Norges Bank Acquires Shares of 2,838,666 GFL Environmental Inc. (NYSE:GFL)

Norges Bank bought a new position in shares of GFL Environmental Inc. (NYSE:GFL) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,838,666 shares of the company’s stock, valued at approximately $126,420,000. Norges Bank owned about 0.72% of GFL Environmental as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted its holdings in GFL Environmental by 124.9% in the fourth quarter. Blue Trust Inc. now owns 551 shares of the company’s stock valued at $25,000 after buying an additional 306 shares during the period. Berbice Capital Management LLC acquired a new stake in shares of GFL Environmental in the 4th quarter valued at about $27,000. Continuum Advisory LLC raised its position in GFL Environmental by 60.6% in the 3rd quarter. Continuum Advisory LLC now owns 673 shares of the company’s stock valued at $29,000 after buying an additional 254 shares during the last quarter. SRH Advisors LLC bought a new stake in shares of GFL Environmental in the fourth quarter worth $89,000. Finally, Steward Partners Investment Advisory LLC grew its holdings in shares of GFL Environmental by 350.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,400 shares of the company’s stock valued at $107,000 after acquiring an additional 1,867 shares in the last quarter. Institutional investors and hedge funds own 64.70% of the company’s stock.

Analysts Set New Price Targets

GFL has been the subject of a number of analyst reports. Stifel Nicolaus raised shares of GFL Environmental from a “hold” rating to a “buy” rating in a research report on Tuesday, February 25th. Royal Bank of Canada reiterated an “outperform” rating and issued a $53.00 price objective on shares of GFL Environmental in a report on Monday, February 24th. National Bankshares restated an “outperform” rating on shares of GFL Environmental in a research note on Tuesday, March 11th. Citigroup initiated coverage on shares of GFL Environmental in a research report on Monday, January 27th. They set a “buy” rating and a $53.00 price objective for the company. Finally, Scotiabank upped their target price on GFL Environmental from $50.00 to $52.00 and gave the company a “sector outperform” rating in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $49.63.

GFL Environmental Stock Performance

NYSE:GFL opened at $48.38 on Tuesday. The company has a market cap of $19.03 billion, a price-to-earnings ratio of -36.37 and a beta of 1.16. The stock has a fifty day moving average price of $45.73 and a 200-day moving average price of $44.02. GFL Environmental Inc. has a fifty-two week low of $30.57 and a fifty-two week high of $49.35. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.58 and a current ratio of 0.58.

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

GFL Environmental Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Monday, January 13th were paid a $0.014 dividend. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.12%. The ex-dividend date was Monday, January 13th. GFL Environmental’s payout ratio is -3.23%.

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.