GFL Environmental Inc. $GFL Stock Position Raised by Banque Pictet & Cie SA

Key Points

• Banque Pictet & Cie SA more than doubled its GFL Environmental stake by 123.9% in the third quarter, acquiring 263,206 additional shares and ending with a 0.13% position valued at approximately $19.9 million. Institutional investors collectively own 64.7% of the stock.
• Analyst sentiment is generally positive, with nine Buy, three Hold, and two Sell ratings producing a “Moderate Buy” consensus and an average price target of $57.44.
• GFL reported quarterly revenue of $1.37 billion, up 16.3% year over year and above estimates, but EPS of $0.14 missed expectations of $0.17. The company also declared a quarterly dividend of $0.0169, equivalent to an annualized yield of roughly 0.2%.

Banque Pictet & Cie SA increased its holdings in GFL Environmental Inc. (NYSE:GFL - Free Report) by 123.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 475,596 shares of the company's stock after buying an additional 263,206 shares during the quarter. Banque Pictet & Cie SA owned 0.13% of GFL Environmental worth $19,918,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Bank of America Corp DE raised its holdings in GFL Environmental by 43.8% during the first quarter. Bank of America Corp DE now owns 1,847,166 shares of the company's stock valued at $77,064,000 after acquiring an additional 563,001 shares during the period. Verbena Value LP boosted its holdings in shares of GFL Environmental by 44.7% during the 1st quarter. Verbena Value LP now owns 1,211,100 shares of the company's stock valued at $50,527,000 after purchasing an additional 374,000 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of 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 during the last quarter. Advent International L.P. grew its position in shares of GFL Environmental by 117.1% during the first 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, Swiss National Bank increased its holdings in shares of GFL Environmental by 26.0% in the first quarter. Swiss National Bank now owns 815,500 shares of the company's stock worth $33,969,000 after purchasing an additional 168,200 shares during the last quarter. 64.70% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

GFL has been the subject of a number of analyst reports. Barclays started coverage on GFL Environmental in a research report on Wednesday, September 2nd. They issued an "overweight" rating and a $58.00 price target for the company. JPMorgan Chase & Co. increased their target price on shares of GFL Environmental from $40.00 to $41.00 and gave the company an "underweight" rating in a research note on Thursday, July 16th. BMO Capital Markets reissued a "market perform" rating on shares of GFL Environmental in a research note on Thursday. TD Cowen restated a "buy" rating and issued a $65.00 target price on shares of GFL Environmental in a report on Friday, September 11th. Finally, Weiss Ratings raised shares of GFL Environmental from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday, August 26th. Nine research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $57.44.

GFL Environmental Stock Performance

Shares of GFL stock opened at $43.86 on Friday. The firm's 50 day moving average price is $42.10 and its 200-day moving average price is $39.76. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.75 and a current ratio of 0.75. GFL Environmental Inc. has a one year low of $33.33 and a one year high of $47.01. The firm has a market cap of $15.83 billion, a P/E ratio of 69.13, a P/E/G ratio of 3.38 and a beta of 0.72.

GFL Environmental (NYSE:GFL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.17 by ($0.03). The firm had revenue of $1.37 billion during the quarter, compared to analysts' expectations of $1.33 billion. GFL Environmental had a positive return on equity of 4.14% and a negative net margin of 3.28%. The firm's revenue was up 16.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.26 EPS. As a group, equities research analysts predict that GFL Environmental Inc. will post 0.55 EPS for the current year.

GFL Environmental Dividend Announcement

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

GFL Environmental Profile

GFL Environmental Inc is a North American 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.

GFL also provides recycling and organics management services, including the processing of recyclable materials and organic waste. Its environmental services include liquid waste management, soil remediation, infrastructure services and other specialized solutions for industrial and commercial customers.

Founded in 2007, GFL is headquartered in Vaughan, Ontario, and serves communities and customers across Canada and the United States.

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