EdgePoint Investment Group Inc. Has $845.34 Million Holdings in RB Global, Inc. $RBA

Key Points

• EdgePoint Investment Group increased its RB Global stake by 14.4% in the first quarter, acquiring 1.11 million additional shares. Its position is now worth approximately $845.3 million, representing 4.74% of RB Global and 6.8% of the fund’s holdings.
• RB Global reported quarterly EPS of $1.01, beating estimates of $0.97, while revenue rose 11.4% year over year to $888.0 million. The company also raised its quarterly dividend from $0.31 to $0.33 per share.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and an average price target of $127.57, compared with the stock’s reported opening price of $116.46.

EdgePoint Investment Group Inc. lifted its stake in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 14.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,812,865 shares of the business services provider's stock after purchasing an additional 1,111,217 shares during the period. RB Global accounts for approximately 6.8% of EdgePoint Investment Group Inc.'s holdings, making the stock its 5th largest holding. EdgePoint Investment Group Inc. owned about 4.74% of RB Global worth $845,337,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in RBA. MV Capital Management Inc. acquired a new position in shares of RB Global during the 4th quarter worth about $29,000. Bayban acquired a new position in RB Global during the fourth quarter valued at approximately $34,000. Cassaday & Co Wealth Management LLC acquired a new position in RB Global during the first quarter valued at approximately $43,000. State of Wyoming bought a new stake in RB Global in the second quarter valued at approximately $46,000. Finally, Nemes Rush Group LLC acquired a new stake in RB Global in the fourth quarter worth $54,000. Institutional investors own 95.37% of the company's stock.

Insider Buying and Selling

In other RB Global news, Director Deborah Stein bought 425 shares of RB Global 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 completion of the acquisition, the director owned 1,825 shares of the company's stock, valued at $188,248.75. This trade represents a 30.36% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.57% of the company's stock.

RB Global Stock Up 4.4%

RBA stock opened at $116.46 on Tuesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.14 and a quick ratio of 1.07. The stock has a market capitalization of $21.59 billion, a P/E ratio of 54.17, a P/E/G ratio of 1.75 and a beta of 0.55. RB Global, Inc. has a fifty-two week low of $93.58 and a fifty-two week high of $119.58. The business has a 50-day moving average of $109.09 and a 200-day moving average of $106.43.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last released its earnings results on Monday, May 4th. The business services provider reported $1.01 EPS for the quarter, beating the consensus estimate of $0.97 by $0.04. RB Global had a return on equity of 12.33% and a net margin of 9.55%.The firm had revenue of $888.01 million for the quarter, compared to analysts' expectations of $1.13 billion. During the same quarter in the previous year, the business posted $0.89 EPS. The business's quarterly revenue was up 11.4% compared to the same quarter last year. On average, sell-side analysts anticipate that RB Global, Inc. will post 4.16 earnings per share for the current fiscal year.

RB Global Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Tuesday, August 25th will be given a $0.33 dividend. This is a boost from RB Global's previous quarterly dividend of $0.31. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, August 25th. RB Global's payout ratio is presently 57.67%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Stephens reissued an "equal weight" rating and issued a $96.00 price target on shares of RB Global in a report on Tuesday, May 5th. Zacks Research upgraded RB Global from a "hold" rating to a "strong-buy" rating in a report on Friday, July 3rd. Wall Street Zen cut RB Global from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. Royal Bank Of Canada increased their price target on RB Global from $146.00 to $150.00 and gave the stock an "outperform" rating in a report on Tuesday, May 5th. Finally, BMO Capital Markets reaffirmed an "outperform" rating and set a $135.00 price target (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $127.57.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.