1832 Asset Management L.P. Reduces Stock Holdings in GFL Environmental Inc. (NYSE:GFL)

1832 Asset Management L.P. reduced its holdings in shares of GFL Environmental Inc. (NYSE:GFL) by 26.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 587,590 shares of the company’s stock after selling 214,218 shares during the period. 1832 Asset Management L.P. owned approximately 0.16% of GFL Environmental worth $22,875,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tobam acquired a new stake in shares of GFL Environmental during the first quarter worth $25,000. Headlands Technologies LLC purchased a new position in GFL Environmental in the 1st quarter worth $39,000. Cape Investment Advisory Inc. lifted its position in GFL Environmental by 325.0% during the 1st quarter. Cape Investment Advisory Inc. now owns 1,275 shares of the company’s stock worth $44,000 after acquiring an additional 975 shares during the period. Fifth Third Bancorp grew its stake in GFL Environmental by 51.1% during the 2nd quarter. Fifth Third Bancorp now owns 1,358 shares of the company’s stock valued at $53,000 after purchasing an additional 459 shares during the last quarter. Finally, Central Pacific Bank Trust Division acquired a new position in shares of GFL Environmental in the first quarter valued at about $69,000. 64.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GFL has been the subject of a number of research reports. Raymond James lifted their target price on GFL Environmental from $43.00 to $45.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Royal Bank of Canada lifted their price objective on shares of GFL Environmental from $46.00 to $48.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Finally, BMO Capital Markets lowered shares of GFL Environmental from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $43.00 to $42.00 in a research note on Tuesday, July 9th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $42.64.

GFL Environmental Price Performance

NYSE:GFL opened at $39.64 on Tuesday. 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 company has a 50 day moving average price of $40.33 and a 200-day moving average price of $36.79. GFL Environmental Inc. has a 1-year low of $26.87 and a 1-year high of $43.79. The firm has a market cap of $14.92 billion, a price-to-earnings ratio of 38.49 and a beta of 1.16.

GFL Environmental (NYSE:GFL) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.01. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations 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 0.62 EPS for the current year.

GFL Environmental Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Monday, July 15th were given a dividend of $0.014 per share. The ex-dividend date was Monday, July 15th. This represents a $0.06 dividend on an annualized basis and a yield of 0.14%. GFL Environmental’s dividend payout ratio is currently 4.85%.

About GFL Environmental

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.