Concentric Capital Strategies LP Raises Holdings in GFL Environmental Inc. $GFL

Key Points

• Concentric Capital Strategies more than doubled its stake in GFL Environmental in the fourth quarter, buying an additional 125,656 shares to reach 248,976 shares worth about $10.7 million.
• Institutional interest in GFL remains strong, with hedge funds and other large investors owning 64.7% of the stock, even as some analysts have recently turned more cautious on the name.
• GFL reported better-than-expected quarterly results, posting EPS of $0.06 versus estimates of $0.05 and revenue of $1.18 billion, while also increasing its quarterly dividend.

Concentric Capital Strategies LP lifted its holdings in shares of GFL Environmental Inc. (NYSE:GFL - Free Report) by 101.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 248,976 shares of the company's stock after buying an additional 125,656 shares during the period. Concentric Capital Strategies LP owned about 0.07% of GFL Environmental worth $10,694,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of GFL. Jones Financial Companies Lllp raised its stake in shares of GFL Environmental by 684.5% during the 1st quarter. Jones Financial Companies Lllp now owns 2,573 shares of the company's stock worth $124,000 after buying an additional 2,245 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of GFL Environmental by 94.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 714,438 shares of the company's stock worth $34,514,000 after buying an additional 346,394 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of GFL Environmental by 3.2% during the 1st 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 buying an additional 14,252 shares in the last quarter. Invesco Ltd. raised its stake in shares of 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% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 727 shares of the company's stock worth $37,000 after buying an additional 219 shares in the last quarter. 64.70% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on GFL shares. Wolfe Research started coverage on GFL Environmental in a research note on Friday, March 13th. They set an "outperform" rating for the company. Weiss Ratings downgraded GFL Environmental from a "hold (c)" rating to a "sell (d+)" rating in a research note on Friday, May 15th. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of GFL Environmental in a report on Wednesday, May 13th. JPMorgan Chase & Co. cut GFL Environmental from a "neutral" rating to an "underweight" rating and lowered their price target for the stock from $49.00 to $42.00 in a report on Tuesday, April 14th. Finally, Zacks Research cut GFL Environmental from a "strong-buy" rating to a "hold" rating in a report on Friday, May 22nd. 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 stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $55.00.

GFL Environmental Stock Performance

GFL opened at $35.07 on Thursday. The stock has a market cap of $12.58 billion, a P/E ratio of 109.60, a P/E/G ratio of 2.81 and a beta of 0.71. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.51 and a quick ratio of 1.51. The stock's 50 day simple moving average is $37.57 and its 200 day simple moving average is $41.20. GFL Environmental Inc. has a 1-year low of $33.33 and a 1-year high of $51.51.

GFL Environmental (NYSE:GFL - Get Free Report) last released its quarterly 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. The business had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.17 billion. GFL Environmental had a return on equity of 4.53% and a net margin of 3.09%.The company's revenue was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.09) EPS. As a group, equities analysts anticipate that GFL Environmental Inc. will post 0.54 EPS for the current fiscal year.

GFL Environmental Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 30th. Shareholders of record on Monday, April 13th were issued a dividend of $0.0169 per share. This is a boost from GFL Environmental's previous quarterly dividend of $0.02. The ex-dividend date was Monday, April 13th. This represents a $0.07 dividend on an annualized basis and a yield of 0.2%. GFL Environmental's payout ratio is currently 21.88%.

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.

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