GFL Environmental (NYSE:GFL) Trading 3.1% Higher – Here’s What Happened

GFL Environmental Inc. (NYSE:GFL)’s stock price traded up 3.1% during mid-day trading on Wednesday . The company traded as high as $46.82 and last traded at $45.94. 2,926,708 shares traded hands during mid-day trading, an increase of 143% from the average session volume of 1,206,862 shares. The stock had previously closed at $44.56.

Wall Street Analysts Forecast Growth

GFL has been the subject of a number of research analyst reports. Scotiabank upped their price objective on shares of GFL Environmental from $50.00 to $51.00 and gave the company a “sector outperform” rating in a research note on Friday, November 8th. Truist Financial increased their price target on shares of GFL Environmental from $46.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. UBS Group boosted their price objective on shares of GFL Environmental from $47.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Raymond James increased their target price on GFL Environmental from $47.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.80.

GFL Environmental Stock Performance

The firm has a market capitalization of $17.66 billion, a price-to-earnings ratio of -33.74 and a beta of 1.16. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.58 and a current ratio of 0.58. The stock’s fifty day moving average is $43.95 and its two-hundred day moving average is $41.08.

GFL Environmental (NYSE:GFL) last announced its earnings results on Wednesday, November 6th. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.49 billion. GFL Environmental had a positive return on equity of 3.50% and a negative net margin of 7.54%. Analysts forecast that GFL Environmental Inc. will post 0.59 earnings per share for the current year.

GFL Environmental Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Wednesday, October 16th were given a dividend of $0.014 per share. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.12%. The ex-dividend date of this dividend was Wednesday, October 16th. GFL Environmental’s payout ratio is currently -3.76%.

Institutional Trading of GFL Environmental

Several institutional investors have recently added to or reduced their stakes in the stock. Continuum Advisory LLC increased its position in shares of GFL Environmental by 60.6% in the 3rd quarter. Continuum Advisory LLC now owns 673 shares of the company’s stock worth $29,000 after purchasing an additional 254 shares during 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 purchasing an additional 459 shares during the period. Spartan Fund Management Inc. acquired a new stake in shares of GFL Environmental during the third quarter worth $60,000. Tobam lifted its position in shares of GFL Environmental by 139.5% in the 2nd quarter. Tobam now owns 1,751 shares of the company’s stock worth $68,000 after buying 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 3rd quarter valued at about $82,000. 64.70% of the stock is owned by institutional investors and hedge funds.

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.