GFL Environmental Inc. (NYSE:GFL) is Forge First Asset Management Inc.'s 4th Largest Position

Key Points

• Forge First Asset Management Inc. increased its stake in GFL Environmental Inc. by 448.9%, holding 372,000 shares, making it the firm's 4th largest position.
• GFL Environmental has a market cap of $18.27 billion, a P/E ratio of 7.85, and recently reported revenue of $1.23 billion for the quarter, which was below analyst estimates.
• Several analysts have raised their target prices for GFL Environmental, with a consensus price target now at $57.57, indicating a generally favorable outlook on the stock.

Forge First Asset Management Inc. raised its holdings in GFL Environmental Inc. (NYSE:GFL - Free Report) by 448.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 372,000 shares of the company's stock after acquiring an additional 304,225 shares during the period. GFL Environmental comprises 7.7% of Forge First Asset Management Inc.'s holdings, making the stock its 4th biggest holding. Forge First Asset Management Inc. owned approximately 0.09% of GFL Environmental worth $17,994,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Millstone Evans Group LLC lifted its stake in GFL Environmental by 147.8% in 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 period. Bessemer Group Inc. bought a new position in GFL Environmental in the 1st quarter valued at $28,000. LRI Investments LLC bought a new position in GFL Environmental in the 1st quarter valued at $34,000. Natixis bought a new position in GFL Environmental in the 4th quarter valued at $49,000. Finally, Harbor Investment Advisory LLC bought a new position in shares of GFL Environmental during the 1st quarter worth $53,000. 64.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

GFL has been the topic of a number of recent research reports. Royal Bank Of Canada increased their price objective on GFL Environmental from $56.00 to $59.00 and gave the stock an "outperform" rating in a report on Friday. Truist Financial raised their price objective on GFL Environmental from $58.00 to $60.00 and gave the company a "buy" rating in a report on Friday. National Bank Financial upgraded GFL Environmental to a "strong-buy" rating in a research report on Monday, May 26th. 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 research report on Friday, May 2nd. Finally, Seaport Res Ptn upgraded GFL Environmental to a "strong-buy" rating in a research report on Tuesday, May 6th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, GFL Environmental presently has an average rating of "Buy" and a consensus target price of $57.57.

GFL Environmental Trading Down 1.0%

Shares of GFL stock traded down $0.51 during trading hours on Friday, reaching $49.83. The company's stock had a trading volume of 1,309,113 shares, compared to its average volume of 1,187,403. The stock has a market capitalization of $18.27 billion, a P/E ratio of 7.85 and a beta of 1.00. GFL Environmental Inc. has a one year low of $37.58 and a one year high of $52.00. The firm's fifty day simple moving average is $48.97 and its 200 day simple moving average is $47.59. 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 (NYSE:GFL - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.19 EPS for the quarter, meeting analysts' consensus estimates of $0.19. The company had revenue of $1.23 billion during the quarter, compared to analysts' expectations of $1.68 billion. GFL Environmental had a return on equity of 3.71% and a net margin of 48.53%. The firm's revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.29 EPS. Equities research analysts expect that GFL Environmental Inc. will post 0.58 EPS for the current year.

GFL Environmental Announces Dividend

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

About GFL Environmental

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.