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

Pictet Asset Management Holding SA reduced its position in GFL Environmental Inc. (NYSE:GFL) by 27.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (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’s holdings in GFL Environmental were worth $256,681,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd purchased a new position in shares of GFL Environmental during the fourth quarter valued at approximately $25,000. Sunbelt Securities Inc. purchased a new stake in shares of GFL Environmental in the third quarter worth approximately $33,000. EverSource Wealth Advisors LLC lifted its stake in shares of 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 last quarter. Caitong International Asset Management Co. Ltd lifted its stake in shares of 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 last quarter. Finally, Summit Securities Group LLC purchased a new position in GFL Environmental during the 4th quarter valued at $72,000. Institutional investors own 64.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on GFL. Wolfe Research initiated coverage on GFL Environmental in a research report on Friday, March 13th. They issued an “outperform” rating on the stock. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of GFL Environmental in a research report on Wednesday, May 13th. Citigroup lowered their target price on shares of GFL Environmental from $55.00 to $51.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. JPMorgan Chase & Co. cut shares of GFL Environmental from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $49.00 to $42.00 in a report on Tuesday, April 14th. Finally, Weiss Ratings cut shares of GFL Environmental from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, May 15th. Twelve equities research 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. According to MarketBeat.com, GFL Environmental currently has an average rating of “Moderate Buy” and an average price target of $55.00.

GFL Environmental Stock Performance

GFL stock opened at $37.39 on Friday. GFL Environmental Inc. has a 1-year low of $33.33 and a 1-year high of $51.51. The business has a 50-day moving average price of $36.78 and a 200 day moving average price of $40.81. The company has a market capitalization of $13.41 billion, a P/E ratio of 116.85, a PEG ratio of 2.90 and a beta of 0.71. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.51 and a quick ratio of 1.51.

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

GFL Environmental Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 30th. Investors of record on Monday, April 13th were issued 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 dividend payout ratio is 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.