CIBC Asset Management Inc Has $102.15 Million Position in RB Global, Inc. $RBA

Key Points

• CIBC Asset Management increased its stake in RB Global by 25.3% in the fourth quarter, ending with 978,608 shares valued at about $102.1 million.
• RB Global reported strong quarterly results, with EPS of $1.01 beating estimates and revenue of $1.21 billion, up 11.4% from a year earlier.
• The company announced a quarterly dividend of $0.31 per share, and analysts remain generally bullish with a Moderate Buy consensus and average price target of $126.13.

CIBC Asset Management Inc increased its stake in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 25.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 978,608 shares of the business services provider's stock after purchasing an additional 197,411 shares during the quarter. CIBC Asset Management Inc owned approximately 0.53% of RB Global worth $102,145,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of RBA. Norges Bank bought a new stake in RB Global during the fourth quarter valued at about $231,813,000. Kensico Capital Management Corp boosted its holdings in RB Global by 152.0% during the third quarter. Kensico Capital Management Corp now owns 1,044,000 shares of the business services provider's stock valued at $113,128,000 after acquiring an additional 629,700 shares during the period. Bank of America Corp DE boosted its holdings in RB Global by 58.7% during the third quarter. Bank of America Corp DE now owns 1,533,783 shares of the business services provider's stock valued at $166,201,000 after acquiring an additional 567,431 shares during the period. Holocene Advisors LP bought a new stake in RB Global during the third quarter valued at about $53,111,000. Finally, Invesco Ltd. boosted its holdings in RB Global by 17.7% during the third quarter. Invesco Ltd. now owns 2,863,540 shares of the business services provider's stock valued at $310,293,000 after acquiring an additional 430,729 shares during the period. 95.37% of the stock is currently owned by institutional investors.

RB Global Stock Performance

NYSE:RBA opened at $104.73 on Wednesday. RB Global, Inc. has a 12-month low of $93.58 and a 12-month high of $119.58. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $19.47 billion, a PE ratio of 48.71, a price-to-earnings-growth ratio of 1.68 and a beta of 0.57. The firm has a 50-day moving average price of $102.16 and a 200 day moving average price of $103.96.

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

RB Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Wednesday, May 27th will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 1.2%. The ex-dividend date is Wednesday, May 27th. RB Global's dividend payout ratio is currently 57.67%.

Insider Transactions at RB Global

In related news, Director Deborah Stein acquired 425 shares of the company's stock in a transaction on Tuesday, May 19th. The stock was purchased at an average cost of $103.15 per share, for a total transaction of $43,838.75. Following the completion of the purchase, the director directly owned 1,825 shares of the company's stock, valued at $188,248.75. The trade was a 30.36% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.57% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RBA. Stephens reissued an "equal weight" rating and issued a $96.00 price objective on shares of RB Global in a research report on Tuesday, May 5th. Weiss Ratings reissued a "buy (b-)" rating on shares of RB Global in a research report on Tuesday, May 26th. Royal Bank Of Canada increased their price objective on RB Global from $146.00 to $150.00 and gave the company an "outperform" rating in a research report on Tuesday, May 5th. Barclays began coverage on RB Global in a research report on Thursday, May 28th. They issued an "overweight" rating and a $124.00 price objective for the company. Finally, BMO Capital Markets reissued an "outperform" rating and issued a $135.00 price objective (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $126.13.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.