Canoe Financial LP Has $130.99 Million Position in RB Global, Inc. $RBA

Canoe Financial LP lifted its position in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 12.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,366,310 shares of the business services provider’s stock after acquiring an additional 153,615 shares during the period. RB Global makes up about 1.8% of Canoe Financial LP’s portfolio, making the stock its 23rd largest holding. Canoe Financial LP’s holdings in RB Global were worth $130,986,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Massachusetts Financial Services Co. MA increased its stake in RB Global by 1.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 10,892,186 shares of the business services provider’s stock valued at $1,120,479,000 after acquiring an additional 165,260 shares during the last quarter. EdgePoint Investment Group Inc. raised its position in RB Global by 11.9% during the fourth quarter. EdgePoint Investment Group Inc. now owns 7,701,648 shares of the business services provider’s stock valued at $792,934,000 after purchasing an additional 821,319 shares in the last quarter. State Street Corp lifted its stake in RB Global by 1.7% during the fourth quarter. State Street Corp now owns 6,290,640 shares of the business services provider’s stock worth $647,118,000 after purchasing an additional 104,286 shares during the last quarter. Geode Capital Management LLC lifted its stake in RB Global by 5.3% during the fourth quarter. Geode Capital Management LLC now owns 5,000,897 shares of the business services provider’s stock worth $513,930,000 after purchasing an additional 250,887 shares during the last quarter. Finally, Fiera Capital Corp boosted its holdings in shares of RB Global by 2.2% in the 4th quarter. Fiera Capital Corp now owns 4,157,985 shares of the business services provider’s stock valued at $428,223,000 after purchasing an additional 90,982 shares in the last quarter. Institutional investors and hedge funds own 95.37% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, Director Deborah Stein acquired 425 shares of RB Global stock in a transaction that occurred on Tuesday, May 19th. The shares were acquired at an average price of $103.15 per share, for a total transaction of $43,838.75. Following the transaction, the director directly owned 1,825 shares of the company’s stock, valued at approximately $188,248.75. The trade was a 30.36% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.57% of the stock is owned by corporate insiders.

RB Global Stock Performance

Shares of RB Global stock opened at $115.42 on Monday. RB Global, Inc. has a fifty-two week low of $93.58 and a fifty-two week high of $119.58. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.14 and a quick ratio of 1.07. The firm has a market capitalization of $21.46 billion, a P/E ratio of 53.68, a P/E/G ratio of 1.84 and a beta of 0.57. The company’s 50 day moving average price is $105.89 and its two-hundred day moving average price is $105.29.

RB Global (NYSE:RBA) (TSE:RBA) last posted its earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.04. The firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations 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 quarter in the previous year, the firm posted $0.89 earnings per share. On average, equities analysts forecast that RB Global, Inc. will post 4.09 earnings per share for the current fiscal year.

RB Global Dividend Announcement

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

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.