Federation des caisses Desjardins du Quebec Buys 22,372 Shares of RB Global, Inc. $RBA

Key Points

• The Federation des caisses Desjardins du Quebec has increased its stake in RB Global, Inc. by 3.8%, holding approximately 615,368 shares valued at around $61.24 million.
• RB Global recently announced a quarterly dividend increase to $0.31 per share, which will be paid on September 18th, representing an annual yield of 1.1%.
• Research analysts have raised their price targets for RB Global, with BMO Capital Markets setting a new target of $130.00 and Raymond James Financial adjusting theirs to $135.00, both maintaining an "outperform" rating.

Federation des caisses Desjardins du Quebec grew its stake in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 3.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 615,368 shares of the business services provider's stock after acquiring an additional 22,372 shares during the period. Federation des caisses Desjardins du Quebec owned 0.33% of RB Global worth $61,236,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Massachusetts Financial Services Co. MA lifted its stake in RB Global by 3.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,241,186 shares of the business services provider's stock valued at $1,027,191,000 after purchasing an additional 352,530 shares during the last quarter. Fiera Capital Corp lifted its stake in RB Global by 17.3% in the 1st quarter. Fiera Capital Corp now owns 3,773,914 shares of the business services provider's stock valued at $379,150,000 after purchasing an additional 557,407 shares during the last quarter. Janus Henderson Group PLC lifted its stake in RB Global by 0.6% in the 4th quarter. Janus Henderson Group PLC now owns 3,403,086 shares of the business services provider's stock valued at $307,033,000 after purchasing an additional 19,895 shares during the last quarter. Invesco Ltd. lifted its stake in RB Global by 26.9% in the 1st quarter. Invesco Ltd. now owns 2,436,296 shares of the business services provider's stock valued at $244,360,000 after purchasing an additional 516,865 shares during the last quarter. Finally, Wellington Management Group LLP lifted its stake in RB Global by 1.1% in the 1st quarter. Wellington Management Group LLP now owns 1,854,476 shares of the business services provider's stock valued at $186,098,000 after purchasing an additional 19,543 shares during the last quarter. Institutional investors own 95.37% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on RBA. CIBC raised their target price on shares of RB Global from $118.00 to $121.00 and gave the company an "outperformer" rating in a research note on Friday, July 18th. National Bankshares raised their price objective on shares of RB Global from $112.00 to $113.00 and gave the stock a "sector perform" rating in a research report on Thursday, August 7th. Raymond James Financial raised their price objective on shares of RB Global from $125.00 to $135.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Wall Street Zen downgraded shares of RB Global from a "buy" rating to a "hold" rating in a research report on Friday. Finally, National Bank Financial downgraded shares of RB Global from a "strong-buy" rating to a "hold" rating in a research report on Sunday, May 25th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, RB Global has an average rating of "Moderate Buy" and an average target price of $124.33.

RB Global Price Performance

Shares of NYSE RBA traded down $1.01 during midday trading on Friday, reaching $115.02. The company's stock had a trading volume of 1,034,494 shares, compared to its average volume of 969,611. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.22 and a current ratio of 1.28. RB Global, Inc. has a fifty-two week low of $78.08 and a fifty-two week high of $118.23. The business's 50 day moving average price is $111.19 and its two-hundred day moving average price is $104.87. The company has a market cap of $21.34 billion, a P/E ratio of 56.94, a P/E/G ratio of 2.70 and a beta of 0.65.

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

RB Global Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 28th will be paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.1%. This is a positive change from RB Global's previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Thursday, August 28th. RB Global's payout ratio is 61.39%.

Insider Activity at RB Global

In related news, insider Darren Jeffrey Watt sold 7,400 shares of RB Global stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $110.00, for a total value of $814,000.00. Following the transaction, the insider directly owned 24,874 shares of the company's stock, valued at $2,736,140. This trade represents a 22.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Adam Dewitt sold 800 shares of RB Global stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $106.17, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 57,558 shares of company stock valued at $6,314,145 over the last three months. 4.32% of the stock is owned by insiders.

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.