Cibc World Market Inc. Sells 66,291 Shares of RB Global, Inc. $RBA

Key Points

• Cibc World Market Inc. reduced its RB Global stake by 36.9% in the fourth quarter, selling 66,291 shares and leaving it with 113,416 shares valued at about $11.7 million.
• Analyst sentiment remains positive overall, with seven Buy ratings and one Hold; the consensus target price is $126.13, while several firms recently reiterated or raised targets.
• RB Global reported strong quarterly results, beating EPS and revenue estimates, and also announced a quarterly dividend of $0.31 per share payable June 18.

Cibc World Market Inc. decreased its position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 36.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 113,416 shares of the business services provider's stock after selling 66,291 shares during the quarter. Cibc World Market Inc. owned 0.06% of RB Global worth $11,678,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of RBA. AQR Capital Management LLC lifted its position in RB Global by 94.3% during the first quarter. AQR Capital Management LLC now owns 10,489 shares of the business services provider's stock worth $1,031,000 after purchasing an additional 5,090 shares during the period. NewEdge Advisors LLC lifted its position in RB Global by 53.1% during the first quarter. NewEdge Advisors LLC now owns 588 shares of the business services provider's stock worth $59,000 after purchasing an additional 204 shares during the period. Jones Financial Companies Lllp lifted its position in RB Global by 857.9% during the first quarter. Jones Financial Companies Lllp now owns 3,736 shares of the business services provider's stock worth $375,000 after purchasing an additional 3,346 shares during the period. Goldman Sachs Group Inc. lifted its position in RB Global by 35.6% during the first quarter. Goldman Sachs Group Inc. now owns 338,385 shares of the business services provider's stock worth $33,940,000 after purchasing an additional 88,813 shares during the period. Finally, Woodline Partners LP bought a new stake in RB Global during the first quarter worth about $4,103,000. Institutional investors own 95.37% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on RBA shares. Stephens reaffirmed an "equal weight" rating and set 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 report on Tuesday, May 26th. Royal Bank Of Canada increased their target price on shares of RB Global from $146.00 to $150.00 and gave the stock an "outperform" rating in a report on Tuesday, May 5th. Barclays started coverage on shares of RB Global in a report on Thursday, May 28th. They issued an "overweight" rating and a $124.00 target price for the company. Finally, 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 report on Tuesday, May 5th. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, RB Global presently has an average rating of "Moderate Buy" and a consensus price target of $126.13.

Insider Transactions at RB Global

In other RB Global news, Director Deborah Stein acquired 425 shares of the company's stock in a transaction that occurred on Tuesday, May 19th. The stock was acquired at an average price of $103.15 per share, for a total transaction of $43,838.75. Following the acquisition, the director directly owned 1,825 shares in the company, valued at $188,248.75. This represents a 30.36% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.57% of the stock is currently owned by company insiders.

RB Global Stock Down 1.0%

Shares of RBA opened at $104.47 on Friday. RB Global, Inc. has a 52 week low of $93.58 and a 52 week high of $119.58. The stock has a market capitalization of $19.42 billion, a price-to-earnings ratio of 48.59, a PEG ratio of 1.66 and a beta of 0.57. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.07 and a current ratio of 1.14. The stock has a fifty day moving average of $102.77 and a 200-day moving average of $104.02.

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

RB Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Wednesday, May 27th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Wednesday, May 27th. RB Global's dividend payout ratio (DPR) is 57.67%.

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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