Connor Clark & Lunn Investment Management Ltd. Takes $152.99 Million Position in RB Global, Inc. $RBA

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 1,315,495 shares of the business services provider’s stock, valued at approximately $152,994,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.71% of RB Global as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of RBA. BlackRock Inc. bought a new position in shares of RB Global in the 2nd quarter valued at $1,816,059,000. EdgePoint Investment Group Inc. boosted its stake in RB Global by 14.4% in the first quarter. EdgePoint Investment Group Inc. now owns 8,812,865 shares of the business services provider’s stock valued at $845,337,000 after buying an additional 1,111,217 shares in the last quarter. State Street Corp grew its position in RB Global by 1.7% in the fourth quarter. State Street Corp now owns 6,290,640 shares of the business services provider’s stock valued at $647,118,000 after acquiring an additional 104,286 shares during the last quarter. Royal Bank of Canada grew its position in RB Global by 13.1% in the first quarter. Royal Bank of Canada now owns 5,043,648 shares of the business services provider’s stock valued at $483,432,000 after acquiring an additional 585,617 shares during the last quarter. Finally, Geode Capital Management LLC raised 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 acquiring an additional 250,887 shares in the last quarter. Institutional investors own 95.37% of the company’s stock.

Wall Street Analyst Weigh In

RBA has been the topic of a number of recent research reports. Stephens reissued an “equal weight” rating and set a $96.00 price target on shares of RB Global in a research note on Tuesday, May 5th. BMO Capital Markets reiterated an “outperform” rating and set a $135.00 target price (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. Zacks Research cut shares of RB Global from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. Barclays dropped their price target on shares of RB Global from $124.00 to $121.00 and set an “overweight” rating for the company in a research note on Wednesday, July 22nd. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of RB Global in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, RB Global has an average rating of “Moderate Buy” and a consensus price target of $128.00.

RB Global Trading Down 0.1%

RBA opened at $86.97 on Monday. The company has a fifty day moving average price of $105.76 and a two-hundred day moving average price of $104.17. RB Global, Inc. has a 1-year low of $82.03 and a 1-year high of $119.58. The company has a market cap of $16.10 billion, a P/E ratio of 37.33, a price-to-earnings-growth ratio of 1.49 and a beta of 0.56. The company has a current ratio of 1.31, a quick ratio of 1.22 and a debt-to-equity ratio of 0.51.

RB Global (NYSE:RBA) (TSE:RBA) last released its quarterly earnings data on Tuesday, August 4th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. The company had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.21 billion. RB Global had a net margin of 9.99% and a return on equity of 12.37%. Analysts predict that RB Global, Inc. will post 4.06 EPS for the current fiscal year.

RB Global Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Tuesday, August 25th will be issued a $0.33 dividend. The ex-dividend date is Tuesday, August 25th. This is an increase from RB Global’s previous quarterly dividend of $0.31. This represents a $1.32 annualized dividend and a yield of 1.5%. RB Global’s dividend payout ratio is currently 53.22%.

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.