RB Global, Inc. $RBA Shares Bought by Cidel Asset Management Inc.

Key Points

• Cidel Asset Management Inc. increased its stake in RB Global, owning 689,600 shares, which represent 4.4% of its investment portfolio, making it the firm's third largest holding.
• RB Global reported earnings of $1.07 per share for the last quarter, exceeding projections, with revenues of $1.20 billion and a net margin of 9.46%.
• The company recently announced a dividend increase to $0.31 per share, which signals a positive outlook with a current payout ratio of 61.39%.

Cidel Asset Management Inc. raised its position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 1.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 689,600 shares of the business services provider's stock after purchasing an additional 11,881 shares during the quarter. RB Global accounts for 4.4% of Cidel Asset Management Inc.'s investment portfolio, making the stock its 3rd biggest holding. Cidel Asset Management Inc. owned about 0.37% of RB Global worth $73,115,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in RBA. SouthState Corp acquired a new position in shares of RB Global in the first quarter worth $26,000. SVB Wealth LLC bought a new stake in RB Global in the first quarter worth $28,000. IFP Advisors Inc boosted its holdings in RB Global by 348.8% in the first quarter. IFP Advisors Inc now owns 359 shares of the business services provider's stock worth $36,000 after purchasing an additional 279 shares in the last quarter. Rise Advisors LLC bought a new stake in RB Global in the first quarter worth $38,000. Finally, Geneos Wealth Management Inc. boosted its holdings in RB Global by 21.9% in the first quarter. Geneos Wealth Management Inc. now owns 540 shares of the business services provider's stock worth $54,000 after purchasing an additional 97 shares in the last quarter. 95.37% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at RB Global

In other RB Global news, insider Michael Thomas Steven Lewis sold 2,151 shares of the business's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $118.15, for a total value of $254,140.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.32% of the stock is owned by corporate insiders.

RB Global Stock Down 1.4%

Shares of RBA stock opened at $98.94 on Friday. The company has a current ratio of 1.28, a quick ratio of 1.22 and a debt-to-equity ratio of 0.46. RB Global, Inc. has a 1 year low of $80.42 and a 1 year high of $119.58. The firm's fifty day moving average price is $112.47 and its two-hundred day moving average price is $107.04. The firm has a market capitalization of $18.37 billion, a P/E ratio of 48.98, a PEG ratio of 2.30 and a beta of 0.65.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its quarterly earnings results on Wednesday, August 6th. The business services provider reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.12. The firm 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 9.42%. The company's revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.94 EPS. On average, equities analysts predict that RB Global, Inc. will post 2.5 EPS for the current fiscal year.

RB Global Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, August 28th were issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend was Thursday, August 28th. This is a positive change from RB Global's previous quarterly dividend of $0.29. RB Global's payout ratio is presently 61.39%.

Analyst Ratings Changes

RBA has been the subject of a number of recent analyst reports. Wall Street Zen cut shares of RB Global from a "buy" rating to a "hold" rating in a report on Saturday, October 11th. 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 report on Thursday, August 7th. Royal Bank Of Canada raised their price objective on shares of RB Global from $125.00 to $132.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Weiss Ratings raised shares of RB Global from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, October 8th. Finally, BMO Capital Markets increased their target price on RB Global from $125.00 to $130.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $124.00.

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.

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