Cidel Asset Management Inc. Reduces Stake in RB Global, Inc. $RBA

Key Points

• Cidel Asset Management cut its stake in RB Global by 53.1% in Q4, selling 376,044 shares and now holding 332,419 shares (about 0.18% of the company) valued at roughly $34.3 million and representing 2.4% of Cidel’s portfolio.
• Insider activity was mixed: Director Deborah Stein bought 400 shares at $98.74 (raising her stake to 1,400 shares), while CEO James Kessler sold 20,742 shares at $115, a 16.17% reduction; insiders now own 4.32% of the stock.
• Business results and analyst sentiment are positive: RB Global beat Q4 estimates (EPS $1.11 vs. $0.99; revenue $1.20B vs. $1.17B), several brokers raised price targets and the consensus rating is "Buy" with an average target of $129.29.

Cidel Asset Management Inc. trimmed its holdings in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 53.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 332,419 shares of the business services provider's stock after selling 376,044 shares during the quarter. RB Global accounts for about 2.4% of Cidel Asset Management Inc.'s portfolio, making the stock its 8th biggest holding. Cidel Asset Management Inc. owned 0.18% of RB Global worth $34,268,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Central Pacific Bank Trust Division raised its holdings in shares of RB Global by 41.8% in the 4th quarter. Central Pacific Bank Trust Division now owns 363 shares of the business services provider's stock worth $37,000 after purchasing an additional 107 shares in the last quarter. Spire Wealth Management boosted its holdings in RB Global by 1,090.6% during the third quarter. Spire Wealth Management now owns 381 shares of the business services provider's stock worth $41,000 after buying an additional 349 shares in the last quarter. State of Wyoming acquired a new position in RB Global in the second quarter worth approximately $46,000. Geneos Wealth Management Inc. grew its position in RB Global by 21.9% in the first quarter. Geneos Wealth Management Inc. now owns 540 shares of the business services provider's stock worth $54,000 after buying an additional 97 shares during the last quarter. Finally, NewEdge Advisors LLC increased its holdings in shares of RB Global by 53.1% in the first quarter. NewEdge Advisors LLC now owns 588 shares of the business services provider's stock valued at $59,000 after buying an additional 204 shares in the last quarter. Institutional investors and hedge funds own 95.37% of the company's stock.

Insider Transactions at RB Global

In other news, Director Deborah Stein bought 400 shares of the company's stock in a transaction on Wednesday, March 18th. The shares were bought at an average cost of $98.74 per share, with a total value of $39,496.00. Following the transaction, the director directly owned 1,400 shares in the company, valued at approximately $138,236. This trade represents a 40.00% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James Francis Kessler sold 20,742 shares of the firm's stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $115.00, for a total value of $2,385,330.00. Following the sale, the chief executive officer directly owned 107,569 shares of the company's stock, valued at $12,370,435. This trade represents a 16.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 4.32% of the company's stock.

RB Global Stock Performance

RBA stock opened at $98.35 on Monday. The firm has a 50 day simple moving average of $104.09 and a 200 day simple moving average of $104.15. RB Global, Inc. has a 52 week low of $87.87 and a 52 week high of $119.58. The stock has a market cap of $18.28 billion, a P/E ratio of 48.21, a P/E/G ratio of 1.49 and a beta of 0.57. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.02 and a current ratio of 1.10.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last released its quarterly earnings data on Tuesday, February 17th. The business services provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.12. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.17 billion. RB Global had a net margin of 9.33% and a return on equity of 11.12%. The company's revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.95 EPS. Research analysts anticipate that RB Global, Inc. will post 2.5 earnings per share for the current fiscal year.

RB Global Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Monday, February 9th were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Monday, February 9th. This represents a $1.24 dividend on an annualized basis and a yield of 1.3%. RB Global's dividend payout ratio (DPR) is presently 60.78%.

Analysts Set New Price Targets

A number of brokerages have recently commented on RBA. Royal Bank Of Canada raised their price objective on RB Global from $137.00 to $146.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 18th. BMO Capital Markets boosted their target price on RB Global from $135.00 to $140.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 18th. Raymond James Financial upped their target price on RB Global from $135.00 to $145.00 and gave the company an "outperform" rating in a report on Tuesday, January 20th. Finally, Weiss Ratings upgraded RB Global from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, February 26th. Seven analysts have rated the stock with a Buy rating, According to MarketBeat, RB Global presently has an average rating of "Buy" and a consensus price target of $129.29.

RB Global 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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