Bank of America Corp DE Boosts Stake in GFL Environmental Inc. $GFL

Key Points

• Bank of America increased its GFL Environmental stake by 43.8% in the first quarter, adding 563,001 shares to own 1.85 million shares worth approximately $77.1 million. Institutional investors collectively hold 64.7% of GFL’s stock.
• GFL reported quarterly revenue of $1.37 billion, up 16.3% year over year, but earnings per share of $0.14 fell short of the $0.17 consensus estimate. The company posted a negative net margin of 3.28%.
• Analysts maintain a generally positive outlook, with 11 Buy, two Hold and two Sell ratings producing a “Moderate Buy” consensus and an average price target of $54.75, above the stock’s $41.31 opening price.

Bank of America Corp DE increased its position in shares of GFL Environmental Inc. (NYSE:GFL - Free Report) by 43.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,847,166 shares of the company's stock after purchasing an additional 563,001 shares during the quarter. Bank of America Corp DE owned 0.52% of GFL Environmental worth $77,064,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Capital Research Global Investors grew its position in shares of GFL Environmental by 17.6% in the fourth quarter. Capital Research Global Investors now owns 21,863,632 shares of the company's stock valued at $939,043,000 after purchasing an additional 3,267,936 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of GFL Environmental by 9.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 11,201,976 shares of the company's stock worth $481,125,000 after purchasing an additional 977,344 shares during the period. Vanguard Group Inc. grew its stake in shares of GFL Environmental by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 11,156,675 shares of the company's stock valued at $479,255,000 after buying an additional 97,020 shares in the last quarter. Pictet Asset Management Holding SA boosted its stake in shares of GFL Environmental by 2.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 8,511,198 shares of the company's stock valued at $365,595,000 after purchasing an additional 185,169 shares during the period. Finally, CIBC Asset Management Inc boosted its position in GFL Environmental by 25.8% in the 4th quarter. CIBC Asset Management Inc now owns 5,101,264 shares of the company's stock valued at $219,360,000 after buying an additional 1,047,180 shares during the period. Hedge funds and other institutional investors own 64.70% of the company's stock.

GFL Environmental Stock Down 0.0%

GFL Environmental stock opened at $41.31 on Monday. The company has a 50-day simple moving average of $38.07 and a 200-day simple moving average of $40.04. GFL Environmental Inc. has a one year low of $33.33 and a one year high of $51.51. The firm has a market capitalization of $14.91 billion, a P/E ratio of -77.95, a P/E/G ratio of 2.68 and a beta of 0.68. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.75 and a current ratio of 0.75.

GFL Environmental (NYSE:GFL - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.03). The company had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.33 billion. GFL Environmental had a positive return on equity of 4.14% and a negative net margin of 3.28%.The business's revenue for the quarter was up 16.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.26 EPS. As a group, equities analysts expect that GFL Environmental Inc. will post 0.65 earnings per share for the current year.

GFL Environmental Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Monday, July 13th were paid a $0.0169 dividend. This represents a $0.07 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Monday, July 13th. GFL Environmental's dividend payout ratio is currently -13.21%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on GFL. Citigroup set a $51.00 price target on shares of GFL Environmental and gave the company a "buy" rating in a research note on Monday, July 6th. JPMorgan Chase & Co. lifted their price target on shares of GFL Environmental from $40.00 to $41.00 and gave the company an "underweight" rating in a research report on Thursday, July 16th. Scotiabank reiterated an "outperform" rating on shares of GFL Environmental in a report on Friday, July 31st. Zacks Research lowered GFL Environmental from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 22nd. Finally, Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of GFL Environmental in a research report on Friday, July 31st. Eleven analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.75.

GFL Environmental 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.

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