Canoe Financial LP Has $113.90 Million Position in RB Global, Inc. (NYSE:RBA)

Canoe Financial LP grew its position in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 22.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,418,666 shares of the business services provider’s stock after buying an additional 255,484 shares during the quarter. RB Global accounts for about 2.7% of Canoe Financial LP’s portfolio, making the stock its 12th largest holding. Canoe Financial LP owned about 0.77% of RB Global worth $113,900,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in RBA. Vanguard Group Inc. raised its position in shares of RB Global by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 23,992,759 shares of the business services provider’s stock valued at $1,827,528,000 after buying an additional 1,153,497 shares in the last quarter. Bank of New York Mellon Corp increased its position in RB Global by 142.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,337,790 shares of the business services provider’s stock worth $102,154,000 after purchasing an additional 787,042 shares in the last quarter. CIBC Asset Management Inc increased its position in RB Global by 1,879.0% during the 2nd quarter. CIBC Asset Management Inc now owns 626,603 shares of the business services provider’s stock worth $47,761,000 after purchasing an additional 594,941 shares in the last quarter. Principal Financial Group Inc. increased its position in RB Global by 3,387.9% during the 2nd quarter. Principal Financial Group Inc. now owns 611,738 shares of the business services provider’s stock worth $46,712,000 after purchasing an additional 594,199 shares in the last quarter. Finally, BW Gestao de Investimentos Ltda. increased its position in RB Global by 83.2% during the 1st quarter. BW Gestao de Investimentos Ltda. now owns 701,538 shares of the business services provider’s stock worth $53,436,000 after purchasing an additional 318,582 shares in the last quarter. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on RBA shares. Robert W. Baird upped their price objective on shares of RB Global from $80.00 to $86.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Raymond James upped their price objective on shares of RB Global from $95.00 to $98.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Bank of America boosted their target price on shares of RB Global from $79.00 to $92.50 and gave the stock a “neutral” rating in a report on Monday, August 26th. Royal Bank of Canada boosted their target price on shares of RB Global from $93.00 to $99.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Finally, BMO Capital Markets initiated coverage on shares of RB Global in a report on Thursday, September 5th. They set an “outperform” rating and a $105.00 target price on the stock. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $92.19.

RB Global Trading Up 0.4 %

RBA opened at $84.94 on Monday. The company’s 50 day moving average price is $83.25 and its two-hundred day moving average price is $78.78. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.29 and a quick ratio of 1.20. RB Global, Inc. has a fifty-two week low of $58.85 and a fifty-two week high of $87.45. The firm has a market capitalization of $15.53 billion, a price-to-earnings ratio of 51.17, a PEG ratio of 5.62 and a beta of 0.93.

RB Global (NYSE:RBA) (TSE:RBA) last posted its quarterly earnings data on Tuesday, August 6th. The business services provider reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.06. RB Global had a net margin of 8.67% and a return on equity of 7.27%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same period in the prior year, the firm posted $0.42 EPS. The company’s quarterly revenue was down .9% on a year-over-year basis. As a group, research analysts predict that RB Global, Inc. will post 1.92 earnings per share for the current year.

RB Global Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, August 28th were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date was Wednesday, August 28th. This is an increase from RB Global’s previous quarterly dividend of $0.27. RB Global’s payout ratio is presently 69.88%.

Insider Activity at RB Global

In related news, CRO James J. Jeter sold 3,000 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $85.55, for a total transaction of $256,650.00. Following the transaction, the executive now owns 20,267 shares in the company, valued at $1,733,841.85. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other RB Global news, CRO James J. Jeter sold 2,920 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $78.96, for a total transaction of $230,563.20. Following the transaction, the executive now owns 23,267 shares in the company, valued at approximately $1,837,162.32. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CRO James J. Jeter sold 3,000 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $85.55, for a total transaction of $256,650.00. Following the transaction, the executive now owns 20,267 shares in the company, valued at approximately $1,733,841.85. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 44,601 shares of company stock worth $3,720,043 in the last quarter. Company insiders own 4.32% of the company’s stock.

RB Global Company 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.