AGF Management Ltd. Has $13.34 Million Stake in RB Global, Inc. (NYSE:RBA)

Key Points

• AGF Management Ltd. increased its stake in RB Global, Inc. by 4.0%, acquiring an additional 5,068 shares, bringing its total ownership to approximately 132,935 shares valued at $13.34 million.
• Research firms have given mixed ratings for RB Global, with price targets ranging from $115.00 to $135.00 and a consensus rating of "Moderate Buy," indicating potential for growth.
• RB Global announced an increase in its quarterly dividend from $0.29 to $0.31 per share, signaling confidence in its financial health with a 1.1% dividend yield.

AGF Management Ltd. raised its position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 4.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 132,935 shares of the business services provider's stock after purchasing an additional 5,068 shares during the quarter. AGF Management Ltd. owned 0.07% of RB Global worth $13,342,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA raised its stake in shares of RB Global by 3.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,241,186 shares of the business services provider's stock valued at $1,027,191,000 after purchasing an additional 352,530 shares during the period. Fiera Capital Corp raised its stake in shares of RB Global by 17.3% in the 1st quarter. Fiera Capital Corp now owns 3,773,914 shares of the business services provider's stock valued at $379,150,000 after purchasing an additional 557,407 shares during the period. Janus Henderson Group PLC raised its stake in shares of RB Global by 0.6% in the 4th quarter. Janus Henderson Group PLC now owns 3,403,086 shares of the business services provider's stock valued at $307,033,000 after purchasing an additional 19,895 shares during the period. Invesco Ltd. raised its stake in shares of RB Global by 26.9% in the 1st quarter. Invesco Ltd. now owns 2,436,296 shares of the business services provider's stock valued at $244,360,000 after purchasing an additional 516,865 shares during the period. Finally, Northern Trust Corp raised its stake in shares of RB Global by 13.3% in the 4th quarter. Northern Trust Corp now owns 1,399,401 shares of the business services provider's stock valued at $126,240,000 after purchasing an additional 163,820 shares during the period. Institutional investors and hedge funds own 95.37% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Royal Bank Of Canada lifted their target price on RB Global from $125.00 to $132.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. CIBC lifted their target price on RB Global from $118.00 to $121.00 and gave the company an "outperformer" rating in a research report on Friday, July 18th. BMO Capital Markets lifted their target price on RB Global from $125.00 to $130.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Raymond James Financial lifted their target price on RB Global from $125.00 to $135.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Finally, National Bankshares lifted their target price on RB Global from $112.00 to $113.00 and gave the company a "sector perform" rating in a research report on Thursday, August 7th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $119.79.

RB Global Stock Performance

NYSE RBA traded down $2.30 during trading on Friday, reaching $115.13. 1,221,840 shares of the company's stock were exchanged, compared to its average volume of 1,055,790. RB Global, Inc. has a fifty-two week low of $78.08 and a fifty-two week high of $118.23. The stock has a market capitalization of $21.36 billion, a P/E ratio of 57.00, a PEG ratio of 2.72 and a beta of 0.75. The business has a 50 day moving average price of $108.31 and a 200-day moving average price of $102.51. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.28 and a quick ratio of 1.22.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its quarterly earnings data on Wednesday, August 6th. The business services provider reported $1.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.12. RB Global had a return on equity of 9.42% and a net margin of 9.46%. The company had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.14 billion. During the same quarter in the previous year, the company posted $0.94 earnings per share. The business's revenue was up 8.2% on a year-over-year basis. Sell-side analysts forecast that RB Global, Inc. will post 2.5 earnings per share for the current fiscal year.

RB Global Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 28th will be issued a dividend of $0.31 per share. This is a boost from RB Global's previous quarterly dividend of $0.29. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Thursday, August 28th. RB Global's dividend payout ratio is presently 57.43%.

Insider Transactions at RB Global

In other news, CEO James Francis Kessler sold 45,658 shares of the business's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $110.00, for a total transaction of $5,022,380.00. Following the completion of the sale, the chief executive officer owned 107,569 shares in the company, valued at $11,832,590. The trade was a 29.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Adam Dewitt sold 800 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $106.17, for a total value of $84,936.00. Following the completion of the sale, the director owned 5,865 shares of the company's stock, valued at approximately $622,687.05. This trade represents a 12.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 57,558 shares of company stock worth $6,314,145 over the last quarter. Company insiders own 4.32% of the company's stock.

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.