GFL Environmental Inc. $GFL Stock: Cardinal Point Capital Management ULC Raises Stake

Key Points

• Cardinal Point Capital Management ULC increased its GFL Environmental stake by 785% in the third quarter, holding 72,349 shares valued at approximately $3.03 million. Institutional investors collectively own 64.7% of the company.
• Analyst sentiment remains broadly positive, with nine Buy ratings, three Holds and two Sells; GFL has a “Moderate Buy” consensus rating and an average price target of $57.56 versus its recent price of $43.58.
• GFL reported quarterly revenue of $1.37 billion, up 16.3% year over year, but earnings of $0.14 per share fell short of the $0.17 consensus estimate. The company also declared a quarterly dividend of $0.0169 per share, representing a 0.2% yield.

Cardinal Point Capital Management ULC lifted its stake in GFL Environmental Inc. (NYSE:GFL - Free Report) by 785.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,349 shares of the company's stock after purchasing an additional 64,174 shares during the quarter. Cardinal Point Capital Management ULC's holdings in GFL Environmental were worth $3,032,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. QV Investors Inc. purchased a new stake in GFL Environmental during the 3rd quarter valued at about $44,887,000. Bank of America Corp DE increased its stake in GFL Environmental by 43.8% during the 1st quarter. Bank of America Corp DE now owns 1,847,166 shares of the company's stock valued at $77,064,000 after purchasing an additional 563,001 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in GFL Environmental by 68.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,158,643 shares of the company's stock valued at $48,309,000 after purchasing an additional 471,935 shares in the last quarter. Advent International L.P. increased its stake in GFL Environmental by 117.1% during the 1st quarter. Advent International L.P. now owns 823,010 shares of the company's stock valued at $34,336,000 after purchasing an additional 443,918 shares in the last quarter. Finally, Verbena Value LP raised its holdings in GFL Environmental by 44.7% in the first quarter. Verbena Value LP now owns 1,211,100 shares of the company's stock worth $50,527,000 after buying an additional 374,000 shares during the last quarter. Hedge funds and other institutional investors own 64.70% of the company's stock.

Analyst Upgrades and Downgrades

GFL has been the topic of several analyst reports. Weiss Ratings upgraded shares of GFL Environmental from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday, August 26th. BMO Capital Markets reiterated a "market perform" rating on shares of GFL Environmental in a report on Thursday, October 15th. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of GFL Environmental in a research report on Monday, August 31st. Scotiabank reduced their price target on shares of GFL Environmental from $57.00 to $55.00 and set a "sector outperform" rating for the company in a research report on Thursday, October 15th. Finally, Barclays assumed coverage on shares of GFL Environmental in a report on Wednesday, September 2nd. They issued an "overweight" rating and a $58.00 price objective for the company. Nine investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $57.56.

GFL Environmental Trading Down 2.0%

Shares of NYSE:GFL opened at $43.58 on Thursday. The company has a market cap of $15.73 billion, a P/E ratio of -82.22, a PEG ratio of 3.42 and a beta of 0.72. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.75 and a quick ratio of 0.75. GFL Environmental Inc. has a 1 year low of $33.33 and a 1 year high of $47.01. The stock's fifty day moving average price is $42.28 and its 200-day moving average price is $39.78.

GFL Environmental (NYSE:GFL - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.03). GFL Environmental had a negative net margin of 3.28% and a positive return on equity of 4.14%. The business had revenue of $1.37 billion for the quarter, compared to analysts' expectations of $1.33 billion. During the same period last year, the business earned $0.26 earnings per share. The company's quarterly revenue was up 16.3% on a year-over-year basis. Sell-side analysts expect that GFL Environmental Inc. will post 0.55 earnings per share for the current year.

GFL Environmental Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Wednesday, October 14th will be issued a dividend of $0.0169 per share. This represents a $0.07 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Wednesday, October 14th. GFL Environmental's dividend payout ratio (DPR) is presently -13.21%.

GFL Environmental Profile

GFL Environmental Inc is a Canadian environmental services company that provides waste management and related infrastructure services to municipal, residential, commercial, industrial and institutional customers. The company's operations include the collection, transfer, processing, recycling and disposal of non-hazardous solid waste, as well as organics and other resource-recovery services.

GFL also provides infrastructure and soil remediation services, including the management of contaminated materials and related environmental projects.

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