Cumberland Partners Ltd Purchases New Position in RB Global, Inc. (NYSE:RBA)

Cumberland Partners Ltd purchased a new stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 5,500 shares of the business services provider’s stock, valued at approximately $370,000.

A number of other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in RB Global by 144.9% during the 3rd quarter. Vanguard Group Inc. now owns 22,647,288 shares of the business services provider’s stock worth $1,415,456,000 after buying an additional 13,400,942 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in RB Global by 10.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,320,114 shares of the business services provider’s stock worth $645,007,000 after buying an additional 977,171 shares during the period. Cooke & Bieler LP raised its holdings in RB Global by 3.6% during the 4th quarter. Cooke & Bieler LP now owns 3,627,957 shares of the business services provider’s stock worth $242,674,000 after buying an additional 124,815 shares during the period. Fiera Capital Corp raised its holdings in RB Global by 4.5% during the 3rd quarter. Fiera Capital Corp now owns 2,614,152 shares of the business services provider’s stock worth $164,125,000 after buying an additional 113,514 shares during the period. Finally, Cidel Asset Management Inc. raised its holdings in RB Global by 50.4% during the 3rd quarter. Cidel Asset Management Inc. now owns 1,375,673 shares of the business services provider’s stock worth $86,528,000 after buying an additional 460,858 shares during the period. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at RB Global

In related news, insider Darren Jeffrey Watt sold 1,100 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $77.05, for a total value of $84,755.00. Following the transaction, the insider now directly owns 21,103 shares in the company, valued at $1,625,986.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Darren Jeffrey Watt sold 1,100 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $77.05, for a total transaction of $84,755.00. Following the completion of the sale, the insider now owns 21,103 shares of the company’s stock, valued at $1,625,986.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO James J. Jeter sold 11,416 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $76.32, for a total transaction of $871,269.12. Following the sale, the executive now directly owns 30,915 shares of the company’s stock, valued at approximately $2,359,432.80. The disclosure for this sale can be found here. Insiders have sold a total of 14,816 shares of company stock worth $1,133,055 over the last ninety days. Insiders own 4.10% of the company’s stock.

RB Global Stock Performance

Shares of NYSE:RBA traded down $0.18 on Wednesday, hitting $73.06. The company had a trading volume of 317,256 shares, compared to its average volume of 810,311. RB Global, Inc. has a 1-year low of $51.07 and a 1-year high of $77.99. The stock has a market cap of $13.35 billion, a price-to-earnings ratio of 85.95, a P/E/G ratio of 5.48 and a beta of 0.87. The stock has a 50 day moving average price of $74.33 and a 200 day moving average price of $68.01. The company has a current ratio of 1.35, a quick ratio of 1.23 and a debt-to-equity ratio of 0.61.

RB Global (NYSE:RBA) (TSE:RBA) last released its quarterly earnings data on Friday, February 23rd. The business services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.68 by $0.14. RB Global had a net margin of 5.61% and a return on equity of 4.19%. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the previous year, the company earned $0.40 earnings per share. The company’s quarterly revenue was up 134.5% on a year-over-year basis. Analysts expect that RB Global, Inc. will post 1.9 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on RBA. Raymond James lifted their price objective on shares of RB Global from $78.00 to $90.00 and gave the company an “outperform” rating in a report on Monday, February 26th. Scotiabank raised their target price on shares of RB Global from $88.00 to $89.00 and gave the company a “sector outperform” rating in a research note on Wednesday. Royal Bank of Canada raised their target price on shares of RB Global from $75.00 to $93.00 and gave the company an “outperform” rating in a research note on Monday, February 26th. Finally, StockNews.com raised shares of RB Global from a “sell” rating to a “hold” rating in a research note on Friday, February 9th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $83.00.

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.