CIBC Private Wealth Group LLC Buys 250,000 Shares of GFL Environmental Inc. $GFL

CIBC Private Wealth Group LLC grew its stake in GFL Environmental Inc. (NYSE:GFL) by 88,339.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 250,283 shares of the company’s stock after acquiring an additional 250,000 shares during the quarter. CIBC Private Wealth Group LLC owned about 0.07% of GFL Environmental worth $11,858,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its position in shares of GFL Environmental by 35.2% during the third quarter. JPMorgan Chase & Co. now owns 1,344,569 shares of the company’s stock valued at $63,706,000 after buying an additional 349,720 shares during the last quarter. Generate Investment Management Ltd purchased a new position in shares of GFL Environmental in the 3rd quarter worth approximately $7,891,000. Munro Partners purchased a new position in shares of GFL Environmental in the 2nd quarter worth approximately $12,926,000. Bank of Nova Scotia raised its stake in shares of GFL Environmental by 17.1% during the 3rd quarter. Bank of Nova Scotia now owns 357,808 shares of the company’s stock worth $16,950,000 after acquiring an additional 52,121 shares in the last quarter. Finally, Citigroup Inc. raised its stake in shares of GFL Environmental by 214.7% during the 3rd quarter. Citigroup Inc. now owns 114,849 shares of the company’s stock worth $5,444,000 after acquiring an additional 78,349 shares in the last quarter. 64.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on GFL shares. Wolfe Research began coverage on shares of GFL Environmental in a research note on Friday, March 13th. They issued an “outperform” rating for the company. Barclays upped their price target on GFL Environmental from $62.00 to $63.00 and gave the stock an “overweight” rating in a research report on Thursday, February 12th. Citigroup decreased their price objective on GFL Environmental from $58.00 to $56.00 and set a “buy” rating for the company in a report on Friday, January 16th. JPMorgan Chase & Co. raised their price objective on GFL Environmental from $46.75 to $48.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Finally, The Goldman Sachs Group initiated coverage on GFL Environmental in a research note on Monday, November 24th. They set a “neutral” rating and a $50.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $56.67.

GFL Environmental Stock Up 0.4%

Shares of GFL stock opened at $42.54 on Friday. GFL Environmental Inc. has a fifty-two week low of $40.83 and a fifty-two week high of $52.00. The firm has a market capitalization of $15.23 billion, a PE ratio of 6.26, a P/E/G ratio of 3.30 and a beta of 0.86. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.58 and a current ratio of 0.58. The stock’s 50-day simple moving average is $43.25 and its 200-day simple moving average is $44.49.

GFL Environmental (NYSE:GFL) last issued its earnings results on Wednesday, February 11th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.12. GFL Environmental had a return on equity of 3.66% and a net margin of 56.61%.The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same quarter in the prior year, the firm earned ($0.58) earnings per share. GFL Environmental’s revenue for the quarter was up 7.3% on a year-over-year basis. Equities analysts expect that GFL Environmental Inc. will post 0.58 earnings per share for the current year.

GFL Environmental Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Tuesday, January 13th were paid a dividend of $0.0154 per share. This represents a $0.06 annualized dividend and a yield of 0.1%. The ex-dividend date was Tuesday, January 13th. GFL Environmental’s payout ratio is presently 0.88%.

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.