Fred Alger Management LLC Decreases Stake in GFL Environmental Inc. $GFL

Fred Alger Management LLC lowered its position in GFL Environmental Inc. (NYSE:GFL) by 10.8% during the fourth quarter, HoldingsChannel reports. The firm owned 5,023,016 shares of the company’s stock after selling 605,728 shares during the period. GFL Environmental comprises 0.8% of Fred Alger Management LLC’s holdings, making the stock its 23rd biggest position. Fred Alger Management LLC’s holdings in GFL Environmental were worth $215,739,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GFL. Jones Financial Companies Lllp lifted its holdings in GFL Environmental by 684.5% in 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 in the last quarter. Goldman Sachs Group Inc. raised its holdings 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 worth $34,514,000 after acquiring an additional 346,394 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of GFL Environmental by 3.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 458,936 shares of the company’s stock worth $22,171,000 after acquiring an additional 14,252 shares during the period. Invesco Ltd. raised its holdings in shares of GFL Environmental by 22.7% during the 2nd quarter. Invesco Ltd. now owns 86,967 shares of the company’s stock worth $4,388,000 after acquiring an additional 16,096 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of GFL Environmental by 43.1% during 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 period. Hedge funds and other institutional investors own 64.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on GFL shares. Weiss Ratings lowered GFL Environmental from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, May 15th. Citigroup reduced their price target on GFL Environmental from $55.00 to $51.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. Wolfe Research started coverage on GFL Environmental in a report on Friday, March 13th. They set an “outperform” rating on the stock. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of GFL Environmental in a report on Wednesday, May 13th. Finally, JPMorgan Chase & Co. lowered GFL Environmental from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $49.00 to $42.00 in a report on Tuesday, April 14th. Twelve equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, GFL Environmental presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.00.

GFL Environmental Stock Up 0.5%

Shares of GFL opened at $36.13 on Wednesday. The firm has a market cap of $12.96 billion, a P/E ratio of 112.91, a price-to-earnings-growth ratio of 2.79 and a beta of 0.71. GFL Environmental Inc. has a 12-month low of $33.33 and a 12-month high of $51.51. The company’s 50-day moving average price is $37.77 and its 200 day moving average price is $41.28. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 1.32.

GFL Environmental (NYSE:GFL) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.01. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.17 billion. GFL Environmental had a net margin of 3.09% and a return on equity of 4.53%. GFL Environmental’s revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.09) EPS. On average, sell-side analysts forecast that GFL Environmental Inc. will post 0.54 earnings per share for the current year.

GFL Environmental Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 30th. Investors of record on Monday, April 13th were issued a $0.0169 dividend. This is an increase from GFL Environmental’s previous quarterly dividend of $0.02. The ex-dividend date was Monday, April 13th. This represents a $0.07 annualized dividend and a yield of 0.2%. GFL Environmental’s 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.