Cidel Asset Management Inc. Buys 267,372 Shares of RB Global, Inc. $RBA

Cidel Asset Management Inc. boosted its stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 80.4% in the first quarter, Holdings Channel reports. The institutional investor owned 599,791 shares of the business services provider’s stock after acquiring an additional 267,372 shares during the quarter. RB Global makes up approximately 3.1% of Cidel Asset Management Inc.’s holdings, making the stock its 2nd largest position. Cidel Asset Management Inc.’s holdings in RB Global were worth $57,338,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. MV Capital Management Inc. purchased a new position in RB Global in the fourth quarter valued at about $29,000. Bayban acquired a new stake in shares of RB Global during the 4th quarter valued at about $34,000. Central Pacific Bank Trust Division grew its stake in shares of RB Global by 41.8% in the 4th quarter. Central Pacific Bank Trust Division now owns 363 shares of the business services provider’s stock valued at $37,000 after buying an additional 107 shares in the last quarter. State of Wyoming acquired a new position in RB Global in the second quarter worth approximately $46,000. Finally, Nemes Rush Group LLC acquired a new position in RB Global in the fourth quarter worth approximately $54,000. Institutional investors and hedge funds own 95.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on RBA shares. Weiss Ratings reissued a “buy (b-)” rating on shares of RB Global in a research report on Tuesday, May 26th. BMO Capital Markets restated an “outperform” rating and set a $135.00 price target (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Stephens restated an “equal weight” rating and set a $96.00 price target on shares of RB Global in a report on Tuesday, May 5th. Barclays assumed coverage on shares of RB Global in a research note on Thursday, May 28th. They issued an “overweight” rating and a $124.00 price objective for the company. Finally, Royal Bank Of Canada upped their price objective on shares of RB Global from $146.00 to $150.00 and gave the stock an “outperform” rating in a report on Tuesday, May 5th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, RB Global currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.12.

RB Global Stock Down 0.1%

Shares of RB Global stock opened at $108.49 on Wednesday. RB Global, Inc. has a 12-month low of $93.58 and a 12-month high of $119.58. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.40. The stock has a 50 day moving average price of $105.22 and a two-hundred day moving average price of $104.96. The stock has a market capitalization of $20.17 billion, a P/E ratio of 50.46, a PEG ratio of 1.73 and a beta of 0.57.

RB Global (NYSE:RBA) (TSE:RBA) last released its quarterly earnings results on Monday, May 4th. The business services provider reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.04. RB Global had a net margin of 9.55% and a return on equity of 12.33%. The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter last year, the firm posted $0.89 earnings per share. The company’s quarterly revenue was up 11.4% compared to the same quarter last year. Equities analysts expect that RB Global, Inc. will post 4.09 earnings per share for the current year.

RB Global Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Wednesday, May 27th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Wednesday, May 27th. RB Global’s dividend payout ratio is 57.67%.

Insider Activity at RB Global

In other RB Global news, Director Deborah Stein acquired 425 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The stock was acquired at an average price of $103.15 per share, with a total value of $43,838.75. Following the transaction, the director owned 1,825 shares of the company’s stock, valued at approximately $188,248.75. This trade represents a 30.36% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.57% of the company’s stock.

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.