Bornite Capital Management LP Purchases Shares of 539,700 GFL Environmental Inc. (NYSE:GFL)

Key Points

• Bornite Capital Management LP has acquired a new stake in GFL Environmental Inc., purchasing 539,700 shares for approximately $26.1 million, making GFL the fund's 5th largest holding.
• Several institutional investors have increased their stakes in GFL, with Millstone Evans Group LLC growing its position by 147.8% during the 1st quarter.
• GFL Environmental recently announced a quarterly dividend of $0.0154 per share, representing an annualized yield of 0.1%, with a payout ratio of 0.94%.

Bornite Capital Management LP purchased a new stake in shares of GFL Environmental Inc. (NYSE:GFL - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 539,700 shares of the company's stock, valued at approximately $26,073,000. GFL Environmental comprises 6.7% of Bornite Capital Management LP's investment portfolio, making the stock its 5th biggest holding. Bornite Capital Management LP owned 0.14% of GFL Environmental at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Millstone Evans Group LLC grew its stake in GFL Environmental by 147.8% during the 1st quarter. Millstone Evans Group LLC now owns 560 shares of the company's stock valued at $27,000 after purchasing an additional 334 shares during the last quarter. Rockefeller Capital Management L.P. grew its stake in GFL Environmental by 0.9% during the 4th quarter. Rockefeller Capital Management L.P. now owns 42,153 shares of the company's stock valued at $1,878,000 after purchasing an additional 375 shares during the last quarter. OneDigital Investment Advisors LLC grew its stake in GFL Environmental by 2.6% during the 1st quarter. OneDigital Investment Advisors LLC now owns 17,264 shares of the company's stock valued at $834,000 after purchasing an additional 436 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its stake in GFL Environmental by 0.6% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 91,316 shares of the company's stock valued at $3,998,000 after purchasing an additional 526 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of GFL Environmental by 1.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 51,309 shares of the company's stock worth $2,478,000 after buying an additional 574 shares during the last quarter. Hedge funds and other institutional investors own 64.70% of the company's stock.

Analysts Set New Price Targets

GFL has been the topic of a number of recent research reports. National Bank Financial upgraded GFL Environmental to a "strong-buy" rating in a research note on Monday, May 26th. JPMorgan Chase & Co. initiated coverage on GFL Environmental in a research note on Friday, May 23rd. They issued a "neutral" rating and a $54.00 target price on the stock. Seaport Res Ptn upgraded GFL Environmental to a "strong-buy" rating in a research note on Tuesday, May 6th. Royal Bank Of Canada upped their target price on GFL Environmental from $56.00 to $59.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Finally, Raymond James Financial restated an "outperform" rating and issued a $57.00 target price (up previously from $56.00) on shares of GFL Environmental in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, GFL Environmental presently has a consensus rating of "Buy" and an average price target of $57.86.

GFL Environmental Stock Performance

Shares of GFL stock opened at $50.51 on Friday. The company has a market capitalization of $18.52 billion, a P/E ratio of 7.95 and a beta of 1.00. The business's 50 day moving average is $49.06 and its two-hundred day moving average is $47.85. The company has a current ratio of 0.67, a quick ratio of 0.82 and a debt-to-equity ratio of 0.89. GFL Environmental Inc. has a 12-month low of $38.29 and a 12-month high of $52.00.

GFL Environmental (NYSE:GFL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.19 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.19. The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.68 billion. GFL Environmental had a return on equity of 3.71% and a net margin of 48.53%. GFL Environmental's revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.29 earnings per share. Analysts expect that GFL Environmental Inc. will post 0.58 EPS for the current fiscal year.

GFL Environmental Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, July 14th were issued a dividend of $0.0154 per share. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.1%. GFL Environmental's payout ratio is currently 0.94%.

GFL Environmental Profile

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.

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