CI Investments Inc. Sells 38,340 Shares of GFL Environmental Inc. $GFL

Key Points

• CI Investments Inc. cut its GFL Environmental stake by 11.5% in the first quarter, selling 38,340 shares and leaving it with 294,148 shares valued at about $12.27 million.
• GFL Environmental posted better-than-expected first-quarter results, earning $0.06 per share versus the $0.05 estimate and generating $1.18 billion in revenue, up 5.4% year over year.
• The company declared a quarterly dividend of $0.0169 per share, while analysts remain mostly constructive overall with a consensus rating of Moderate Buy and an average price target of $54.89.

CI Investments Inc. lowered its stake in GFL Environmental Inc. (NYSE:GFL - Free Report) by 11.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 294,148 shares of the company's stock after selling 38,340 shares during the period. CI Investments Inc. owned approximately 0.08% of GFL Environmental worth $12,272,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its position in GFL Environmental by 43.1% during the second 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. Advisory Services Network LLC raised its position in shares of GFL Environmental by 4.1% in the third quarter. Advisory Services Network LLC now owns 6,537 shares of the company's stock valued at $310,000 after purchasing an additional 256 shares during the period. Tobam raised its position in shares of GFL Environmental by 10.5% in the fourth quarter. Tobam now owns 3,079 shares of the company's stock valued at $132,000 after purchasing an additional 293 shares during the period. Caitong International Asset Management Co. Ltd lifted its stake in shares of GFL Environmental by 45.2% in the third quarter. Caitong International Asset Management Co. Ltd now owns 976 shares of the company's stock worth $46,000 after buying an additional 304 shares during the last quarter. Finally, Engineers Gate Manager LP lifted its stake in shares of GFL Environmental by 6.8% in the second quarter. Engineers Gate Manager LP now owns 5,187 shares of the company's stock worth $262,000 after buying an additional 331 shares during the last quarter. Institutional investors own 64.70% of the company's stock.

GFL Environmental Stock Performance

NYSE:GFL opened at $39.11 on Thursday. The firm's 50-day moving average is $36.92 and its 200-day moving average is $40.19. The company has a market cap of $14.03 billion, a price-to-earnings ratio of 122.23, a PEG ratio of 2.91 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 52-week low of $33.33 and a 52-week high of $51.51.

GFL Environmental (NYSE:GFL - Get Free Report) last released its earnings results on Wednesday, April 29th. The company reported $0.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.05 by $0.01. GFL Environmental had a return on equity of 4.53% and a net margin of 3.09%.The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the business earned ($0.09) earnings per share. The firm's revenue for the quarter was up 5.4% compared to the same quarter last year. Equities research analysts anticipate that GFL Environmental Inc. will post 0.56 earnings per share for the current year.

GFL Environmental Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Monday, July 13th will be issued a dividend of $0.0169 per share. 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 presently 21.88%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their target price 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. Citigroup set a $51.00 price target on shares of GFL Environmental and gave the company a "buy" rating in a report on Monday, July 6th. Scotiabank lowered their price target on GFL Environmental from $56.00 to $52.00 and set a "sector outperform" rating on the stock in a research report on Monday, May 4th. Weiss Ratings lowered GFL Environmental from a "sell (d+)" rating to a "sell (d)" rating in a research note on Tuesday, July 14th. Finally, Zacks Research cut GFL Environmental from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 22nd. Twelve analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, GFL Environmental has a consensus rating of "Moderate Buy" and an average target price of $54.89.

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.

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