Bornite Capital Management LP Buys 600,000 Shares of GFL Environmental Inc. $GFL

Bornite Capital Management LP raised its stake in GFL Environmental Inc. (NYSE:GFL) by 80.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,342,400 shares of the company’s stock after buying an additional 600,000 shares during the period. GFL Environmental accounts for 5.6% of Bornite Capital Management LP’s holdings, making the stock its 10th largest holding. Bornite Capital Management LP’s holdings in GFL Environmental were worth $57,656,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in GFL. Norges Bank acquired a new stake in GFL Environmental in the fourth quarter valued at approximately $149,466,000. Maverick Capital Ltd. boosted its position in GFL Environmental by 216.5% in the fourth quarter. Maverick Capital Ltd. now owns 5,023,417 shares of the company’s stock valued at $215,761,000 after buying an additional 3,436,419 shares in the last quarter. Capital Research Global Investors boosted its position in GFL Environmental by 17.6% in the fourth quarter. Capital Research Global Investors now owns 21,863,632 shares of the company’s stock valued at $939,043,000 after buying an additional 3,267,936 shares in the last quarter. Nordea Investment Management AB boosted its position in GFL Environmental by 40.8% in the fourth quarter. Nordea Investment Management AB now owns 6,673,954 shares of the company’s stock valued at $290,083,000 after buying an additional 1,932,442 shares in the last quarter. Finally, UBS Group AG boosted its position in GFL Environmental by 203.9% in the third quarter. UBS Group AG now owns 1,946,471 shares of the company’s stock valued at $92,224,000 after buying an additional 1,305,953 shares in the last quarter. Institutional investors and hedge funds own 64.70% of the company’s stock.

GFL Environmental Price Performance

Shares of NYSE GFL opened at $35.98 on Friday. GFL Environmental Inc. has a twelve month low of $33.33 and a twelve month high of $51.51. The firm has a fifty day simple moving average of $38.11 and a 200 day simple moving average of $41.43. The company has a market capitalization of $12.90 billion, a PE ratio of 112.43, a P/E/G ratio of 2.80 and a beta of 0.71. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.32.

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

GFL Environmental Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 30th. Shareholders of record on Monday, April 13th were paid a $0.0169 dividend. This represents a $0.07 annualized dividend and a yield of 0.2%. This is an increase from GFL Environmental’s previous quarterly dividend of $0.02. The ex-dividend date of this dividend was Monday, April 13th. GFL Environmental’s payout ratio is presently 21.88%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on GFL shares. Scotiabank cut their target price on shares of GFL Environmental from $56.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday, May 4th. JPMorgan Chase & Co. lowered shares of GFL Environmental from a “neutral” rating to an “underweight” rating and cut their target price for the company from $49.00 to $42.00 in a research report on Tuesday, April 14th. Weiss Ratings lowered shares of GFL Environmental from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, May 15th. Zacks Research downgraded shares of GFL Environmental from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 22nd. Finally, Citigroup dropped their price target on shares of GFL Environmental from $55.00 to $51.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. Twelve research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, GFL Environmental currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.00.

GFL Environmental Company Profile

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.