RB Global, Inc. (NYSE:RBA) Stake Lowered by EdgePoint Investment Group Inc.

EdgePoint Investment Group Inc. lessened its stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 0.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,510,334 shares of the business services provider’s stock after selling 53,920 shares during the quarter. RB Global accounts for 5.5% of EdgePoint Investment Group Inc.’s investment portfolio, making the stock its 7th largest position. EdgePoint Investment Group Inc. owned approximately 4.65% of RB Global worth $649,157,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Vontobel Asset Management Inc. increased its holdings in RB Global by 66.5% in the fourth quarter. Vontobel Asset Management Inc. now owns 6,649,251 shares of the business services provider’s stock valued at $467,920,000 after buying an additional 2,655,388 shares in the last quarter. Vanguard Group Inc. raised its holdings in RB Global by 5.1% during the first quarter. Vanguard Group Inc. now owns 23,992,759 shares of the business services provider’s stock worth $1,827,528,000 after purchasing an additional 1,153,497 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in RB Global by 142.9% during the second 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 during the last quarter. CIBC Asset Management Inc boosted its position in RB Global by 1,879.0% during the second 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. Finally, Principal Financial Group Inc. increased its position in shares of RB Global by 3,387.9% in the second quarter. Principal Financial Group Inc. now owns 611,738 shares of the business services provider’s stock valued at $46,712,000 after buying an additional 594,199 shares in the last quarter. Institutional investors and hedge funds own 95.37% of the company’s stock.

Insider Buying and Selling at RB Global

In other news, CRO James J. Jeter sold 2,920 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $78.96, for a total transaction of $230,563.20. Following the completion of the sale, the executive now directly owns 23,267 shares in the company, valued at approximately $1,837,162.32. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO James Francis Kessler sold 17,883 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $83.09, for a total transaction of $1,485,898.47. Following the completion of the sale, the chief executive officer now owns 86,247 shares in the company, valued at approximately $7,166,263.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO James J. Jeter sold 2,920 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $78.96, for a total transaction of $230,563.20. Following the sale, the executive now directly owns 23,267 shares of the company’s stock, valued at approximately $1,837,162.32. The disclosure for this sale can be found here. Insiders have sold a total of 44,601 shares of company stock worth $3,720,043 in the last quarter. 4.32% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Royal Bank of Canada boosted their price objective on shares of RB Global from $93.00 to $99.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. CIBC initiated coverage on shares of RB Global in a research report on Tuesday, June 18th. They issued a “sector outperform” rating and a $95.00 price target on the stock. Raymond James raised their price objective on shares of RB Global from $95.00 to $98.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Robert W. Baird upped their target price on RB Global from $80.00 to $86.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Finally, Bank of America raised their price target on RB Global from $79.00 to $92.50 and gave the stock a “neutral” rating in a research report on Monday, August 26th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $92.19.

RB Global Price Performance

RBA stock opened at $82.12 on Thursday. The stock has a market capitalization of $15.02 billion, a price-to-earnings ratio of 49.47, a price-to-earnings-growth ratio of 5.39 and a beta of 0.93. The company has a quick ratio of 1.20, a current ratio of 1.29 and a debt-to-equity ratio of 0.55. RB Global, Inc. has a 52-week low of $58.85 and a 52-week high of $87.45. The stock’s fifty day simple moving average is $82.02 and its 200-day simple moving average is $77.87.

RB Global (NYSE:RBA) (TSE:RBA) last posted its quarterly earnings results on Tuesday, August 6th. The business services provider reported $0.94 EPS for the quarter, beating the consensus estimate of $0.88 by $0.06. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.13 billion. RB Global had a return on equity of 7.27% and a net margin of 8.67%. The firm’s revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.42 EPS. Equities research analysts expect that RB Global, Inc. will post 1.96 EPS for the current year.

RB Global Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Wednesday, August 28th were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Wednesday, August 28th. This represents a $1.16 dividend on an annualized basis and a yield of 1.41%. This is an increase from RB Global’s previous quarterly dividend of $0.27. RB Global’s dividend payout ratio (DPR) is currently 69.88%.

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.