42,286 RB Global, Inc. $RBA Shares Purchased by Canoe Financial LP

Key Points

• Canoe Financial increased its RB Global stake by 3%, purchasing 42,286 shares in the third quarter and bringing its holdings to 1.44 million shares valued at approximately $117.7 million. Institutional investors and hedge funds collectively own 95.37% of the company.
• Analyst sentiment remains positive overall, with RB Global receiving a consensus “Moderate Buy” rating and an average price target of $126.29, despite some rating downgrades and target-price cuts.
• RB Global shares opened at $82.03, near the lower end of their 52-week range, while the company’s latest quarterly results exceeded expectations with earnings of $1.13 per share and revenue of $1.66 billion.

Canoe Financial LP boosted its position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 3.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,443,141 shares of the business services provider's stock after purchasing an additional 42,286 shares during the period. Canoe Financial LP owned about 0.80% of RB Global worth $117,719,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. QV Investors Inc. boosted its position in shares of RB Global by 33.4% in the 3rd quarter. QV Investors Inc. now owns 390,069 shares of the business services provider's stock worth $31,846,000 after buying an additional 97,697 shares in the last quarter. Arkfeld Wealth Strategies L.L.C. acquired a new stake in RB Global in the 3rd quarter valued at about $771,000. Assenagon Asset Management S.A. increased its holdings in RB Global by 5.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 7,310 shares of the business services provider's stock valued at $598,000 after acquiring an additional 349 shares in the last quarter. Ninety One UK Ltd purchased a new position in RB Global during the 3rd quarter valued at about $238,000. Finally, Avior Wealth Management LLC increased its holdings in RB Global by 15.8% during the 3rd quarter. Avior Wealth Management LLC now owns 13,172 shares of the business services provider's stock valued at $1,072,000 after acquiring an additional 1,799 shares in the last quarter. 95.37% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

RBA has been the subject of a number of research reports. Zacks Research cut shares of RB Global from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 13th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of RB Global in a research report on Wednesday, August 5th. Royal Bank Of Canada reissued an "outperform" rating and set a $152.00 price objective on shares of RB Global in a research note on Wednesday, September 23rd. Raymond James Financial raised shares of RB Global from an "outperform" rating to a "strong-buy" rating and set a $145.00 price objective for the company in a research note on Tuesday, June 30th. Finally, Barclays cut their price objective on RB Global from $121.00 to $110.00 and set an "overweight" rating for the company in a research report on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, RB Global has an average rating of "Moderate Buy" and a consensus price target of $126.29.

RB Global Trading Up 1.4%

RB Global stock opened at $82.03 on Thursday. The stock has a 50-day moving average price of $83.79 and a 200 day moving average price of $98.38. RB Global, Inc. has a 52 week low of $78.05 and a 52 week high of $119.33. The stock has a market cap of $14.87 billion, a PE ratio of 35.21, a P/E/G ratio of 1.38 and a beta of 0.53. 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 - Get Free Report) TSE: RBA last released its quarterly earnings results on Tuesday, August 4th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. Equities research analysts predict that RB Global, Inc. will post 4.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Deborah Stein bought 500 shares of the stock in a transaction on Wednesday, September 9th. The stock was purchased at an average cost of $80.91 per share, with a total value of $40,455.00. Following the purchase, the director owned 2,325 shares of the company's stock, valued at approximately $188,115.75. The trade was a 27.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Chloe Harford bought 1,200 shares of the stock in a transaction on Monday, August 24th. The stock was purchased at an average cost of $83.74 per share, with a total value of $100,488.00. Following the completion of the purchase, the director directly owned 1,200 shares in the company, valued at $100,488. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. 0.57% of the stock is currently owned by company insiders.

RB Global Company Profile

RB Global, Inc is a global marketplace and provider of asset management and disposition services for commercial and industrial equipment, vehicles and other durable assets. The company connects buyers and sellers through live and online auctions, negotiated sales and digital marketplaces, serving industries such as construction, transportation, agriculture, energy, government and automotive.

Its portfolio includes Ritchie Bros., a major auction and marketplace brand for heavy equipment; IAA, which specializes in salvage and repairable vehicle auctions; and Mascus, an online marketplace for used equipment.

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