Canoe Financial LP Cuts Stock Position in RB Global, Inc. (NYSE:RBA)

Canoe Financial LP trimmed its holdings in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 1.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,242,141 shares of the business services provider's stock after selling 15,916 shares during the period. RB Global comprises about 2.0% of Canoe Financial LP's holdings, making the stock its 22nd largest position. Canoe Financial LP owned approximately 0.67% of RB Global worth $124,685,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in RB Global by 0.3% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 40,729 shares of the business services provider's stock worth $3,674,000 after purchasing an additional 113 shares during the last quarter. CoreCap Advisors LLC boosted its stake in shares of 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 buying an additional 117 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in shares of RB Global by 49.4% in the fourth quarter. Jones Financial Companies Lllp now owns 390 shares of the business services provider's stock valued at $35,000 after acquiring an additional 129 shares in the last quarter. Claret Asset Management Corp increased its position in shares of RB Global by 1.6% during the fourth quarter. Claret Asset Management Corp now owns 10,233 shares of the business services provider's stock valued at $923,000 after acquiring an additional 163 shares during the last quarter. Finally, Avantax Advisory Services Inc. lifted its holdings in RB Global by 4.9% during the fourth quarter. Avantax Advisory Services Inc. now owns 3,762 shares of the business services provider's stock worth $339,000 after acquiring an additional 176 shares during the period. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at RB Global

In related news, insider Andrew John Fesler sold 9,075 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $104.72, for a total value of $950,334.00. Following the sale, the insider now directly owns 5,532 shares of the company's stock, valued at $579,311.04. This trade represents a 62.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO James J. Jeter sold 3,500 shares of RB Global stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $104.38, for a total transaction of $365,330.00. Following the sale, the executive now owns 16,167 shares of the company's stock, valued at approximately $1,687,511.46. The trade was a 17.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,075 shares of company stock valued at $2,007,349. Corporate insiders own 0.28% of the company's stock.

RB Global Stock Performance

RBA traded up $1.45 on Tuesday, hitting $105.74. The company's stock had a trading volume of 1,145,562 shares, compared to its average volume of 980,123. The company's 50 day simple moving average is $103.64 and its 200-day simple moving average is $97.84. The company has a quick ratio of 1.21, a current ratio of 1.31 and a debt-to-equity ratio of 0.50. RB Global, Inc. has a 12 month low of $70.38 and a 12 month high of $109.25. The firm has a market cap of $19.58 billion, a P/E ratio of 52.09 and a beta of 0.78.

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

RB Global Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Thursday, May 29th were given a $0.29 dividend. The ex-dividend date of this dividend was Thursday, May 29th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.10%. RB Global's dividend payout ratio (DPR) is currently 57.14%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RBA. 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 research report on Thursday, May 8th. Raymond James Financial raised their price objective on shares of RB Global from $118.00 to $125.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. National Bankshares dropped their target price on shares of RB Global from $118.00 to $115.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 9th. National Bank Financial lowered shares of RB Global from a "strong-buy" rating to a "hold" rating in a research note on Sunday, May 25th. Finally, CIBC upped their price objective on RB Global from $116.00 to $118.00 and gave the company an "outperformer" rating in a research note on Friday, May 9th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $114.50.

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.