RB Global, Inc. $RBA Shares Acquired by Cidel Asset Management Inc.

Cidel Asset Management Inc. increased its stake in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 1.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 689,600 shares of the business services provider’s stock after purchasing an additional 11,881 shares during the quarter. RB Global makes up about 4.4% of Cidel Asset Management Inc.’s portfolio, making the stock its 3rd largest holding. Cidel Asset Management Inc.’s holdings in RB Global were worth $73,115,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RBA. Values First Advisors Inc. boosted its stake in shares of RB Global by 8.2% in the 2nd quarter. Values First Advisors Inc. now owns 6,935 shares of the business services provider’s stock valued at $736,000 after purchasing an additional 527 shares during the last quarter. Allianz Asset Management GmbH raised its position in RB Global by 3.4% in the second quarter. Allianz Asset Management GmbH now owns 11,444 shares of the business services provider’s stock worth $1,213,000 after acquiring an additional 377 shares during the period. Ritholtz Wealth Management raised its position in RB Global by 75.4% in the second quarter. Ritholtz Wealth Management now owns 19,207 shares of the business services provider’s stock worth $2,040,000 after acquiring an additional 8,255 shares during the period. Bayforest Capital Ltd purchased a new position in shares of RB Global in the second quarter worth about $173,000. Finally, TD Asset Management Inc increased its stake in shares of RB Global by 85.1% in the second quarter. TD Asset Management Inc now owns 938,902 shares of the business services provider’s stock worth $99,546,000 after purchasing an additional 431,649 shares in the last quarter. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at RB Global

In other news, insider Michael Thomas Steven Lewis sold 2,151 shares of the stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $118.15, for a total value of $254,140.65. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 4.32% of the stock is owned by company insiders.

RB Global Price Performance

RBA opened at $98.94 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.22 and a current ratio of 1.28. The stock has a market capitalization of $18.37 billion, a P/E ratio of 48.98, a P/E/G ratio of 2.30 and a beta of 0.65. The company’s 50-day simple moving average is $112.47 and its two-hundred day simple moving average is $107.04. RB Global, Inc. has a 52-week low of $80.42 and a 52-week high of $119.58.

RB Global (NYSE:RBA) (TSE:RBA) last posted its earnings results on Wednesday, August 6th. The business services provider reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.12. RB Global had a net margin of 9.46% and a return on equity of 9.42%. The business had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the prior year, the business earned $0.94 EPS. The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. As a group, analysts predict that RB Global, Inc. will post 2.5 EPS for the current year.

RB Global Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Thursday, August 28th were paid a $0.31 dividend. This is a boost from RB Global’s previous quarterly dividend of $0.29. The ex-dividend date was Thursday, August 28th. This represents a $1.24 annualized dividend and a dividend yield of 1.3%. RB Global’s dividend payout ratio (DPR) is currently 61.39%.

Wall Street Analysts Forecast Growth

RBA has been the subject of several recent analyst reports. Wall Street Zen cut shares of RB Global from a “buy” rating to a “hold” rating in a research note on Saturday, October 11th. Raymond James Financial boosted their price objective on shares of RB Global from $125.00 to $135.00 and gave the stock an “outperform” rating in a report on Thursday, August 7th. Weiss Ratings upgraded shares of RB Global from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, October 8th. BMO Capital Markets boosted their price objective on shares of RB Global from $125.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Finally, CIBC boosted their price objective on shares of RB Global from $118.00 to $121.00 and gave the company an “outperformer” rating in a research report on Friday, July 18th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $124.00.

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.