Monday, July 6th. Weiss Ratings downgraded GFL Environmental from a “sell (d+)” rating to a “sell (d)” rating in a report on Tuesday, July 14th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of GFL Environmental in a report on Wednesday, May 13th. Scotiabank reduced their price objective on shares of GFL Environmental from $56.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, May 4th. Finally, JPMorgan Chase & Co. increased their price target on shares of GFL Environmental from $40.00 to $41.00 and gave the company an “underweight” rating in a research report on Thursday, July 16th. Twelve analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, GFL Environmental currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.89.

GFL Environmental Trading Up 2.1%

NYSE GFL opened at $39.73 on Friday. GFL Environmental Inc. has a 1 year low of $33.33 and a 1 year high of $51.51. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.51 and a quick ratio of 1.51. The company has a market capitalization of $14.25 billion, a PE ratio of 124.17, a P/E/G ratio of 3.01 and a beta of 0.70. The company has a fifty day moving average of $37.01 and a 200 day moving average of $40.16.

GFL Environmental (NYSE:GFL) last posted its earnings results on Wednesday, April 29th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.05 by $0.01. GFL Environmental had a return on equity of 4.53% and a net margin of 3.09%.The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period last year, the company earned ($0.09) earnings per share. GFL Environmental’s revenue for the quarter was up 5.4% compared to the same quarter last year. Research analysts forecast that GFL Environmental Inc. will post 0.56 earnings per share for the current year.

GFL Environmental Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Monday, July 13th will be paid a dividend of $0.0169 per share. This represents a $0.07 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Monday, July 13th. GFL Environmental’s dividend payout ratio is presently 21.88%.

About GFL Environmental

GFL Environmental Inc is a leading North American provider of diversified environmental services, offering comprehensive solutions across solid waste management, liquid waste management, soil remediation and infrastructure services. The company’s core business activities include residential, commercial and industrial waste collection, recycling, composting and landfill management. In addition to traditional waste services, GFL provides specialized liquid waste hauling, treatment and disposal services as well as environmental consulting to support industrial and municipal clients in meeting regulatory and sustainability goals.

Founded in 2007 by entrepreneur Patrick Dovigi, GFL Environmental has pursued an aggressive growth strategy driven by strategic acquisitions and organic expansion.