EdgePoint Investment Group Inc. Has $845.34 Million Position in RB Global, Inc. $RBA

EdgePoint Investment Group Inc. grew its stake in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 14.4% during the 1st quarter, Holdings Channel reports. The firm owned 8,812,865 shares of the business services provider’s stock after buying an additional 1,111,217 shares during the period. RB Global comprises about 6.8% of EdgePoint Investment Group Inc.’s investment portfolio, making the stock its 5th biggest position. EdgePoint Investment Group Inc.’s holdings in RB Global were worth $845,337,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. MV Capital Management Inc. acquired a new stake in shares of RB Global in the 4th quarter valued at approximately $29,000. Bayban acquired a new position in RB Global during the fourth quarter worth $34,000. State of Wyoming acquired a new position in RB Global during the second quarter worth $46,000. Cassaday & Co Wealth Management LLC bought a new stake in RB Global during the first quarter worth $43,000. Finally, Nemes Rush Group LLC bought a new stake in RB Global during the fourth quarter worth $54,000. Institutional investors own 95.37% of the company’s stock.

Analyst Upgrades and Downgrades

RBA has been the subject of a number of analyst reports. BMO Capital Markets reissued an “outperform” rating and issued a $135.00 price objective (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. National Bank Financial upped their target price on shares of RB Global from $130.00 to $132.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Weiss Ratings reiterated a “buy (b-)” rating on shares of RB Global in a research note on Tuesday, May 26th. Zacks Research upgraded RB Global from a “hold” rating to a “strong-buy” rating in a report on Friday, July 3rd. Finally, Raymond James Financial raised RB Global from an “outperform” rating to a “strong-buy” rating and set a $145.00 price target on the stock in a research report on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $127.57.

Insider Activity at RB Global

In other news, Director Deborah Stein bought 425 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The shares were bought at an average price of $103.15 per share, with a total value of $43,838.75. Following the completion of the transaction, the director owned 1,825 shares of the company’s stock, valued at $188,248.75. This trade represents a 30.36% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.57% of the company’s stock.

RB Global Trading Up 4.4%

RBA stock opened at $116.46 on Tuesday. RB Global, Inc. has a one year low of $93.58 and a one year high of $119.58. The stock has a market cap of $21.59 billion, a price-to-earnings ratio of 54.17, a price-to-earnings-growth ratio of 1.75 and a beta of 0.55. The company has a fifty day moving average price of $109.09 and a two-hundred day moving average price of $106.43. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.14 and a quick ratio of 1.07.

RB Global (NYSE:RBA) (TSE:RBA) last issued its quarterly earnings data on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.04. The company had revenue of $888.01 million for the quarter, compared to analyst estimates of $1.13 billion. RB Global had a net margin of 9.55% and a return on equity of 12.33%. The company’s revenue was up 11.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.89 earnings per share. Equities analysts anticipate that RB Global, Inc. will post 4.16 EPS for the current year.

RB Global Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Tuesday, August 25th will be issued a dividend of $0.33 per share. This is a boost from RB Global’s previous quarterly dividend of $0.31. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Tuesday, August 25th. RB Global’s dividend payout ratio is presently 57.67%.

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.