Bank of Nova Scotia Trust Co. Acquires 3,718 Shares of RB Global, Inc. (NYSE:RBA)

Key Points

• Bank of Nova Scotia Trust Co. increased its position in RB Global, Inc. by 5.5%, owning a total of 70,955 shares valued at approximately $7.1 million after purchasing 3,718 additional shares in the first quarter.
• Multiple hedge funds have significantly increased their stakes in RB Global, with some like CoreCap Advisors LLC and MV Capital Management Inc. growing their positions by 74.5% and 5,560% respectively during recent quarters.
• Analysts have mixed ratings on RB Global, with a consensus of "Moderate Buy" and a price target averaging $116.21, indicating investor optimism despite some recent downgrades.

Bank of Nova Scotia Trust Co. grew its position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 5.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 70,955 shares of the business services provider's stock after purchasing an additional 3,718 shares during the period. Bank of Nova Scotia Trust Co.'s holdings in RB Global were worth $7,117,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of RBA. Securian Asset Management Inc. boosted its holdings in shares of RB Global by 0.7% during the 1st quarter. Securian Asset Management Inc. now owns 14,041 shares of the business services provider's stock valued at $1,408,000 after acquiring an additional 100 shares in the last quarter. Nisa Investment Advisors LLC raised its position in RB Global by 10.9% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,060 shares of the business services provider's stock worth $106,000 after purchasing an additional 104 shares during the last quarter. Wealth Alliance LLC raised its position in RB Global by 2.7% during the 1st quarter. Wealth Alliance LLC now owns 3,976 shares of the business services provider's stock worth $399,000 after purchasing an additional 104 shares during the last quarter. CoreCap Advisors LLC raised its position in RB Global by 74.5% during the 4th quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock worth $25,000 after purchasing an additional 117 shares during the last quarter. Finally, Fullcircle Wealth LLC raised its position in RB Global by 5.5% during the 1st quarter. Fullcircle Wealth LLC now owns 2,382 shares of the business services provider's stock worth $235,000 after purchasing an additional 124 shares during the last quarter. 95.37% of the stock is currently owned by institutional investors.

Insider Buying and Selling at RB Global

In other news, insider Andrew John Fesler sold 9,075 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $104.72, for a total transaction of $950,334.00. Following the completion of the sale, the insider directly owned 5,532 shares in the company, valued at approximately $579,311.04. This represents a 62.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Adam Dewitt sold 800 shares of the stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $106.17, for a total transaction of $84,936.00. Following the sale, the director owned 5,865 shares of the company's stock, valued at approximately $622,687.05. This represents a 12.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 72,133 shares of company stock valued at $7,843,729. 0.28% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Robert W. Baird raised their target price on RB Global from $110.00 to $115.00 and gave the stock an "outperform" rating in a research report on Thursday, May 8th. Wall Street Zen lowered RB Global from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. National Bankshares lowered their target price 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. National Bank Financial lowered RB Global from a "strong-buy" rating to a "hold" rating in a research report on Sunday, May 25th. Finally, CIBC raised their target price on RB Global from $118.00 to $121.00 and gave the stock an "outperformer" rating in a research report on Friday, July 18th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, RB Global has an average rating of "Moderate Buy" and an average price target of $116.21.

RB Global Stock Performance

RBA stock traded up $0.04 during midday trading on Friday, reaching $108.30. 636,140 shares of the company's stock traded hands, compared to its average volume of 854,011. The company has a 50-day moving average price of $106.58 and a two-hundred day moving average price of $101.03. 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 52 week low of $70.38 and a 52 week high of $111.71. The firm has a market capitalization of $20.09 billion, a PE ratio of 53.35, a price-to-earnings-growth ratio of 2.50 and a beta of 0.75.

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

RB Global Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Thursday, May 29th were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 1.1%. The ex-dividend date was Thursday, May 29th. RB Global's dividend payout ratio is presently 57.14%.

RB Global Company 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.