Bornite Capital Management LP Raises Stock Position in GFL Environmental Inc. $GFL

Bornite Capital Management LP grew its holdings in shares of GFL Environmental Inc. (NYSE:GFL) by 80.8% during the 4th quarter, according to its most recent 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 quarter. GFL Environmental makes up 5.6% of Bornite Capital Management LP’s portfolio, making the stock its 10th largest position. Bornite Capital Management LP owned about 0.37% of GFL Environmental worth $57,656,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GFL. Sunbelt Securities Inc. bought a new stake in GFL Environmental during the 3rd quarter worth about $33,000. EverSource Wealth Advisors LLC lifted its position in GFL Environmental by 43.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 727 shares of the company’s stock worth $37,000 after buying an additional 219 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its position in GFL Environmental by 45.2% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 976 shares of the company’s stock worth $46,000 after buying an additional 304 shares in the last quarter. Jones Financial Companies Lllp increased its stake in shares of GFL Environmental by 21.9% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,606 shares of the company’s stock worth $75,000 after purchasing an additional 289 shares during the last quarter. Finally, Danske Bank A S acquired a new position in shares of GFL Environmental during the 3rd quarter worth about $82,000. 64.70% of the stock is owned by institutional investors.

GFL Environmental Stock Performance

NYSE GFL opened at $35.98 on Friday. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 1.32. The firm has a market capitalization of $12.90 billion, a price-to-earnings ratio of 112.43, a P/E/G ratio of 2.80 and a beta of 0.71. The firm’s 50 day simple moving average is $38.11 and its 200 day simple moving average is $41.43. GFL Environmental Inc. has a 1 year low of $33.33 and a 1 year high of $51.51.

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

GFL Environmental Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 30th. Investors of record on Monday, April 13th were given a dividend of $0.0169 per share. The ex-dividend date was Monday, April 13th. This represents a $0.07 annualized dividend and a dividend yield of 0.2%. This is a positive change from GFL Environmental’s previous quarterly dividend of $0.02. GFL Environmental’s dividend payout ratio (DPR) is 21.88%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Wolfe Research initiated coverage on shares of GFL Environmental in a research note on Friday, March 13th. They issued an “outperform” rating for the company. Weiss Ratings cut GFL Environmental from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, May 15th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of GFL Environmental in a report on Wednesday, May 13th. Citigroup lowered their price target on shares of GFL Environmental from $55.00 to $51.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. Finally, Scotiabank lowered 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 report on Monday, May 4th. Twelve investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, GFL Environmental currently has a consensus rating of “Moderate Buy” and an average target price of $55.00.

About GFL Environmental

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.