Cidel Asset Management Inc. Has $57.34 Million Position in RB Global, Inc. $RBA

Key Points

• Cidel Asset Management increased its RB Global stake by 80.4% in the first quarter, ending with 599,791 shares valued at about $57.34 million. The stock is now its second-largest holding and makes up 3.1% of the fund’s portfolio.
• Other institutional investors also added to or initiated positions in RB Global, and overall 95.37% of the stock is owned by institutions. Notable buyers included Goldman Sachs, AQR Capital Management, and Woodline Partners.
• Analysts remain generally positive on RB Global, with a Moderate Buy consensus and a price target of $126.12. The company also beat quarterly earnings and revenue estimates, while recently paying a $0.31 quarterly dividend.

Cidel Asset Management Inc. lifted its holdings in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 80.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 599,791 shares of the business services provider's stock after purchasing an additional 267,372 shares during the period. RB Global comprises 3.1% of Cidel Asset Management Inc.'s holdings, making the stock its 2nd biggest holding. Cidel Asset Management Inc. owned about 0.32% of RB Global worth $57,338,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in RBA. AQR Capital Management LLC increased its holdings in shares of RB Global by 94.3% in the first quarter. AQR Capital Management LLC now owns 10,489 shares of the business services provider's stock valued at $1,031,000 after buying an additional 5,090 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of RB Global by 53.1% during the 1st quarter. NewEdge Advisors LLC now owns 588 shares of the business services provider's stock valued at $59,000 after acquiring an additional 204 shares during the last quarter. Jones Financial Companies Lllp lifted its position in shares of RB Global by 857.9% during the 1st quarter. Jones Financial Companies Lllp now owns 3,736 shares of the business services provider's stock valued at $375,000 after acquiring an additional 3,346 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of RB Global by 35.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 338,385 shares of the business services provider's stock worth $33,940,000 after acquiring an additional 88,813 shares in the last quarter. Finally, Woodline Partners LP bought a new stake in shares of RB Global during the 1st quarter worth $4,103,000. 95.37% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other RB Global news, Director Deborah Stein acquired 425 shares of the firm'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 transaction, the director 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.57% of the company's stock.

RB Global Trading Down 0.1%

RB Global stock opened at $108.49 on Wednesday. RB Global, Inc. has a 52 week low of $93.58 and a 52 week high of $119.58. 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 firm has a market capitalization of $20.17 billion, a price-to-earnings ratio of 50.46, a P/E/G ratio of 1.73 and a beta of 0.57. The company has a 50 day moving average price of $105.22 and a 200 day moving average price of $104.96.

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

RB Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Wednesday, May 27th were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Wednesday, May 27th. RB Global's dividend payout ratio is currently 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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