Canoe Financial LP Makes New Investment in GFL Environmental Inc. $GFL

Key Points

• Canoe Financial LP acquired 41,543 shares of GFL Environmental in the third quarter, valued at approximately $1.68 million. Institutional investors collectively own 64.7% of the company.
• GFL shares opened at $43.58, down 2.0%, while the company reported quarterly revenue of $1.37 billion—up 16.3% year over year—but missed earnings expectations with EPS of $0.14 versus $0.17 expected.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $57.56. GFL also declared a quarterly dividend of $0.0169 per share, equating to a 0.2% annualized yield.

Canoe Financial LP acquired a new stake in shares of GFL Environmental Inc. (NYSE:GFL - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 41,543 shares of the company's stock, valued at approximately $1,681,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Bank of America Corp DE increased its position in shares of GFL Environmental by 43.8% in the first quarter. Bank of America Corp DE now owns 1,847,166 shares of the company's stock worth $77,064,000 after purchasing an additional 563,001 shares during the last quarter. Verbena Value LP raised its position in shares of GFL Environmental by 44.7% during the 1st quarter. Verbena Value LP now owns 1,211,100 shares of the company's stock valued at $50,527,000 after buying an additional 374,000 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of GFL Environmental by 68.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,158,643 shares of the company's stock worth $48,309,000 after acquiring an additional 471,935 shares during the last quarter. QV Investors Inc. purchased a new position in GFL Environmental in the third quarter worth $44,887,000. Finally, Advent International L.P. grew its position in GFL Environmental by 117.1% in the first quarter. Advent International L.P. now owns 823,010 shares of the company's stock worth $34,336,000 after acquiring an additional 443,918 shares in the last quarter. 64.70% of the stock is currently owned by institutional investors.

GFL Environmental Stock Down 2.0%

Shares of NYSE:GFL opened at $43.58 on Thursday. The stock's 50-day moving average price is $42.28 and its 200-day moving average price is $39.78. GFL Environmental Inc. has a 12-month low of $33.33 and a 12-month high of $47.01. The stock has a market capitalization of $15.73 billion, a P/E ratio of 70.59, a price-to-earnings-growth ratio of 3.42 and a beta of 0.72. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 1.34.

GFL Environmental (NYSE:GFL - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.03). GFL Environmental had a positive return on equity of 4.14% and a negative net margin of 3.28%. The company had revenue of $1.37 billion during the quarter, compared to analysts' expectations of $1.33 billion. During the same quarter in the prior year, the firm posted $0.26 EPS. The firm's quarterly revenue was up 16.3% on a year-over-year basis. On average, equities analysts anticipate that GFL Environmental Inc. will post 0.55 earnings per share for the current year.

GFL Environmental Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Wednesday, October 14th will be paid a $0.0169 dividend. This represents a $0.07 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Wednesday, October 14th. GFL Environmental's payout ratio is -13.21%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Citigroup set a $51.00 price target on GFL Environmental and gave the company a "buy" rating in a research report on Wednesday, October 14th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of GFL Environmental in a report on Monday, August 31st. Barclays began coverage on GFL Environmental in a report on Wednesday, September 2nd. They set an "overweight" rating and a $58.00 price objective on the stock. Wolfe Research initiated coverage on GFL Environmental in a research report on Tuesday, September 15th. They issued an "outperform" rating and a $77.00 target price for the company. Finally, TD Cowen reaffirmed a "buy" rating and issued a $65.00 target price on shares of GFL Environmental in a research note on Friday, September 11th. Nine equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, GFL Environmental presently has a consensus rating of "Moderate Buy" and an average price target of $57.56.

About GFL Environmental

GFL Environmental Inc is a Canadian environmental services company that provides waste management and related infrastructure services to municipal, residential, commercial, industrial and institutional customers. The company's operations include the collection, transfer, processing, recycling and disposal of non-hazardous solid waste, as well as organics and other resource-recovery services.

GFL also provides infrastructure and soil remediation services, including the management of contaminated materials and related environmental projects.

Want to see what other hedge funds are holding GFL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for GFL Environmental Inc. (NYSE:GFL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.