Canoe Financial LP Has $131.29 Million Holdings in RB Global, Inc. $RBA

Key Points

• Canoe Financial LP sold 7,250 shares of RB Global, Inc., reducing its stake by 0.6%, with the investment firm now holding 1,234,891 shares worth approximately $131.3 million.
• Institutional ownership of RB Global is high, with 95.37% of the company's stock held by institutional investors, including significant stakes from Samlyn Capital LLC and Invesco Ltd..
• RB Global recently announced a quarterly dividend increase to $0.31 per share, up from $0.29, reflecting a dividend yield of 1.1% as of the last reporting period.

Canoe Financial LP lessened its stake in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 0.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,234,891 shares of the business services provider's stock after selling 7,250 shares during the quarter. RB Global comprises about 1.9% of Canoe Financial LP's investment portfolio, making the stock its 18th biggest holding. Canoe Financial LP owned 0.67% of RB Global worth $131,291,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. D. E. Shaw & Co. Inc. increased its position in shares of RB Global by 190.7% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 20,058 shares of the business services provider's stock valued at $1,809,000 after purchasing an additional 13,158 shares during the period. Focus Partners Wealth acquired a new stake in shares of RB Global in the fourth quarter valued at $253,000. ProShare Advisors LLC lifted its holdings in shares of RB Global by 7.4% in the fourth quarter. ProShare Advisors LLC now owns 8,628 shares of the business services provider's stock valued at $778,000 after buying an additional 595 shares during the period. State of Wyoming acquired a new stake in shares of RB Global in the fourth quarter valued at $133,000. Finally, Vident Advisory LLC lifted its holdings in shares of RB Global by 24.0% in the fourth quarter. Vident Advisory LLC now owns 3,585 shares of the business services provider's stock valued at $323,000 after buying an additional 693 shares during the period. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Raymond James Financial lifted their target price on RB Global from $125.00 to $135.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. CIBC lifted their target price on RB Global from $118.00 to $121.00 and gave the stock an "outperformer" rating in a report on Friday, July 18th. Wall Street Zen cut RB Global from a "buy" rating to a "hold" rating in a report on Friday, September 5th. Royal Bank Of Canada lifted their target price on RB Global from $125.00 to $132.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Finally, National Bankshares lifted their target price on RB Global from $112.00 to $113.00 and gave the stock a "sector perform" rating in a report on Thursday, August 7th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, RB Global currently has a consensus rating of "Moderate Buy" and an average target price of $124.33.

RB Global Stock Performance

Shares of RB Global stock traded down $1.61 during trading on Tuesday, reaching $113.21. The company's stock had a trading volume of 339,518 shares, compared to its average volume of 1,080,813. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.22 and a current ratio of 1.28. The business's fifty day moving average price is $113.54 and its 200-day moving average price is $106.09. The firm has a market cap of $21.01 billion, a price-to-earnings ratio of 56.03, a price-to-earnings-growth ratio of 2.76 and a beta of 0.65. RB Global, Inc. has a one year low of $78.08 and a one year high of $119.58.

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

RB Global Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, August 28th were paid a dividend of $0.31 per share. This is a positive change from RB Global's previous quarterly dividend of $0.29. This represents a $1.24 annualized dividend and a yield of 1.1%. The ex-dividend date was Thursday, August 28th. RB Global's dividend payout ratio is presently 61.39%.

Insider Activity at RB Global

In related news, CEO James Francis Kessler sold 45,658 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer directly 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 link. Also, insider Darren Jeffrey Watt sold 7,400 shares of RB Global 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 sale, the insider directly owned 24,874 shares in the company, valued at $2,736,140. The trade was a 22.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 55,209 shares of company stock worth $6,090,521 over the last three months. Company insiders own 0.28% of the company's stock.

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.