Forge First Asset Management Inc. Increases Position in GFL Environmental Inc. $GFL

Forge First Asset Management Inc. boosted its position in GFL Environmental Inc. (NYSE:GFL) by 42.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 416,100 shares of the company’s stock after purchasing an additional 124,900 shares during the period. GFL Environmental makes up about 9.0% of Forge First Asset Management Inc.’s portfolio, making the stock its largest holding. Forge First Asset Management Inc.’s holdings in GFL Environmental were worth $19,713,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Berbice Capital Management LLC acquired a new position in shares of GFL Environmental during the 2nd quarter valued at $25,000. EverSource Wealth Advisors LLC boosted its stake in GFL Environmental by 43.1% during the second quarter. EverSource Wealth Advisors LLC now owns 727 shares of the company’s stock valued at $37,000 after buying an additional 219 shares in the last quarter. Compass Financial Services Inc boosted its stake in GFL Environmental by 63.0% during the second quarter. Compass Financial Services Inc now owns 820 shares of the company’s stock valued at $41,000 after buying an additional 317 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in GFL Environmental by 21.9% during the third quarter. Jones Financial Companies Lllp now owns 1,606 shares of the company’s stock worth $75,000 after acquiring an additional 289 shares during the period. Finally, First Horizon Corp bought a new stake in GFL Environmental in the third quarter worth about $116,000. 64.70% of the stock is owned by institutional investors.

GFL Environmental Trading Up 3.7%

GFL Environmental stock opened at $43.85 on Friday. The company has a 50 day moving average price of $43.00 and a 200 day moving average price of $45.14. GFL Environmental Inc. has a 52 week low of $40.83 and a 52 week high of $52.00. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.58 and a current ratio of 0.58. The firm has a market capitalization of $15.69 billion, a price-to-earnings ratio of 6.45, a P/E/G ratio of 3.29 and a beta of 0.88.

GFL Environmental (NYSE:GFL) last announced its earnings results on Wednesday, February 11th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.12. The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.67 billion. GFL Environmental had a net margin of 56.61% and a return on equity of 3.66%. The company’s revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.58) EPS. Research analysts forecast that GFL Environmental Inc. will post 0.58 EPS for the current year.

GFL Environmental Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Tuesday, January 13th were given a dividend of $0.0154 per share. This represents a $0.06 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend was Tuesday, January 13th. GFL Environmental’s payout ratio is presently 0.88%.

Analysts Set New Price Targets

GFL has been the subject of several research reports. The Goldman Sachs Group began coverage on shares of GFL Environmental in a research report on Monday, November 24th. They set a “neutral” rating and a $50.00 price objective for the company. UBS Group raised their target price on shares of GFL Environmental from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Wells Fargo & Company assumed coverage on shares of GFL Environmental in a research report on Thursday, November 13th. They issued an “overweight” rating on the stock. Royal Bank Of Canada increased their price objective on GFL Environmental from $59.00 to $60.00 and gave the company an “outperform” rating in a research report on Thursday, February 12th. Finally, Barclays raised their price objective on GFL Environmental from $62.00 to $63.00 and gave the stock an “overweight” rating in a research note on Thursday, February 12th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, GFL Environmental has an average rating of “Moderate Buy” and an average price target of $56.67.

GFL Environmental Company 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.