Mackenzie Financial Corp Grows Position in RB Global, Inc. (NYSE:RBA)

Key Points

• Mackenzie Financial Corp increased its stake in RB Global, Inc. by 19.3% in Q1, owning approximately 0.44% of the company, valued at $81.8 million.
• Several institutional investors, including CoreCap Advisors and MV Capital Management, made significant changes to their positions in RB Global, indicating increased interest in the stock.
• Analyst ratings are mixed, with CIBC and Raymond James maintaining "outperform" ratings while National Bank Financial downgraded the stock to "hold".

Mackenzie Financial Corp raised its stake in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 19.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 815,076 shares of the business services provider's stock after purchasing an additional 131,958 shares during the quarter. Mackenzie Financial Corp owned 0.44% of RB Global worth $81,802,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CoreCap Advisors LLC lifted its position in RB Global by 74.5% in the fourth quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock valued at $25,000 after purchasing an additional 117 shares during the last quarter. MV Capital Management Inc. lifted its position 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 valued at $28,000 after purchasing an additional 278 shares during the last quarter. IFP Advisors Inc raised its holdings in shares of RB Global by 348.8% during the first quarter. IFP Advisors Inc now owns 359 shares of the business services provider's stock valued at $36,000 after acquiring an additional 279 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of RB Global by 10.9% during the first quarter. Nisa Investment Advisors LLC now owns 1,060 shares of the business services provider's stock valued at $106,000 after acquiring an additional 104 shares in the last quarter. Finally, Allworth Financial LP raised its holdings in shares of RB Global by 1,870.9% during the first quarter. Allworth Financial LP now owns 1,084 shares of the business services provider's stock valued at $107,000 after acquiring an additional 1,029 shares in the last quarter. Institutional investors own 95.37% of the company's stock.

RB Global Stock Performance

Shares of NYSE RBA traded down $0.36 during trading on Friday, hitting $107.90. The company had a trading volume of 357,646 shares, compared to its average volume of 1,072,504. The stock has a 50 day simple moving average of $106.56 and a 200 day simple moving average of $100.74. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.21 and a current ratio of 1.31. RB Global, Inc. has a 12 month low of $70.38 and a 12 month high of $111.71. The firm has a market capitalization of $20.02 billion, a P/E ratio of 53.15, a price-to-earnings-growth ratio of 2.50 and a beta of 0.77.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its quarterly earnings data on Wednesday, May 7th. The business services provider reported $0.89 EPS for the quarter, hitting the consensus estimate of $0.89. RB Global had a return on equity of 8.03% and a net margin of 9.68%. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter last year, the company earned $0.90 earnings per share. The business's revenue for the quarter was up 4.1% compared to the same quarter last year. As a group, analysts anticipate that RB Global, Inc. will post 2.5 earnings per share for the current year.

RB Global Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Thursday, May 29th were given a dividend of $0.29 per share. The ex-dividend date was Thursday, May 29th. This represents a $1.16 annualized dividend and a dividend yield of 1.1%. RB Global's dividend payout ratio (DPR) is currently 57.14%.

Insider Activity

In related news, insider Darren Jeffrey Watt sold 7,400 shares of the stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $110.00, for a total transaction of $814,000.00. Following the completion of the sale, the insider owned 24,874 shares in the company, valued at approximately $2,736,140. This trade represents a 22.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CRO James J. Jeter sold 2,000 shares of the 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 sale, the executive owned 14,167 shares of the company's stock, valued at $1,515,302.32. This represents a 12.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 72,133 shares of company stock valued at $7,843,729 in the last three months. 4.32% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

RBA has been the subject of a number of recent analyst reports. National Bankshares decreased their target price on RB Global from $118.00 to $115.00 and set an "outperform" rating for the company in a report on Wednesday, April 9th. Wall Street Zen downgraded RB Global from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. CIBC upped their target price on RB Global from $118.00 to $121.00 and gave the company an "outperformer" rating in a report on Friday, July 18th. Robert W. Baird upped their target price on RB Global from $110.00 to $115.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Finally, Raymond James Financial upped their price target on RB Global from $118.00 to $125.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $116.21.

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.