Connor Clark & Lunn Investment Management Ltd. Acquires 273,155 Shares of RB Global, Inc. (NYSE:RBA)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in RB Global, Inc. by 24.8%, owning approximately $137.89 million worth of the company's stock after purchasing an additional 273,155 shares.
• In related news, CEO James Kessler sold 45,658 shares of RB Global, representing a 29.80% decrease in his position, while insiders collectively sold 72,133 shares worth nearly $7.84 million in the last ninety days.
• RB Global recently reported earnings per share of $1.07, exceeding estimates, and announced a quarterly dividend increase to $0.31, signifying a 1.1% yield for investors.

Connor Clark & Lunn Investment Management Ltd. increased its position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 24.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,373,690 shares of the business services provider's stock after acquiring an additional 273,155 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.74% of RB Global worth $137,893,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. CoreCap Advisors LLC boosted its stake in RB Global by 74.5% in the 4th quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock worth $25,000 after purchasing an additional 117 shares during the period. MV Capital Management Inc. lifted its stake in RB Global by 5,560.0% in the first quarter. MV Capital Management Inc. now owns 283 shares of the business services provider's stock worth $28,000 after purchasing an additional 278 shares during the last quarter. IFP Advisors Inc increased its holdings in shares of RB Global by 348.8% in the first quarter. IFP Advisors Inc now owns 359 shares of the business services provider's stock worth $36,000 after buying an additional 279 shares during the period. Nisa Investment Advisors LLC increased its stake in RB Global by 10.9% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,060 shares of the business services provider's stock worth $106,000 after purchasing an additional 104 shares during the period. Finally, Allworth Financial LP increased its stake in RB Global by 1,870.9% in the 1st quarter. Allworth Financial LP now owns 1,084 shares of the business services provider's stock worth $107,000 after purchasing an additional 1,029 shares during the period. Institutional investors own 95.37% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. BMO Capital Markets boosted their target price on RB Global from $125.00 to $130.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Robert W. Baird upped their price target on RB Global from $110.00 to $115.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. CIBC increased their target price on RB Global from $118.00 to $121.00 and gave the stock an "outperformer" rating in a research note on Friday, July 18th. Raymond James Financial increased their target price on RB Global from $125.00 to $135.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Finally, National Bankshares upped their price target on RB Global from $112.00 to $113.00 and gave the company a "sector perform" rating in a report on Thursday, August 7th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $119.79.

Insider Buying and Selling

In other news, CRO James J. Jeter sold 2,000 shares of the firm's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $106.96, for a total value of $213,920.00. Following the transaction, the executive owned 14,167 shares of the company's stock, valued at $1,515,302.32. This trade represents a 12.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Adam Dewitt sold 800 shares of the firm's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $106.17, for a total value of $84,936.00. Following the completion of the transaction, the director directly owned 5,865 shares in the company, valued at $622,687.05. This trade represents a 12.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,558 shares of company stock worth $6,528,065 over the last ninety days. 0.28% of the stock is owned by corporate insiders.

RB Global Stock Performance

NYSE RBA traded down $0.59 on Tuesday, hitting $116.74. 1,616,303 shares of the company traded hands, compared to its average volume of 1,090,443. The company has a market capitalization of $21.66 billion, a price-to-earnings ratio of 57.79, a P/E/G ratio of 2.65 and a beta of 0.75. The company has a current ratio of 1.28, a quick ratio of 1.22 and a debt-to-equity ratio of 0.46. The business's 50 day moving average price is $107.37 and its 200-day moving average price is $101.95. RB Global, Inc. has a 52-week low of $78.08 and a 52-week high of $117.76.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its quarterly earnings data on Wednesday, August 6th. The business services provider reported $1.07 EPS for the quarter, topping the consensus estimate of $0.95 by $0.12. RB Global had a return on equity of 9.42% and a net margin of 9.46%. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter last year, the company earned $0.94 earnings per share. The business's revenue for the quarter was up 8.2% compared to the same quarter last year. Equities analysts expect that RB Global, Inc. will post 2.5 earnings per share for the current year.

RB Global Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 28th will be paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.1%. This is an increase from RB Global's previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Thursday, August 28th. RB Global's dividend payout ratio is 57.43%.

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.