Canoe Financial LP Decreases Position in RB Global, Inc. $RBA

Canoe Financial LP lowered its stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 1.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,217,774 shares of the business services provider’s stock after selling 17,117 shares during the quarter. RB Global comprises 1.9% of Canoe Financial LP’s portfolio, making the stock its 21st largest position. Canoe Financial LP owned about 0.66% of RB Global worth $131,875,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. SVB Wealth LLC acquired a new stake in RB Global in the first quarter valued at approximately $28,000. Rise Advisors LLC purchased a new position in shares of RB Global in the first quarter valued at $38,000. State of Wyoming acquired a new stake in RB Global during the 2nd quarter valued at $46,000. Whipplewood Advisors LLC grew its holdings in RB Global by 42.9% during the 2nd quarter. Whipplewood Advisors LLC now owns 456 shares of the business services provider’s stock valued at $48,000 after purchasing an additional 137 shares in the last quarter. Finally, SouthState Corp increased its stake in RB Global by 75.6% during the 2nd quarter. SouthState Corp now owns 453 shares of the business services provider’s stock worth $48,000 after buying an additional 195 shares during the period. 95.37% of the stock is owned by institutional investors and hedge funds.

RB Global Trading Up 0.1%

Shares of NYSE RBA opened at $105.49 on Friday. The company has a quick ratio of 1.15, a current ratio of 1.23 and a debt-to-equity ratio of 0.46. The stock’s 50 day moving average price is $100.38 and its two-hundred day moving average price is $106.77. RB Global, Inc. has a 52-week low of $86.68 and a 52-week high of $119.58. The stock has a market capitalization of $19.61 billion, a P/E ratio of 50.47, a PEG ratio of 2.30 and a beta of 0.56.

RB Global (NYSE:RBA) (TSE:RBA) last issued its quarterly earnings results on Thursday, November 6th. The business services provider reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.10. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.05 billion. RB Global had a return on equity of 9.66% and a net margin of 9.65%.The business’s quarterly revenue was up 12.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.71 EPS. On average, analysts anticipate that RB Global, Inc. will post 2.5 earnings per share for the current fiscal year.

RB Global Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 17th. Shareholders of record on Wednesday, November 26th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Wednesday, November 26th. RB Global’s dividend payout ratio is 59.33%.

Insider Activity

In other RB Global news, Director Deborah Stein purchased 1,000 shares of the firm’s stock in a transaction dated Thursday, November 13th. The stock was acquired at an average cost of $101.26 per share, with a total value of $101,260.00. Following the acquisition, the director owned 1,000 shares of the company’s stock, valued at approximately $101,260. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 4.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on RBA shares. Wall Street Zen cut shares of RB Global from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Bank of America reduced their price target on RB Global from $120.00 to $114.00 and set a “buy” rating for the company in a report on Friday, November 7th. National Bank Financial upgraded RB Global from a “sector perform” rating to an “outperform” rating and set a $124.00 price objective on the stock in a report on Monday, November 24th. Royal Bank Of Canada upped their target price on RB Global from $132.00 to $133.00 and gave the company an “outperform” rating in a research report on Friday, November 7th. Finally, Weiss Ratings downgraded shares of RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.88.

About RB Global

RB Global, Inc, an omnichannel marketplace, provides insights, services, and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Its marketplace brands include Ritchie Bros., an auctioneer of commercial assets and vehicles offering online bidding; IAA, a digital marketplace connecting vehicle buyers and sellers; Rouse Services, which provides asset management, data-driven intelligence, and performance benchmarking system; SmartEquip, a technology platform that supports customers' management of the equipment lifecycle; and Veritread, an online marketplace for heavy haul transport solution.