Connor Clark & Lunn Investment Management Ltd. Sells 160,621 Shares of GFL Environmental Inc. (NYSE:GFL)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its stake in GFL Environmental Inc. by 12.4%, now holding 1,131,798 shares valued at $54.68 million, following the sale of 160,621 shares.
• Institutional investors own 64.70% of GFL Environmental's stock, with significant activity including National Bank of Canada FI increasing its stake by 22.5% and Forge First Asset Management Inc. increasing holdings by 448.9%.
• GFL Environmental announced a quarterly dividend of $0.0154 per share with a yield of 0.1%, reflecting a payout ratio of 0.94%.

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in shares of GFL Environmental Inc. (NYSE:GFL - Free Report) by 12.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,131,798 shares of the company's stock after selling 160,621 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.29% of GFL Environmental worth $54,678,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Millstone Evans Group LLC grew its holdings in shares of GFL Environmental by 147.8% during the first quarter. Millstone Evans Group LLC now owns 560 shares of the company's stock valued at $27,000 after buying an additional 334 shares during the last quarter. Bessemer Group Inc. acquired a new position in shares of GFL Environmental during the first quarter valued at about $28,000. LRI Investments LLC acquired a new position in shares of GFL Environmental during the first quarter valued at about $34,000. Natixis acquired a new position in shares of GFL Environmental during the fourth quarter valued at about $49,000. Finally, Harbor Investment Advisory LLC acquired a new position in shares of GFL Environmental during the first quarter valued at about $53,000. 64.70% of the stock is currently owned by institutional investors and hedge funds.

GFL Environmental Stock Performance

GFL traded down $0.41 during midday trading on Friday, reaching $50.51. The company had a trading volume of 1,795,942 shares, compared to its average volume of 1,122,531. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.67 and a current ratio of 0.67. The stock has a market cap of $18.52 billion, a PE ratio of 7.95 and a beta of 1.00. GFL Environmental Inc. has a 12-month low of $38.29 and a 12-month high of $52.00. The business has a 50-day moving average price of $49.06 and a two-hundred day moving average price of $47.89.

GFL Environmental (NYSE:GFL - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.19 earnings per share for the quarter, meeting analysts' consensus estimates of $0.19. GFL Environmental had a net margin of 48.53% and a return on equity of 3.71%. The firm had revenue of $1.23 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the previous year, the company earned $0.29 earnings per share. The company's quarterly revenue was up 5.9% on a year-over-year basis. On average, sell-side analysts expect that GFL Environmental Inc. will post 0.58 earnings per share for the current fiscal year.

GFL Environmental Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors 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 yield of 0.1%. GFL Environmental's dividend payout ratio (DPR) is presently 0.94%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on GFL shares. JPMorgan Chase & Co. started coverage on shares of GFL Environmental in a report on Friday, May 23rd. They set a "neutral" rating and a $54.00 price target on the stock. Scotiabank boosted their price target on shares of GFL Environmental from $56.00 to $60.00 and gave the stock a "sector outperform" rating in a report on Friday, August 1st. Citigroup boosted their price target on shares of GFL Environmental from $56.00 to $58.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Raymond James Financial restated an "outperform" rating and set a $57.00 price target (up from $56.00) on shares of GFL Environmental in a report on Friday, May 2nd. Finally, Truist Financial boosted their price target on shares of GFL Environmental from $58.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, August 1st. One analyst has rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $57.86.

GFL Environmental Company 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.