CIBC Asset Management Inc Trims Stock Position in GFL Environmental Inc. (NYSE:GFL)

CIBC Asset Management Inc decreased its stake in GFL Environmental Inc. (NYSE:GFL) by 14.0% during the third quarter, Holdings Channel reports. The institutional investor owned 2,005,097 shares of the company’s stock after selling 327,318 shares during the quarter. CIBC Asset Management Inc’s holdings in GFL Environmental were worth $80,017,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Headlands Technologies LLC purchased a new stake in GFL Environmental in the 1st quarter worth approximately $39,000. Cape Investment Advisory Inc. increased its holdings in GFL Environmental by 325.0% in the first quarter. Cape Investment Advisory Inc. now owns 1,275 shares of the company’s stock valued at $44,000 after buying an additional 975 shares in the last quarter. Fifth Third Bancorp increased its holdings in GFL Environmental by 51.1% in the second quarter. Fifth Third Bancorp now owns 1,358 shares of the company’s stock valued at $53,000 after buying an additional 459 shares in the last quarter. Spartan Fund Management Inc. acquired a new position in shares of GFL Environmental in the third quarter worth about $60,000. Finally, Tobam grew its position in shares of GFL Environmental by 139.5% during the 2nd quarter. Tobam now owns 1,751 shares of the company’s stock valued at $68,000 after acquiring an additional 1,020 shares during the period. 64.70% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on GFL. UBS Group increased their price target on GFL Environmental from $47.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Truist Financial lifted their target price on shares of GFL Environmental from $46.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Raymond James raised their price target on shares of GFL Environmental from $47.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Royal Bank of Canada boosted their price objective on GFL Environmental from $46.00 to $48.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Finally, Scotiabank raised their target price on GFL Environmental from $50.00 to $51.00 and gave the company a “sector outperform” rating in a research report on Friday, November 8th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, GFL Environmental has an average rating of “Moderate Buy” and a consensus price target of $45.80.

GFL Environmental Price Performance

NYSE:GFL opened at $43.38 on Friday. GFL Environmental Inc. has a one year low of $26.87 and a one year high of $46.48. The stock has a market cap of $16.33 billion, a PE ratio of -32.62 and a beta of 1.15. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.89 and a current ratio of 0.58. The stock has a 50 day moving average price of $41.01 and a 200 day moving average price of $38.68.

GFL Environmental (NYSE:GFL) last issued its earnings results on Wednesday, November 6th. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. GFL Environmental had a positive return on equity of 3.50% and a negative net margin of 7.54%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.49 billion. Equities research analysts expect that GFL Environmental Inc. will post 0.6 EPS for the current fiscal year.

GFL Environmental Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Wednesday, October 16th were issued a $0.014 dividend. The ex-dividend date of this dividend was Wednesday, October 16th. This represents a $0.06 annualized dividend and a yield of 0.13%. GFL Environmental’s payout ratio is -4.51%.

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.