Pictet Asset Management Holding SA Sells 2,357,554 Shares of GFL Environmental Inc. $GFL

Pictet Asset Management Holding SA decreased its position in GFL Environmental Inc. (NYSE:GFL) by 27.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,153,644 shares of the company’s stock after selling 2,357,554 shares during the quarter. Pictet Asset Management Holding SA owned approximately 1.72% of GFL Environmental worth $256,681,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of GFL. Aster Capital Management DIFC Ltd purchased a new position in shares of GFL Environmental during the 4th quarter valued at about $25,000. Sunbelt Securities Inc. purchased a new stake in GFL Environmental in the 3rd quarter worth approximately $33,000. EverSource Wealth Advisors LLC raised its stake in GFL Environmental by 43.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 727 shares of the company’s stock worth $37,000 after acquiring an additional 219 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in GFL Environmental by 45.2% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 976 shares of the company’s stock worth $46,000 after acquiring an additional 304 shares during the period. Finally, Summit Securities Group LLC purchased a new position in GFL Environmental during the fourth quarter valued at approximately $72,000. 64.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on GFL shares. JPMorgan Chase & Co. downgraded GFL Environmental from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $49.00 to $42.00 in a research report on Tuesday, April 14th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of GFL Environmental in a research note on Wednesday, May 13th. Scotiabank lowered their price target on GFL Environmental from $56.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday, May 4th. Citigroup reduced their price objective on shares of GFL Environmental from $55.00 to $51.00 and set a “buy” rating on the stock in a research report on Tuesday, April 14th. Finally, Zacks Research cut shares of GFL Environmental from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 22nd. Twelve investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $55.00.

GFL Environmental Stock Performance

GFL Environmental stock opened at $37.39 on Friday. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.32. GFL Environmental Inc. has a twelve month low of $33.33 and a twelve month high of $51.51. The company’s 50-day moving average price is $36.78 and its 200-day moving average price is $40.81. The company has a market cap of $13.41 billion, a PE ratio of 116.85, a price-to-earnings-growth ratio of 2.90 and a beta of 0.71.

GFL Environmental (NYSE:GFL) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.01. The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.17 billion. GFL Environmental had a return on equity of 4.53% and a net margin of 3.09%.The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.09) earnings per share. On average, equities research analysts forecast that GFL Environmental Inc. will post 0.54 EPS for the current fiscal year.

GFL Environmental Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 30th. Shareholders of record on Monday, April 13th were paid a dividend of $0.0169 per share. The ex-dividend date of this dividend was Monday, April 13th. This is a positive change from GFL Environmental’s previous quarterly dividend of $0.02. This represents a $0.07 annualized dividend and a yield of 0.2%. GFL Environmental’s payout ratio is presently 21.88%.

About GFL Environmental

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.