CIBC Asset Management Inc Lowers Holdings in RB Global, Inc. $RBA

CIBC Asset Management Inc trimmed its holdings in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 30.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 781,197 shares of the business services provider’s stock after selling 343,467 shares during the quarter. CIBC Asset Management Inc owned approximately 0.42% of RB Global worth $84,651,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cidel Asset Management Inc. lifted its position in RB Global by 1.8% during the second quarter. Cidel Asset Management Inc. now owns 689,600 shares of the business services provider’s stock valued at $73,115,000 after purchasing an additional 11,881 shares during the last quarter. Montrusco Bolton Investments Inc. bought a new stake in shares of RB Global in the 2nd quarter worth about $19,717,000. Massachusetts Financial Services Co. MA raised its position in shares of RB Global by 7.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,726,926 shares of the business services provider’s stock valued at $1,162,370,000 after buying an additional 705,423 shares in the last quarter. Bank of Nova Scotia Trust Co. lifted its holdings in shares of RB Global by 4.7% in the 2nd quarter. Bank of Nova Scotia Trust Co. now owns 74,316 shares of the business services provider’s stock valued at $7,892,000 after acquiring an additional 3,361 shares during the last quarter. Finally, Kathmere Capital Management LLC bought a new position in shares of RB Global in the 2nd quarter valued at about $476,000. Institutional investors own 95.37% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on RBA. National Bank Financial raised shares of RB Global from a “sector perform” rating to an “outperform” rating and set a $124.00 price objective for the company in a research note on Monday, November 24th. Royal Bank Of Canada raised their target price on shares of RB Global from $132.00 to $133.00 and gave the stock an “outperform” rating in a report on Friday, November 7th. Bank of America cut their price target on shares of RB Global from $120.00 to $114.00 and set a “buy” rating on the stock in a report on Friday, November 7th. Wall Street Zen lowered shares of RB Global from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of RB Global in a research report on Thursday. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $124.13.

Insider Activity at RB Global

In other RB Global news, Director Deborah Stein bought 1,000 shares of RB Global stock in a transaction that occurred on Thursday, November 13th. The stock was purchased at an average price of $101.26 per share, with a total value of $101,260.00. Following the completion of the acquisition, the director directly owned 1,000 shares in the company, valued at approximately $101,260. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO James Francis Kessler sold 20,742 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $115.00, for a total value of $2,385,330.00. Following the completion of the transaction, the chief executive officer directly owned 107,569 shares of the company’s stock, valued at $12,370,435. The trade was a 16.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 4.32% of the company’s stock.

RB Global Trading Down 0.8%

Shares of NYSE RBA opened at $115.57 on Friday. RB Global, Inc. has a 1-year low of $86.68 and a 1-year high of $119.58. The business has a fifty day moving average price of $104.16 and a 200 day moving average price of $107.28. The stock has a market capitalization of $21.48 billion, a P/E ratio of 55.30, a price-to-earnings-growth ratio of 2.17 and a beta of 0.57. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.23 and a quick ratio of 1.15.

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

RB Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Monday, February 9th will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 1.1%. The ex-dividend date is Monday, February 9th. RB Global’s payout ratio is presently 59.33%.

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.