CIBC Asset Management Inc Sells 874,858 Shares of GFL Environmental Inc. (NYSE:GFL)

CIBC Asset Management Inc cut its position in GFL Environmental Inc. (NYSE:GFL - Free Report) by 27.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,332,415 shares of the company's stock after selling 874,858 shares during the quarter. CIBC Asset Management Inc owned approximately 0.62% of GFL Environmental worth $90,780,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of GFL. Tobam purchased a new stake in GFL Environmental during the first quarter valued at approximately $25,000. Headlands Technologies LLC purchased a new stake in GFL Environmental in the first quarter valued at about $39,000. Cape Investment Advisory Inc. boosted its holdings in 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 acquiring an additional 975 shares in the last quarter. Fifth Third Bancorp boosted its holdings in GFL Environmental by 51.1% in the second quarter. Fifth Third Bancorp now owns 1,358 shares of the company's stock worth $53,000 after acquiring an additional 459 shares in the last quarter. Finally, Central Pacific Bank Trust Division purchased a new stake in shares of GFL Environmental during the first quarter worth about $69,000. 64.70% of the stock is owned by hedge funds and other institutional investors.

GFL Environmental Stock Performance

Shares of NYSE GFL traded up $0.71 during midday trading on Monday, reaching $43.31. 667,700 shares of the stock were exchanged, compared to its average volume of 1,206,288. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.45. The firm has a market cap of $16.30 billion, a price-to-earnings ratio of 88.39 and a beta of 1.16. The firm has a 50-day simple moving average of $39.78 and a two-hundred day simple moving average of $36.28. GFL Environmental Inc. has a twelve month low of $26.87 and a twelve month high of $43.79.

GFL Environmental (NYSE:GFL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.01. GFL Environmental had a positive return on equity of 3.32% and a negative net margin of 8.78%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. As a group, analysts anticipate that GFL Environmental Inc. will post 0.62 EPS for the current fiscal year.

GFL Environmental Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Monday, July 15th were given a $0.014 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.06 annualized dividend and a dividend yield of 0.13%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on GFL. Raymond James lifted their target price on shares of GFL Environmental from $43.00 to $45.00 and gave the stock an "outperform" rating in a research note on Monday, July 22nd. Royal Bank of Canada raised their target price on GFL Environmental from $46.00 to $48.00 and gave the stock an "outperform" rating in a research note on Friday, August 2nd. TD Cowen boosted their price target on GFL Environmental from $42.00 to $43.00 and gave the company a "buy" rating in a research note on Monday, May 6th. Finally, BMO Capital Markets lowered GFL Environmental from an "outperform" rating to a "market perform" rating and cut their price objective for the company from $43.00 to $42.00 in a report on Tuesday, July 9th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $42.64.

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.