Cidel Asset Management Inc. Has $43.91 Million Position in RB Global, Inc. $RBA

Key Points

• Cidel Asset Management reduced its RB Global stake by 37.1% during the second quarter, selling 222,463 shares and retaining 377,328 shares valued at approximately $43.9 million. Institutional investors collectively own 95.37% of the company.
• RB Global reported quarterly earnings of $1.13 per share, exceeding estimates of $1.09, while revenue reached $1.66 billion versus the $1.21 billion consensus forecast.
• The company raised its quarterly dividend from $0.31 to $0.33 per share, equivalent to a $1.32 annual payout and a 1.6% yield. Despite the stock trading near its 52-week low, analysts maintain a “Moderate Buy” consensus with a $128 target price.

Cidel Asset Management Inc. cut its stake in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 37.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 377,328 shares of the business services provider's stock after selling 222,463 shares during the quarter. RB Global makes up about 2.1% of Cidel Asset Management Inc.'s portfolio, making the stock its 11th largest position. Cidel Asset Management Inc. owned approximately 0.20% of RB Global worth $43,912,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also bought and sold shares of the stock. Addison Advisors LLC bought a new stake in RB Global in the second quarter valued at $26,000. J.Safra Asset Management Corp bought a new position in shares of RB Global during the 2nd quarter worth about $32,000. MV Capital Management Inc. acquired a new stake in shares of RB Global in the 4th quarter valued at about $29,000. Integrated Wealth Concepts LLC acquired a new stake in shares of RB Global in the 2nd quarter valued at about $35,000. Finally, Bayban bought a new stake in RB Global in the 4th quarter valued at about $34,000. 95.37% of the stock is currently owned by institutional investors and hedge funds.

RB Global Stock Down 2.0%

RBA opened at $81.88 on Wednesday. RB Global, Inc. has a fifty-two week low of $81.50 and a fifty-two week high of $119.58. The firm has a market capitalization of $15.16 billion, a P/E ratio of 35.14, a PEG ratio of 1.43 and a beta of 0.52. The company's 50-day moving average is $99.13 and its 200 day moving average is $101.91. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.31 and a quick ratio of 1.22.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its quarterly earnings data on Tuesday, August 4th. The business services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.09 by $0.04. RB Global had a net margin of 9.99% and a return on equity of 12.37%. The firm had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.21 billion. Research analysts expect that RB Global, Inc. will post 4.06 earnings per share for the current fiscal year.

RB Global Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Tuesday, August 25th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $1.32 annualized dividend and a dividend yield of 1.6%. This is a boost from RB Global's previous quarterly dividend of $0.31. RB Global's payout ratio is 56.65%.

Insider Activity at RB Global

In related news, Director Chloe Harford purchased 1,200 shares of the business's stock in a transaction that occurred on Monday, August 24th. The shares were bought at an average cost of $83.74 per share, with a total value of $100,488.00. Following the acquisition, the director owned 1,200 shares of the company's stock, valued at $100,488. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.57% of the stock is owned by insiders.

Analyst Ratings Changes

RBA has been the subject of a number of research reports. Raymond James Financial raised RB Global from an "outperform" rating to a "strong-buy" rating and set a $145.00 price objective for the company in a research note on Tuesday, June 30th. Weiss Ratings cut RB Global from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, August 17th. Wall Street Zen lowered shares of RB Global from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. Royal Bank Of Canada upped their price objective on shares of RB Global from $150.00 to $152.00 and gave the stock an "outperform" rating in a report on Wednesday, August 5th. Finally, Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of RB Global in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $128.00.

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.

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