Alberta Investment Management Corp Buys Shares of 75,007 RB Global, Inc. (NYSE:RBA)

Key Points

• Alberta Investment Management Corp acquired 75,007 shares of RB Global, Inc., valued at approximately $7.5 million, enhancing its stake during the first quarter.
• RB Global recently announced a quarterly dividend of $0.29 per share, with a current yield of 1.1% and a dividend payout ratio of 57.14%.
• Following recent changes, several investment firms have adjusted their ratings, with Wall Street Zen downgrading RB Global from a "buy" to a "hold," while CIBC and Raymond James Financial raised their price targets to $121 and $125 respectively.

Alberta Investment Management Corp bought a new stake in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 75,007 shares of the business services provider's stock, valued at approximately $7,527,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CoreCap Advisors LLC boosted its stake in shares of RB Global by 74.5% during the fourth quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock valued at $25,000 after purchasing an additional 117 shares in the last quarter. MV Capital Management Inc. boosted its stake in shares of RB Global by 5,560.0% during the first quarter. MV Capital Management Inc. now owns 283 shares of the business services provider's stock valued at $28,000 after purchasing an additional 278 shares in the last quarter. IFP Advisors Inc boosted its stake in shares of RB Global by 348.8% during the first quarter. IFP Advisors Inc now owns 359 shares of the business services provider's stock valued at $36,000 after purchasing an additional 279 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of RB Global by 10.9% during the first quarter. Nisa Investment Advisors LLC now owns 1,060 shares of the business services provider's stock valued at $106,000 after purchasing an additional 104 shares in the last quarter. Finally, Allworth Financial LP raised its position in shares of RB Global by 1,870.9% during the first quarter. Allworth Financial LP now owns 1,084 shares of the business services provider's stock worth $107,000 after acquiring an additional 1,029 shares during the last quarter. Institutional investors own 95.37% of the company's stock.

RB Global Trading Up 0.0%

Shares of RBA stock opened at $108.30 on Friday. The company has a market cap of $20.09 billion, a P/E ratio of 53.35, a PEG ratio of 2.50 and a beta of 0.75. The stock has a 50 day simple moving average of $106.58 and a two-hundred day simple moving average of $100.87. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.21 and a current ratio of 1.31. RB Global, Inc. has a fifty-two week low of $70.38 and a fifty-two week high of $111.71.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its earnings results on Wednesday, May 7th. The business services provider reported $0.89 earnings per share for the quarter, hitting analysts' consensus estimates of $0.89. RB Global had a return on equity of 8.03% and a net margin of 9.68%. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the previous year, the company posted $0.90 earnings per share. The firm's revenue for the quarter was up 4.1% on a year-over-year basis. Research analysts forecast that RB Global, Inc. will post 2.5 earnings per share for the current year.

RB Global Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Thursday, May 29th were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Thursday, May 29th. RB Global's dividend payout ratio (DPR) is 57.14%.

Insider Transactions at RB Global

In other RB Global news, CEO James Francis Kessler sold 45,658 shares of the firm'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 value of $5,022,380.00. Following the completion of the sale, the chief executive officer owned 107,569 shares of the company's stock, valued at approximately $11,832,590. This trade represents a 29.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Darren Jeffrey Watt sold 7,400 shares of the firm's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $110.00, for a total value of $814,000.00. Following the completion of the sale, the insider directly owned 24,874 shares of the company's stock, valued at $2,736,140. This trade represents a 22.93% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 72,133 shares of company stock valued at $7,843,729. Company insiders own 4.32% of the company's stock.

Analysts Set New Price Targets

RBA has been the subject of a number of analyst reports. Wall Street Zen downgraded RB Global from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. CIBC raised their price objective on RB Global from $118.00 to $121.00 and gave the stock an "outperformer" rating in a research report on Friday, July 18th. Raymond James Financial raised their price objective on RB Global from $118.00 to $125.00 and gave the stock an "outperform" rating in a research report on Thursday, May 8th. National Bank Financial downgraded RB Global from a "strong-buy" rating to a "hold" rating in a research report on Sunday, May 25th. Finally, National Bankshares lowered their price objective on RB Global from $118.00 to $115.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $116.21.

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.

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