CIBC Asset Management Inc Buys 1,047,180 Shares of GFL Environmental Inc. $GFL

CIBC Asset Management Inc raised its position in GFL Environmental Inc. (NYSE:GFL) by 25.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 5,101,264 shares of the company’s stock after purchasing an additional 1,047,180 shares during the quarter. CIBC Asset Management Inc’s holdings in GFL Environmental were worth $219,360,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Norges Bank acquired a new stake in GFL Environmental during the 4th quarter valued at $149,466,000. Nordea Investment Management AB lifted its position in shares of GFL Environmental by 40.8% during the 4th quarter. Nordea Investment Management AB now owns 6,673,954 shares of the company’s stock valued at $290,083,000 after acquiring an additional 1,932,442 shares during the period. UBS Group AG lifted its position in GFL Environmental by 203.9% during the third quarter. UBS Group AG now owns 1,946,471 shares of the company’s stock worth $92,224,000 after purchasing an additional 1,305,953 shares during the period. American Century Companies Inc. boosted its position in shares of GFL Environmental by 25.5% during the 3rd quarter. American Century Companies Inc. now owns 6,023,139 shares of the company’s stock worth $285,377,000 after acquiring an additional 1,225,108 shares in the last quarter. Finally, Jefferies Financial Group Inc. bought a new position in shares of GFL Environmental in the 4th quarter valued at $44,299,000. 64.70% of the stock is owned by institutional investors and hedge funds.

GFL Environmental Stock Down 1.6%

Shares of NYSE GFL opened at $33.78 on Wednesday. The stock has a market capitalization of $12.12 billion, a P/E ratio of 105.57, a P/E/G ratio of 2.67 and a beta of 0.71. The company has a 50-day moving average price of $39.02 and a 200-day moving average price of $42.01. 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.

GFL Environmental (NYSE:GFL) last posted 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 company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the prior year, the business posted ($0.09) EPS. The firm’s revenue was up 5.4% compared to the same quarter last year. On average, equities research analysts forecast that GFL Environmental Inc. will post 0.54 EPS for the current fiscal year.

GFL Environmental Increases Dividend

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

Wall Street Analyst Weigh In

A number of research firms have recently commented on GFL. Wolfe Research started coverage on GFL Environmental in a report on Friday, March 13th. They set an “outperform” rating for the company. Weiss Ratings downgraded shares of GFL Environmental from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, May 15th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of GFL Environmental in a research note on Wednesday, May 13th. Barclays lifted their target price on shares of GFL Environmental from $62.00 to $63.00 and gave the stock an “overweight” rating in a research note on Thursday, February 12th. Finally, Royal Bank Of Canada upped their price objective on shares of GFL Environmental from $59.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday, February 12th. Twelve equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average 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.