Canoe Financial LP Has $130.99 Million Stock Position in RB Global, Inc. $RBA

Key Points

• Canoe Financial LP increased its RB Global stake by 12.7% in the first quarter, buying 153,615 more shares and lifting its position to 1,366,310 shares worth about $130.99 million.
• RB Global reported better-than-expected quarterly results, posting EPS of $1.01 on revenue of $1.21 billion, with revenue up 11.4% year over year.
• The company also paid a quarterly dividend of $0.31 per share, while analysts remain broadly positive with a Moderate Buy consensus and an average price target of $126.12.

Canoe Financial LP raised its stake in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 12.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,366,310 shares of the business services provider's stock after acquiring an additional 153,615 shares during the quarter. RB Global comprises 1.8% of Canoe Financial LP's holdings, making the stock its 23rd largest position. Canoe Financial LP owned 0.73% of RB Global worth $130,986,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA grew its position in shares of RB Global by 1.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 10,892,186 shares of the business services provider's stock valued at $1,120,479,000 after purchasing an additional 165,260 shares during the last quarter. EdgePoint Investment Group Inc. lifted its holdings in RB Global by 11.9% during the 4th quarter. EdgePoint Investment Group Inc. now owns 7,701,648 shares of the business services provider's stock worth $792,934,000 after purchasing an additional 821,319 shares during the last quarter. State Street Corp lifted its holdings in RB Global by 1.7% during the 4th quarter. State Street Corp now owns 6,290,640 shares of the business services provider's stock worth $647,118,000 after purchasing an additional 104,286 shares during the last quarter. Geode Capital Management LLC boosted its stake in RB Global by 5.3% in the 4th quarter. Geode Capital Management LLC now owns 5,000,897 shares of the business services provider's stock valued at $513,930,000 after purchasing an additional 250,887 shares during the period. Finally, Fiera Capital Corp boosted its stake in RB Global by 2.2% in the 4th quarter. Fiera Capital Corp now owns 4,157,985 shares of the business services provider's stock valued at $428,223,000 after purchasing an additional 90,982 shares during the period. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at RB Global

In related news, Director Deborah Stein purchased 425 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The shares were bought at an average price of $103.15 per share, for a total transaction of $43,838.75. Following the completion of the transaction, the director owned 1,825 shares of the company's stock, valued at approximately $188,248.75. This trade represents a 30.36% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.57% of the company's stock.

RB Global Trading Up 0.1%

Shares of RBA stock opened at $115.42 on Monday. The company has a current ratio of 1.14, a quick ratio of 1.07 and a debt-to-equity ratio of 0.40. The stock has a market cap of $21.46 billion, a P/E ratio of 53.68, a price-to-earnings-growth ratio of 1.84 and a beta of 0.57. The stock has a 50 day simple moving average of $105.89 and a 200 day simple moving average of $105.29. RB Global, Inc. has a 1 year low of $93.58 and a 1 year high of $119.58.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its quarterly earnings data on Monday, May 4th. The business services provider reported $1.01 EPS for the quarter, topping analysts' consensus estimates of $0.97 by $0.04. The firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.13 billion. RB Global had a return on equity of 12.33% and a net margin of 9.55%.The company's revenue was up 11.4% on a year-over-year basis. During the same quarter last year, the company earned $0.89 EPS. On average, research analysts predict that RB Global, Inc. will post 4.09 earnings per share for the current fiscal year.

RB Global Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Wednesday, May 27th were issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Wednesday, May 27th. RB Global's dividend payout ratio is 57.67%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RBA. Royal Bank Of Canada upped their price objective on RB Global from $146.00 to $150.00 and gave the company an "outperform" rating in a report on Tuesday, May 5th. Stephens reissued an "equal weight" rating and issued a $96.00 target price on shares of RB Global in a research report on Tuesday, May 5th. BMO Capital Markets reissued an "outperform" rating and issued a $135.00 target price (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. Barclays initiated coverage on shares of RB Global in a research note on Thursday, May 28th. They issued an "overweight" rating and a $124.00 price target on the stock. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of RB Global in a research report on Tuesday, May 26th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, RB Global has a consensus rating of "Moderate Buy" and an average price target of $126.12.

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.

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