Bank of Nova Scotia Decreases Stake in GFL Environmental Inc. $GFL

Bank of Nova Scotia trimmed its holdings in GFL Environmental Inc. (NYSE:GFL) by 7.1% during the first quarter, HoldingsChannel reports. The firm owned 326,009 shares of the company’s stock after selling 24,774 shares during the period. Bank of Nova Scotia’s holdings in GFL Environmental were worth $13,596,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Jones Financial Companies Lllp boosted its holdings in GFL Environmental by 684.5% in the 1st quarter. Jones Financial Companies Lllp now owns 2,573 shares of the company’s stock valued at $124,000 after purchasing an additional 2,245 shares during the last quarter. Goldman Sachs Group Inc. raised its position in GFL Environmental by 94.1% in the first quarter. Goldman Sachs Group Inc. now owns 714,438 shares of the company’s stock valued at $34,514,000 after purchasing an additional 346,394 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of GFL Environmental by 3.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 458,936 shares of the company’s stock worth $22,171,000 after purchasing an additional 14,252 shares in the last quarter. Invesco Ltd. lifted its holdings in GFL Environmental by 22.7% during the 2nd quarter. Invesco Ltd. now owns 86,967 shares of the company’s stock worth $4,388,000 after buying an additional 16,096 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of GFL Environmental by 43.1% in the second quarter. EverSource Wealth Advisors LLC now owns 727 shares of the company’s stock valued at $37,000 after acquiring an additional 219 shares in the last quarter. Hedge funds and other institutional investors own 64.70% of the company’s stock.

GFL Environmental Stock Up 2.1%

GFL stock opened at $39.73 on Friday. The stock has a market capitalization of $14.25 billion, a P/E ratio of 124.17, a PEG ratio of 3.01 and a beta of 0.70. 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 Inc. has a one year low of $33.33 and a one year high of $51.51. The company has a 50 day moving average price of $37.01 and a two-hundred day moving average price of $40.16.

GFL Environmental (NYSE:GFL) last released its earnings results on Wednesday, April 29th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.01. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.17 billion. GFL Environmental had a return on equity of 4.53% and a net margin of 3.09%.The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.09) earnings per share. As a group, sell-side analysts expect that GFL Environmental Inc. will post 0.56 EPS for the current year.

GFL Environmental Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, July 13th will be given a $0.0169 dividend. This represents a $0.07 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Monday, July 13th. GFL Environmental’s dividend payout ratio (DPR) is 21.88%.

Wall Street Analysts Forecast Growth

GFL has been the subject of a number of recent research reports. Zacks Research downgraded shares of GFL Environmental from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 22nd. Weiss Ratings downgraded GFL Environmental from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, July 14th. JPMorgan Chase & Co. lifted their price objective on shares of GFL Environmental from $40.00 to $41.00 and gave the company an “underweight” rating in a research note on Thursday, July 16th. Scotiabank cut their price target on GFL Environmental from $56.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, May 4th. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of GFL Environmental in a research report on Wednesday, May 13th. 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 MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $54.89.

GFL Environmental Company Profile

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.