Principal Financial Group Inc. Purchases New Shares in GFL Environmental Inc. $GFL

by · The Cerbat Gem

Principal Financial Group Inc. purchased a new position in shares of GFL Environmental Inc. (NYSE:GFL – Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 16,900 shares of the company’s stock, valued at approximately $703,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Capital Research Global Investors raised its stake in shares of GFL Environmental by 17.6% in the fourth quarter. Capital Research Global Investors now owns 21,863,632 shares of the company’s stock worth $939,043,000 after acquiring an additional 3,267,936 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of GFL Environmental by 9.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 11,201,976 shares of the company’s stock worth $481,125,000 after purchasing an additional 977,344 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of GFL Environmental by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 11,156,675 shares of the company’s stock valued at $479,255,000 after purchasing an additional 97,020 shares during the last quarter. Pictet Asset Management Holding SA grew its stake in shares of GFL Environmental by 2.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 8,511,198 shares of the company’s stock valued at $365,595,000 after purchasing an additional 185,169 shares during the last quarter. Finally, CIBC Asset Management Inc increased its holdings in shares of GFL Environmental by 25.8% in the fourth quarter. CIBC Asset Management Inc now owns 5,101,264 shares of the company’s stock valued at $219,360,000 after purchasing an additional 1,047,180 shares in the last quarter. Institutional investors own 64.70% of the company’s stock.

GFL Environmental Trading Down 0.1%

GFL opened at $41.32 on Friday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.75 and a quick ratio of 1.51. The company has a market cap of $14.82 billion, a price-to-earnings ratio of -77.97, a price-to-earnings-growth ratio of 3.13 and a beta of 0.70. The firm has a 50 day simple moving average of $37.39 and a 200 day simple moving average of $40.08. GFL Environmental Inc. has a fifty-two week low of $33.33 and a fifty-two week high of $51.51.

GFL Environmental (NYSE:GFL – Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.03). GFL Environmental had a negative net margin of 3.28% and a positive return on equity of 4.14%. The business had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the prior year, the company earned $0.26 earnings per share. The company’s quarterly revenue was up 16.3% on a year-over-year basis. On average, sell-side analysts anticipate that GFL Environmental Inc. will post 0.56 earnings per share for the current year.

GFL Environmental Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Monday, July 13th were paid a $0.0169 dividend. The ex-dividend date of this dividend was Monday, July 13th. This represents a $0.07 dividend on an annualized basis and a dividend yield of 0.2%. GFL Environmental’s dividend payout ratio is -13.21%.

Analysts Set New Price Targets

GFL has been the subject of several research analyst reports. Weiss Ratings upgraded shares of GFL Environmental from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday. Zacks Research lowered GFL Environmental from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 22nd. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of GFL Environmental in a research note on Friday. Citigroup set a $51.00 target price on GFL Environmental and gave the stock a “buy” rating in a research report on Monday, July 6th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of GFL Environmental in a research note on Friday. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, GFL Environmental presently has a consensus rating of “Moderate Buy” and an average target price of $54.75.

View Our Latest Report on GFL

About GFL Environmental

(Free Report)

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.

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