Fred Alger Management LLC Increases Stock Holdings in GFL Environmental Inc. (NYSE:GFL)

Fred Alger Management LLC raised its stake in GFL Environmental Inc. (NYSE:GFL - Free Report) by 64.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,221,130 shares of the company's stock after acquiring an additional 3,999,363 shares during the period. GFL Environmental makes up 2.0% of Fred Alger Management LLC's portfolio, making the stock its 9th largest holding. Fred Alger Management LLC owned approximately 2.71% of GFL Environmental worth $407,619,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the stock. Cape Investment Advisory Inc. grew 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 valued at $44,000 after purchasing an additional 975 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of 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 buying an additional 459 shares during the last quarter. Spartan Fund Management Inc. purchased a new stake in shares of GFL Environmental during the 3rd quarter valued at about $60,000. Tobam lifted its holdings in shares of GFL Environmental by 139.5% in the 2nd quarter. Tobam now owns 1,751 shares of the company's stock valued at $68,000 after acquiring an additional 1,020 shares during the last quarter. Finally, Avior Wealth Management LLC purchased a new position in GFL Environmental in the third quarter worth about $82,000. Hedge funds and other institutional investors own 64.70% of the company's stock.

GFL Environmental Trading Up 1.8 %

Shares of NYSE:GFL traded up $0.84 during trading on Friday, reaching $47.10. 544,076 shares of the company were exchanged, compared to its average volume of 1,211,438. The business's fifty day simple moving average is $42.34 and its 200-day simple moving average is $39.69. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.58 and a quick ratio of 0.58. GFL Environmental Inc. has a 12-month low of $27.64 and a 12-month high of $47.16. The firm has a market capitalization of $18.53 billion, a PE ratio of -35.41 and a beta of 1.15.

GFL Environmental (NYSE:GFL - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported $0.24 earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.49 billion. On average, research analysts anticipate that GFL Environmental Inc. will post 0.59 EPS for the current year.

GFL Environmental Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Wednesday, October 16th were issued a dividend of $0.014 per share. This represents a $0.06 annualized dividend and a yield of 0.12%. The ex-dividend date was Wednesday, October 16th. GFL Environmental's payout ratio is -4.51%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on GFL shares. UBS Group upped their price objective on GFL Environmental from $47.00 to $50.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Truist Financial increased their price target on GFL Environmental from $46.00 to $54.00 and gave the company a "buy" rating in a report on Friday, November 8th. Scotiabank lifted their price objective 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. Royal Bank of Canada increased their target price on shares of GFL Environmental from $46.00 to $48.00 and gave the company an "outperform" rating in a research note on Friday, August 2nd. Finally, Raymond James lifted their price target on shares of GFL Environmental from $47.00 to $50.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, GFL Environmental presently has a consensus rating of "Moderate Buy" and a consensus target price of $45.80.

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.