Maverick Capital Ltd. Reduces Position in GFL Environmental Inc. $GFL

Maverick Capital Ltd. decreased its holdings in GFL Environmental Inc. (NYSE:GFL) by 23.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,849,656 shares of the company’s stock after selling 1,173,761 shares during the period. GFL Environmental makes up approximately 1.9% of Maverick Capital Ltd.’s investment portfolio, making the stock its 24th largest position. Maverick Capital Ltd. owned about 1.08% of GFL Environmental worth $160,609,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Advent International L.P. grew its position in shares of GFL Environmental by 117.1% in the first quarter. Advent International L.P. now owns 823,010 shares of the company’s stock valued at $34,336,000 after purchasing an additional 443,918 shares in the last quarter. OMERS ADMINISTRATION Corp acquired a new position in GFL Environmental during the first quarter worth $851,000. Lombard Odier Asset Management Switzerland SA acquired a new position in GFL Environmental during the first quarter worth $201,000. Renaissance Technologies LLC grew its holdings in GFL Environmental by 249.8% in the 1st quarter. Renaissance Technologies LLC now owns 458,847 shares of the company’s stock valued at $19,143,000 after buying an additional 327,686 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in GFL Environmental by 13.6% in the 1st quarter. Sei Investments Co. now owns 500,055 shares of the company’s stock valued at $20,863,000 after buying an additional 59,859 shares in the last quarter. 64.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Zacks Research cut shares of GFL Environmental from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 22nd. JPMorgan Chase & Co. increased their price target on shares of GFL Environmental from $40.00 to $41.00 and gave the company an “underweight” rating in a research note on Thursday, July 16th. Scotiabank dropped their price target on shares of GFL Environmental from $56.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, May 4th. Weiss Ratings downgraded shares of GFL Environmental from a “sell (d+)” rating to a “sell (d)” rating in a report on Tuesday, July 14th. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of GFL Environmental in a research report on Wednesday, May 13th. Twelve research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $54.89.

GFL Environmental Stock Down 1.7%

Shares of GFL opened at $38.99 on Tuesday. The company’s 50-day moving average price is $37.04 and its 200 day moving average price is $40.11. GFL Environmental Inc. has a 12-month low of $33.33 and a 12-month high of $51.51. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 1.32. The firm has a market cap of $13.99 billion, a P/E ratio of 121.86, a price-to-earnings-growth ratio of 3.01 and a beta of 0.70.

GFL Environmental (NYSE:GFL) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.17 billion. GFL Environmental had a net margin of 3.09% and a return on equity of 4.53%. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period last year, the business earned ($0.09) earnings per share. On average, sell-side analysts forecast that GFL Environmental Inc. will post 0.56 earnings per share for the current year.

GFL Environmental Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, July 13th will be issued a $0.0169 dividend. This represents a $0.07 annualized dividend and a yield of 0.2%. The ex-dividend date is Monday, July 13th. GFL Environmental’s dividend payout ratio (DPR) is 18.75%.

GFL Environmental Company Profile

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.