Fred Alger Management LLC Trims Position in GFL Environmental Inc. $GFL

Fred Alger Management LLC decreased its position in shares of GFL Environmental Inc. (NYSE:GFL) by 10.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,023,016 shares of the company’s stock after selling 605,728 shares during the quarter. GFL Environmental accounts for approximately 0.8% of Fred Alger Management LLC’s portfolio, making the stock its 23rd largest holding. Fred Alger Management LLC owned 1.40% of GFL Environmental worth $215,739,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Aster Capital Management DIFC Ltd acquired a new stake in shares of GFL Environmental during the 4th quarter worth approximately $25,000. Sunbelt Securities Inc. acquired a new stake in shares of GFL Environmental during the 3rd quarter worth approximately $33,000. EverSource Wealth Advisors LLC grew its stake in shares of 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 purchasing an additional 219 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in shares of 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 purchasing an additional 304 shares during the period. Finally, Jones Financial Companies Lllp grew 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 period. Institutional investors and hedge funds own 64.70% of the company’s stock.

GFL Environmental Price Performance

GFL Environmental stock opened at $36.13 on Wednesday. The company’s fifty day moving average price is $37.77 and its 200 day moving average price is $41.28. GFL Environmental Inc. has a 1 year low of $33.33 and a 1 year high of $51.51. The stock has a market capitalization of $12.96 billion, a P/E ratio of 112.91, a P/E/G ratio of 2.79 and a beta of 0.71. The company has a debt-to-equity ratio of 1.32, a quick ratio of 1.51 and a current ratio of 1.51.

GFL Environmental (NYSE:GFL) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.06 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter last year, the company earned ($0.09) EPS. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. As a group, equities research analysts anticipate that GFL Environmental Inc. will post 0.54 earnings per share for the current fiscal year.

GFL Environmental Increases Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GFL. Scotiabank dropped their price objective on shares of GFL Environmental from $56.00 to $52.00 and set a “sector outperform” rating on the stock in a research note on Monday, May 4th. Wolfe Research initiated coverage on shares of GFL Environmental in a research note on Friday, March 13th. They set an “outperform” rating on the stock. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of GFL Environmental in a research note on Wednesday, May 13th. Zacks Research cut shares of GFL Environmental from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 22nd. Finally, JPMorgan Chase & Co. cut shares of GFL Environmental from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $49.00 to $42.00 in a research note on Tuesday, April 14th. Twelve investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target 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.