PCJ Investment Counsel Ltd. Acquires 16,760 Shares of RB Global, Inc. (NYSE:RBA)

Key Points

• PCJ Investment Counsel Ltd. increased its shareholding in RB Global, Inc. by 11.7% during the first quarter, bringing its total to 160,300 shares, valued at approximately $16 million.
• Insiders, including CEO James Francis Kessler, sold a significant amount of shares on July 14th, indicating a 29.80% decrease in his ownership following the transaction.
• Analysts have recently raised their price targets for RB Global, with Raymond James setting a new target of $135 and maintaining an "outperform" rating.

PCJ Investment Counsel Ltd. raised its holdings in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 11.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 160,300 shares of the business services provider's stock after buying an additional 16,760 shares during the quarter. RB Global comprises about 6.3% of PCJ Investment Counsel Ltd.'s portfolio, making the stock its 3rd biggest holding. PCJ Investment Counsel Ltd. owned approximately 0.09% of RB Global worth $16,081,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Securian Asset Management Inc. raised its stake in RB Global by 0.7% during the first quarter. Securian Asset Management Inc. now owns 14,041 shares of the business services provider's stock worth $1,408,000 after purchasing an additional 100 shares during the period. Nisa Investment Advisors LLC raised its position in shares of RB Global by 10.9% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,060 shares of the business services provider's stock valued at $106,000 after buying an additional 104 shares during the period. Wealth Alliance LLC lifted its holdings in RB Global by 2.7% in the first quarter. Wealth Alliance LLC now owns 3,976 shares of the business services provider's stock valued at $399,000 after acquiring an additional 104 shares during the last quarter. CoreCap Advisors LLC grew 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 worth $25,000 after acquiring an additional 117 shares during the period. Finally, Fullcircle Wealth LLC increased its stake in RB Global by 5.5% during the first quarter. Fullcircle Wealth LLC now owns 2,382 shares of the business services provider's stock worth $235,000 after acquiring an additional 124 shares during the last quarter. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Darren Jeffrey Watt sold 7,400 shares of the business's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $110.00, for a total value of $814,000.00. Following the completion of the transaction, the insider directly owned 24,874 shares of the company's stock, valued at $2,736,140. The trade was a 22.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO James Francis Kessler sold 45,658 shares of the company's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $110.00, for a total value of $5,022,380.00. Following the completion of the sale, the chief executive officer owned 107,569 shares in the company, valued at $11,832,590. This represents a 29.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 72,133 shares of company stock worth $7,843,729. 4.32% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Raymond James Financial lifted their price target on shares of RB Global from $125.00 to $135.00 and gave the company an "outperform" rating in a research report on Thursday. Royal Bank Of Canada raised their price target on RB Global from $125.00 to $132.00 and gave the stock an "outperform" rating in a research report on Thursday. Robert W. Baird raised 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. National Bankshares boosted their price target on shares of RB Global from $112.00 to $113.00 and gave the stock a "sector perform" rating in a research note on Thursday. Finally, National Bank Financial cut shares of RB Global from a "strong-buy" rating to a "hold" rating in a research report on Sunday, May 25th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $119.79.

RB Global Trading Up 2.2%

Shares of RB Global stock opened at $111.13 on Friday. The company has a quick ratio of 1.21, a current ratio of 1.31 and a debt-to-equity ratio of 0.50. The firm has a market cap of $20.62 billion, a price-to-earnings ratio of 55.01, a price-to-earnings-growth ratio of 2.51 and a beta of 0.75. RB Global, Inc. has a 52-week low of $77.79 and a 52-week high of $113.37. The company's 50-day simple moving average is $106.96 and its 200-day simple moving average is $101.43.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its earnings results 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. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.14 billion. RB Global had a net margin of 9.46% and a return on equity of 9.52%. The business's revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.94 EPS. As a group, equities research analysts anticipate that RB Global, Inc. will post 2.5 earnings per share for the current year.

RB Global Company 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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