Pictet Asset Management Holding SA Sells 509,565 Shares of GFL Environmental Inc. (NYSE:GFL)

Pictet Asset Management Holding SA lowered its stake in GFL Environmental Inc. (NYSE:GFL) by 4.5% in the fourth quarter, Holdings Channel reports. The fund owned 10,833,949 shares of the company’s stock after selling 509,565 shares during the quarter. Pictet Asset Management Holding SA’s holdings in GFL Environmental were worth $482,564,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. FMR LLC grew its stake in shares of GFL Environmental by 7.4% during the third quarter. FMR LLC now owns 25,158,657 shares of the company’s stock worth $1,003,591,000 after buying an additional 1,728,598 shares during the last quarter. Fred Alger Management LLC raised its position in GFL Environmental by 64.3% in the third quarter. Fred Alger Management LLC now owns 10,221,130 shares of the company’s stock valued at $407,619,000 after purchasing an additional 3,999,363 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of GFL Environmental by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 8,697,180 shares of the company’s stock valued at $387,705,000 after purchasing an additional 217,096 shares in the last quarter. Maverick Capital Ltd. grew its holdings in shares of GFL Environmental by 11.3% during the third quarter. Maverick Capital Ltd. now owns 3,658,190 shares of the company’s stock worth $145,889,000 after purchasing an additional 372,534 shares during the last quarter. Finally, Soros Fund Management LLC increased its stake in shares of GFL Environmental by 487.0% in the third quarter. Soros Fund Management LLC now owns 3,156,327 shares of the company’s stock valued at $125,874,000 after buying an additional 2,618,589 shares during the period. 64.70% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on GFL shares. National Bankshares reissued an “outperform” rating on shares of GFL Environmental in a report on Tuesday, March 11th. Royal Bank of Canada reissued an “outperform” rating and issued a $53.00 price objective on shares of GFL Environmental in a research note on Monday, February 24th. Citigroup assumed coverage on GFL Environmental in a research report on Monday, January 27th. They set a “buy” rating and a $53.00 target price for the company. Stifel Nicolaus upgraded GFL Environmental from a “hold” rating to a “buy” rating in a research report on Tuesday, February 25th. Finally, Scotiabank increased their price target on GFL Environmental from $50.00 to $52.00 and gave the company a “sector outperform” rating in a research note on Wednesday, March 5th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, GFL Environmental currently has an average rating of “Moderate Buy” and a consensus price target of $49.63.

GFL Environmental Stock Performance

Shares of GFL Environmental stock opened at $48.80 on Friday. The company has a market cap of $19.20 billion, a P/E ratio of -36.69 and a beta of 1.16. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 1.27. The business has a 50-day moving average price of $45.48 and a two-hundred day moving average price of $43.86. GFL Environmental Inc. has a 1-year low of $30.57 and a 1-year high of $49.35.

GFL Environmental (NYSE:GFL) last released its earnings results on Monday, February 24th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.13 by $0.03. GFL Environmental had a positive return on equity of 3.50% and a negative net margin of 7.54%. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.98 billion. As a group, analysts anticipate that GFL Environmental Inc. will post 0.58 EPS for the current year.

GFL Environmental Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Monday, January 13th were given a dividend of $0.014 per share. The ex-dividend date was Monday, January 13th. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.11%. GFL Environmental’s payout ratio is presently -3.23%.

GFL Environmental Profile

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.