CIBC Asset Management Inc Sells 327,318 Shares of GFL Environmental Inc. (NYSE:GFL)

CIBC Asset Management Inc decreased its holdings in shares of GFL Environmental Inc. (NYSE:GFL) by 14.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,005,097 shares of the company’s stock after selling 327,318 shares during the quarter. CIBC Asset Management Inc owned 0.53% of GFL Environmental worth $80,017,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Oppenheimer Asset Management Inc. increased its stake in GFL Environmental by 93.9% in the third quarter. Oppenheimer Asset Management Inc. now owns 40,304 shares of the company’s stock worth $1,607,000 after purchasing an additional 19,520 shares during the period. Aigen Investment Management LP increased its stake in GFL Environmental by 87.3% in the 3rd quarter. Aigen Investment Management LP now owns 13,665 shares of the company’s stock worth $545,000 after buying an additional 6,370 shares during the period. FDx Advisors Inc. lifted its holdings in GFL Environmental by 72.7% during the 3rd quarter. FDx Advisors Inc. now owns 11,166 shares of the company’s stock valued at $445,000 after buying an additional 4,702 shares in the last quarter. Atria Investments Inc boosted its position in GFL Environmental by 11.3% in the 3rd quarter. Atria Investments Inc now owns 15,400 shares of the company’s stock valued at $614,000 after buying an additional 1,567 shares during the period. Finally, Harbor Capital Advisors Inc. grew its stake in GFL Environmental by 115.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 49,566 shares of the company’s stock worth $1,977,000 after acquiring an additional 26,542 shares in the last quarter. Institutional investors own 64.70% of the company’s stock.

Wall Street Analyst Weigh In

GFL has been the subject of a number of research reports. Truist Financial boosted their price target on GFL Environmental from $46.00 to $54.00 and gave the company a “buy” rating in a report on Friday, November 8th. Raymond James raised their price target on GFL Environmental from $47.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Scotiabank upped their price objective on shares of GFL Environmental from $50.00 to $51.00 and gave the stock a “sector outperform” rating in a research note on Friday, November 8th. Royal Bank of Canada increased their target price on shares of GFL Environmental from $46.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, UBS Group boosted their price target on shares of GFL Environmental from $47.00 to $50.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, GFL Environmental has a consensus rating of “Moderate Buy” and an average price target of $45.80.

GFL Environmental Price Performance

NYSE GFL opened at $43.38 on Friday. GFL Environmental Inc. has a 12-month low of $26.87 and a 12-month high of $46.48. The firm’s fifty day simple moving average is $41.01 and its two-hundred day simple moving average is $38.68. The company has a current ratio of 0.58, a quick ratio of 0.89 and a debt-to-equity ratio of 1.27. The firm has a market capitalization of $16.33 billion, a P/E ratio of -32.62 and a beta of 1.15.

GFL Environmental (NYSE:GFL) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. GFL Environmental had a positive return on equity of 3.50% and a negative net margin of 7.54%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.49 billion. Analysts forecast that GFL Environmental Inc. will post 0.6 EPS for the current fiscal year.

GFL Environmental Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Wednesday, October 16th were paid a $0.014 dividend. The ex-dividend date of this dividend was Wednesday, October 16th. This represents a $0.06 dividend on an annualized basis and a yield of 0.13%. GFL Environmental’s dividend payout ratio (DPR) is -4.51%.

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.