Connor Clark & Lunn Investment Management Ltd. Decreases Holdings in RB Global, Inc. $RBA

Connor Clark & Lunn Investment Management Ltd. reduced its stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 14.9% in the 2nd quarter, Holdings Channel reports. The firm owned 1,168,839 shares of the business services provider’s stock after selling 204,851 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in RB Global were worth $124,255,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Cidel Asset Management Inc. boosted its position in RB Global by 1.8% in the 2nd quarter. Cidel Asset Management Inc. now owns 689,600 shares of the business services provider’s stock valued at $73,115,000 after buying an additional 11,881 shares during the last quarter. Montrusco Bolton Investments Inc. acquired a new position in shares of RB Global in the second quarter worth about $19,717,000. Voya Investment Management LLC lifted its stake in shares of RB Global by 12.8% in the first quarter. Voya Investment Management LLC now owns 33,785 shares of the business services provider’s stock worth $3,389,000 after acquiring an additional 3,847 shares in the last quarter. Kathmere Capital Management LLC purchased a new position in RB Global in the second quarter valued at about $476,000. Finally, Wilson Asset Management International PTY Ltd. grew its stake in RB Global by 9.5% during the 2nd quarter. Wilson Asset Management International PTY Ltd. now owns 159,402 shares of the business services provider’s stock valued at $16,927,000 after purchasing an additional 13,814 shares in the last quarter. 95.37% of the stock is owned by hedge funds and other institutional investors.

RB Global Stock Performance

RB Global stock opened at $100.43 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.28 and a quick ratio of 1.22. RB Global, Inc. has a 12 month low of $85.55 and a 12 month high of $119.58. The company has a fifty day moving average price of $107.67 and a two-hundred day moving average price of $107.62. The company has a market cap of $18.65 billion, a PE ratio of 49.72, a P/E/G ratio of 2.48 and a beta of 0.65.

RB Global (NYSE:RBA) (TSE:RBA) last posted its quarterly earnings results on Thursday, November 6th. The business services provider reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.10. RB Global had a net margin of 9.46% and a return on equity of 9.42%. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.05 billion. During the same period last year, the firm posted $0.71 EPS. The company’s revenue for the quarter was up 12.0% on a year-over-year basis. Research analysts expect that RB Global, Inc. will post 2.5 earnings per share for the current year.

RB Global Dividend Announcement

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RBA. CIBC upped their target price on RB Global from $118.00 to $121.00 and gave the company an “outperformer” rating in a research report on Friday, July 18th. Raymond James Financial lifted their price target on shares of RB Global from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. BMO Capital Markets increased their price objective on shares of RB Global from $125.00 to $130.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. Bank of America decreased their price objective on shares of RB Global from $120.00 to $114.00 and set a “buy” rating for the company in a report on Friday. Finally, Weiss Ratings lowered shares of RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $122.71.

Insider Buying and Selling

In other RB Global news, insider Michael Thomas Steven Lewis sold 2,151 shares of RB Global stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $118.15, for a total value of $254,140.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.32% of the stock is currently owned by insiders.

RB Global Profile

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.