Progeny 3 Inc. Grows Stock Holdings in GFL Environmental Inc. (NYSE:GFL)

Progeny 3 Inc. raised its position in shares of GFL Environmental Inc. (NYSE:GFL) by 14.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,018,300 shares of the company’s stock after buying an additional 125,000 shares during the quarter. GFL Environmental comprises about 3.6% of Progeny 3 Inc.’s investment portfolio, making the stock its 13th largest holding. Progeny 3 Inc. owned approximately 0.26% of GFL Environmental worth $45,355,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Avanza Fonder AB purchased a new position in shares of GFL Environmental in the 4th quarter valued at approximately $1,063,000. Goldstein Advisors LLC raised its position in shares of GFL Environmental by 20.8% in the 4th quarter. Goldstein Advisors LLC now owns 7,418 shares of the company’s stock valued at $330,000 after purchasing an additional 1,278 shares during the last quarter. Berbice Capital Management LLC purchased a new position in shares of GFL Environmental in the 4th quarter valued at approximately $27,000. Grimes & Company Inc. purchased a new position in shares of GFL Environmental in the 4th quarter valued at approximately $223,000. Finally, Blue Trust Inc. raised its position in shares of GFL Environmental by 124.9% in the 4th quarter. Blue Trust Inc. now owns 551 shares of the company’s stock valued at $25,000 after purchasing an additional 306 shares during the last quarter. 64.70% of the stock is owned by hedge funds and other institutional investors.

GFL Environmental Price Performance

Shares of NYSE GFL opened at $47.72 on Thursday. The firm’s 50 day simple moving average is $47.99 and its 200-day simple moving average is $45.81. GFL Environmental Inc. has a 12 month low of $30.57 and a 12 month high of $52.00. The stock has a market capitalization of $18.77 billion, a price-to-earnings ratio of -35.88 and a beta of 1.08. 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 (NYSE:GFL) last released its quarterly earnings results on Wednesday, April 30th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.10). GFL Environmental had a negative net margin of 7.54% and a positive return on equity of 3.50%. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.52 billion. GFL Environmental’s quarterly revenue was down 13.4% on a year-over-year basis. Analysts expect that GFL Environmental Inc. will post 0.58 EPS for the current year.

GFL Environmental Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Monday, April 14th were paid a $0.0154 dividend. This represents a $0.06 dividend on an annualized basis and a yield of 0.13%. This is a boost from GFL Environmental’s previous quarterly dividend of $0.01. GFL Environmental’s dividend payout ratio (DPR) is currently 1.23%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on GFL shares. Seaport Res Ptn raised shares of GFL Environmental to a “strong-buy” rating in a research report on Tuesday, May 6th. National Bankshares reissued an “outperform” rating on shares of GFL Environmental in a research report on Tuesday, March 11th. Stifel Nicolaus raised shares of GFL Environmental from a “hold” rating to a “buy” rating in a research report on Tuesday, February 25th. Raymond James reissued an “outperform” rating and set a $57.00 price target (up from $56.00) on shares of GFL Environmental in a research report on Friday, May 2nd. Finally, Citigroup raised their price objective on shares of GFL Environmental from $53.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $54.57.

GFL Environmental Company Profile

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.