Jennison Associates LLC Reduces Holdings in GFL Environmental Inc. (NYSE:GFL)

Jennison Associates LLC reduced its stake in GFL Environmental Inc. (NYSE:GFL) by 12.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,442,995 shares of the company’s stock after selling 201,071 shares during the period. Jennison Associates LLC’s holdings in GFL Environmental were worth $57,547,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of GFL. Cape Investment Advisory Inc. raised its holdings in shares of GFL Environmental by 325.0% in the first quarter. Cape Investment Advisory Inc. now owns 1,275 shares of the company’s stock worth $44,000 after buying an additional 975 shares during the last quarter. Fifth Third Bancorp raised its stake in GFL Environmental by 51.1% in the 2nd quarter. Fifth Third Bancorp now owns 1,358 shares of the company’s stock worth $53,000 after acquiring an additional 459 shares during the last quarter. Spartan Fund Management Inc. acquired a new stake in GFL Environmental during the 3rd quarter worth about $60,000. Tobam grew its stake in GFL Environmental by 139.5% during the 2nd quarter. Tobam now owns 1,751 shares of the company’s stock valued at $68,000 after purchasing an additional 1,020 shares during the last quarter. Finally, Avior Wealth Management LLC acquired a new position in shares of GFL Environmental in the third quarter valued at about $82,000. 64.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

GFL Environmental Stock Performance

NYSE GFL opened at $45.27 on Thursday. The stock has a market cap of $17.05 billion, a PE ratio of -34.04 and a beta of 1.15. GFL Environmental Inc. has a twelve month low of $26.87 and a twelve month high of $46.48. The stock has a fifty day simple moving average of $41.41 and a 200-day simple moving average of $39.07. 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 announced its earnings results on Wednesday, November 6th. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. GFL Environmental had a negative net margin of 7.54% and a positive return on equity of 3.50%. The company had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.49 billion. Equities analysts anticipate that GFL Environmental Inc. will post 0.6 earnings per share for the current year.

GFL Environmental Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Wednesday, October 16th were paid a dividend of $0.014 per share. This represents a $0.06 dividend on an annualized basis and a yield of 0.12%. The ex-dividend date of this dividend was Wednesday, October 16th. GFL Environmental’s dividend payout ratio (DPR) 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.