Fred Alger Management LLC Decreases Stake in GFL Environmental Inc. $GFL

Key Points

• Fred Alger Management LLC reduced its stake in GFL Environmental Inc. by 9.2%, holding nearly 9.46 million shares valued at approximately $456.81 million, making it the firm's 7th largest position.
• Several institutional investors increased their positions in GFL, leading to a total of 64.70% of the stock now owned by institutional investors and hedge funds.
• Brokerages have raised their target prices for GFL, with Truist Financial setting a new price target of $60.00, reflecting positive analyst sentiment towards the stock.

Fred Alger Management LLC lowered its stake in GFL Environmental Inc. (NYSE:GFL - Free Report) by 9.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,455,847 shares of the company's stock after selling 955,301 shares during the quarter. GFL Environmental makes up 2.6% of Fred Alger Management LLC's investment portfolio, making the stock its 7th largest holding. Fred Alger Management LLC owned about 2.40% of GFL Environmental worth $456,812,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of GFL. American Century Companies Inc. increased its stake in GFL Environmental by 87.2% in the 1st quarter. American Century Companies Inc. now owns 4,515,302 shares of the company's stock worth $218,134,000 after purchasing an additional 2,102,663 shares in the last quarter. Robeco Schweiz AG purchased a new position in GFL Environmental in the 1st quarter worth about $32,724,000. 1832 Asset Management L.P. purchased a new position in GFL Environmental in the 1st quarter worth about $27,150,000. Ghisallo Capital Management LLC purchased a new position in GFL Environmental in the 1st quarter worth about $26,570,000. Finally, Canada Pension Plan Investment Board increased its stake in GFL Environmental by 101.7% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,089,215 shares of the company's stock worth $52,621,000 after purchasing an additional 549,309 shares in the last quarter. Hedge funds and other institutional investors own 64.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GFL. Truist Financial lifted their price target on GFL Environmental from $58.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Citigroup lifted their target price on GFL Environmental from $56.00 to $58.00 and gave the company a "buy" rating in a research note on Monday, August 4th. National Bank Financial raised GFL Environmental to a "strong-buy" rating in a research note on Monday, May 26th. JPMorgan Chase & Co. initiated coverage on GFL Environmental in a research note on Friday, May 23rd. They set a "neutral" rating and a $54.00 target price on the stock. Finally, Royal Bank Of Canada lifted their target price on GFL Environmental from $56.00 to $59.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, GFL Environmental has a consensus rating of "Buy" and a consensus price target of $57.86.

GFL Environmental Stock Performance

Shares of NYSE GFL traded down $0.97 during trading hours on Friday, reaching $47.17. The stock had a trading volume of 1,139,391 shares, compared to its average volume of 1,123,994. The business's fifty day moving average is $48.91 and its two-hundred day moving average is $48.63. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.67 and a quick ratio of 0.67. The company has a market cap of $17.14 billion, a price-to-earnings ratio of 7.43 and a beta of 1.11. GFL Environmental Inc. has a twelve month low of $38.78 and a twelve month high of $52.00.

GFL Environmental (NYSE:GFL - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $0.19 EPS for the quarter, meeting analysts' consensus estimates of $0.19. The business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.68 billion. GFL Environmental had a return on equity of 3.71% and a net margin of 48.53%.GFL Environmental's revenue was up 5.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.29 earnings per share. GFL Environmental has set its FY 2025 guidance at EPS. As a group, 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. Investors 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%. The ex-dividend date was Monday, July 14th. GFL Environmental's dividend payout ratio is presently 0.94%.

GFL Environmental 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.