GFL Environmental (NYSE:GFL) Shares Gap Up – Here’s What Happened

GFL Environmental Inc. (NYSE:GFL) shares gapped up prior to trading on Tuesday . The stock had previously closed at $44.02, but opened at $45.62. GFL Environmental shares last traded at $44.55, with a volume of 357,460 shares traded.

Analysts Set New Price Targets

A number of research firms have weighed in on GFL. Scotiabank boosted their price objective 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. UBS Group lifted their price target on shares of GFL Environmental from $47.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Truist Financial increased their price objective on shares of GFL Environmental from $46.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, Raymond James boosted their target price on GFL Environmental from $47.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $45.80.

GFL Environmental Trading Up 2.8 %

The firm has a market capitalization of $17.60 billion, a P/E ratio of -33.65 and a beta of 1.17. The stock has a 50-day simple moving average of $44.93 and a two-hundred day simple moving average of $41.79. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 1.27.

GFL Environmental (NYSE:GFL) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.24 earnings per share 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 during the quarter, compared to the consensus estimate of $1.49 billion. On average, equities research analysts anticipate that GFL Environmental Inc. will post 0.59 earnings per share for the current year.

GFL Environmental Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Monday, January 13th will be given a $0.014 dividend. The ex-dividend date is Monday, January 13th. This represents a $0.06 annualized dividend and a dividend yield of 0.13%. GFL Environmental’s payout ratio is presently -3.76%.

Hedge Funds Weigh In On GFL Environmental

Hedge funds and other institutional investors have recently modified their holdings of the business. FMR LLC lifted its holdings in GFL Environmental by 7.4% during the third quarter. FMR LLC now owns 25,158,657 shares of the company’s stock worth $1,003,591,000 after buying an additional 1,728,598 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of GFL Environmental by 2.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 11,817,626 shares of the company’s stock worth $471,287,000 after acquiring an additional 257,486 shares in the last quarter. Fred Alger Management LLC boosted its position in GFL Environmental by 64.3% during the third quarter. Fred Alger Management LLC now owns 10,221,130 shares of the company’s stock valued at $407,619,000 after purchasing an additional 3,999,363 shares in the last quarter. Millennium Management LLC grew its stake in GFL Environmental by 40.0% in the second quarter. Millennium Management LLC now owns 5,649,169 shares of the company’s stock valued at $219,922,000 after purchasing an additional 1,614,182 shares during the last quarter. Finally, Maverick Capital Ltd. raised its holdings in GFL Environmental by 11.3% in the third quarter. Maverick Capital Ltd. now owns 3,658,190 shares of the company’s stock worth $145,889,000 after purchasing an additional 372,534 shares in the last quarter. 64.70% of the stock is currently owned by institutional investors.

GFL Environmental Company Profile

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.