Fred Alger Management LLC Has $266.69 Million Holdings in GFL Environmental Inc. $GFL

Key Points

• Fred Alger Management LLC cut its stake in GFL by 30.7% in Q3, selling 2,493,514 shares and retaining 5,628,744 shares valued at $266,690,000 (about 1.55% of GFL and its 23rd largest holding).
• Other institutions were active too: JPMorgan boosted its position by 35.2% to 1,344,569 shares, several firms (Generate, Munro, Intech) opened new stakes, and institutional investors now own 64.70% of GFL.
• GFL trades with a market cap of $15.39B and a P/E of 6.32; it reported $0.26 EPS (beating estimates) but revenue of $1.23B missed forecasts, and it pays a nominal $0.06 annualized dividend (~0.1% yield).

Fred Alger Management LLC lessened its stake in shares of GFL Environmental Inc. (NYSE:GFL - Free Report) by 30.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,628,744 shares of the company's stock after selling 2,493,514 shares during the quarter. GFL Environmental accounts for about 1.0% of Fred Alger Management LLC's investment portfolio, making the stock its 23rd largest position. Fred Alger Management LLC owned 1.55% of GFL Environmental worth $266,690,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also bought and sold shares of the company. JPMorgan Chase & Co. boosted its position in GFL Environmental by 35.2% in the third quarter. JPMorgan Chase & Co. now owns 1,344,569 shares of the company's stock valued at $63,706,000 after buying an additional 349,720 shares in the last quarter. Generate Investment Management Ltd acquired a new stake in shares of GFL Environmental during the third quarter worth approximately $7,891,000. Munro Partners acquired a new stake in shares of GFL Environmental during the second quarter worth approximately $12,926,000. Citigroup Inc. raised its stake in shares of GFL Environmental by 214.7% in the third quarter. Citigroup Inc. now owns 114,849 shares of the company's stock valued at $5,444,000 after acquiring an additional 78,349 shares during the last quarter. Finally, Intech Investment Management LLC bought a new position in shares of GFL Environmental in the second quarter valued at approximately $457,000. Institutional investors and hedge funds own 64.70% of the company's stock.

GFL Environmental Price Performance

GFL opened at $42.99 on Monday. GFL Environmental Inc. has a one year low of $40.83 and a one year high of $52.00. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.58 and a quick ratio of 0.58. The company's 50 day simple moving average is $43.24 and its 200-day simple moving average is $44.62. The stock has a market capitalization of $15.39 billion, a P/E ratio of 6.32, a price-to-earnings-growth ratio of 3.35 and a beta of 0.86.

GFL Environmental (NYSE:GFL - Get Free Report) last issued its quarterly earnings results on Wednesday, February 11th. The company reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.12. GFL Environmental had a net margin of 56.61% and a return on equity of 3.66%. The business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.67 billion. During the same quarter last year, the business posted ($0.58) earnings per share. GFL Environmental's revenue for the quarter was up 7.3% compared to the same quarter last year. Sell-side analysts anticipate that GFL Environmental Inc. will post 0.58 earnings per share for the current fiscal year.

GFL Environmental Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Tuesday, January 13th were paid a $0.0154 dividend. This represents a $0.06 annualized dividend and a dividend yield of 0.1%. The ex-dividend date of this dividend was Tuesday, January 13th. GFL Environmental's dividend payout ratio (DPR) is 0.88%.

Analyst Ratings Changes

A number of equities research analysts recently commented on GFL shares. Scotiabank decreased their price target on GFL Environmental from $57.00 to $56.00 and set a "sector outperform" rating on the stock in a research report on Thursday, February 12th. JPMorgan Chase & Co. lifted their price objective on GFL Environmental from $46.75 to $48.00 and gave the company a "neutral" rating in a research report on Wednesday, January 14th. Weiss Ratings lowered GFL Environmental from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, February 9th. Royal Bank Of Canada increased their target price on GFL Environmental from $59.00 to $60.00 and gave the stock an "outperform" rating in a report on Thursday, February 12th. Finally, Barclays raised their target price on GFL Environmental from $62.00 to $63.00 and gave the company an "overweight" rating in a research note on Thursday, February 12th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $56.67.

GFL Environmental 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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