Fred Alger Management LLC Purchases 3,999,363 Shares of GFL Environmental Inc. (NYSE:GFL)

Fred Alger Management LLC lifted its position in shares of GFL Environmental Inc. (NYSE:GFL) by 64.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,221,130 shares of the company’s stock after purchasing an additional 3,999,363 shares during the quarter. GFL Environmental accounts for 2.0% of Fred Alger Management LLC’s portfolio, making the stock its 9th largest position. Fred Alger Management LLC owned approximately 2.71% of GFL Environmental worth $407,619,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Verition Fund Management LLC grew its position in shares of GFL Environmental by 539.9% in the 3rd quarter. Verition Fund Management LLC now owns 84,468 shares of the company’s stock valued at $3,369,000 after purchasing an additional 71,268 shares during the period. Walleye Trading LLC acquired a new position in shares of GFL Environmental in the third quarter valued at approximately $606,000. PEAK6 Investments LLC bought a new stake in shares of GFL Environmental during the third quarter worth $2,473,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of GFL Environmental by 2.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 44,293 shares of the company’s stock worth $1,769,000 after acquiring an additional 848 shares during the period. Finally, Boussard & Gavaudan Investment Management LLP bought a new stake in GFL Environmental in the 3rd quarter valued at $2,584,000. Institutional investors and hedge funds own 64.70% of the company’s stock.

Wall Street Analysts Forecast Growth

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

GFL Environmental Stock Down 0.8 %

GFL Environmental stock opened at $46.26 on Friday. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.58 and a quick ratio of 0.58. The company’s 50-day moving average is $42.19 and its 200-day moving average is $39.59. The firm has a market capitalization of $18.20 billion, a PE ratio of -34.78 and a beta of 1.15. GFL Environmental Inc. has a fifty-two week low of $26.87 and a fifty-two week high of $47.11.

GFL Environmental (NYSE:GFL) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.24 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.49 billion. Sell-side analysts anticipate that GFL Environmental Inc. will post 0.59 earnings per share for the current year.

GFL Environmental Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Wednesday, October 16th were issued a dividend of $0.014 per share. This represents a $0.06 annualized dividend and a dividend yield of 0.12%. The ex-dividend date of this dividend was Wednesday, October 16th. GFL Environmental’s payout ratio 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.