EdgePoint Investment Group Inc. Has $762.84 Million Stock Holdings in RB Global, Inc. $RBA

Key Points

• EdgePoint Investment Group Inc. reduced its holdings in RB Global, Inc. by 7.0%, selling 570,668 shares in the first quarter, while still maintaining a significant stake worth approximately $762.8 million.
• Wall Street analysts generally maintain a positive outlook on RB Global, with four research analysts rating the stock as a Buy, while establishing an average target price of $124.33.
• RB Global recently increased its quarterly dividend from $0.29 to $0.31, representing an annualized payout of $1.24 and a dividend yield of 1.1%.

EdgePoint Investment Group Inc. cut its position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 7.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,599,404 shares of the business services provider's stock after selling 570,668 shares during the quarter. RB Global accounts for about 6.2% of EdgePoint Investment Group Inc.'s portfolio, making the stock its 4th largest holding. EdgePoint Investment Group Inc. owned about 4.10% of RB Global worth $762,840,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in RBA. CoreCap Advisors LLC raised its position in RB Global by 74.5% during 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 in the last quarter. SouthState Corp acquired a new stake in RB Global in the first quarter valued at about $26,000. MV Capital Management Inc. grew 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 acquiring an additional 278 shares during the last quarter. SVB Wealth LLC bought a new position in RB Global in the first quarter valued at about $28,000. Finally, IFP Advisors Inc grew its position in RB Global by 348.8% in 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 during the last quarter. Institutional investors and hedge funds own 95.37% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Raymond James Financial lifted their target price on RB Global from $125.00 to $135.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. National Bankshares upped their price target on shares of RB Global from $112.00 to $113.00 and gave the stock a "sector perform" rating in a report on Thursday, August 7th. Royal Bank Of Canada increased their price target on RB Global from $125.00 to $132.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. National Bank Financial lowered RB Global from a "strong-buy" rating to a "hold" rating in a research report on Sunday, May 25th. Finally, Wall Street Zen cut RB Global from a "buy" rating to a "hold" rating in a report on Friday. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $124.33.

RB Global Trading Up 0.5%

Shares of RB Global stock traded up $0.52 during midday trading on Monday, reaching $115.57. The company had a trading volume of 1,046,641 shares, compared to its average volume of 1,071,132. The stock has a fifty day moving average price of $111.19 and a 200 day moving average price of $104.88. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.28 and a quick ratio of 1.22. The firm has a market cap of $21.44 billion, a PE ratio of 57.21, a P/E/G ratio of 2.68 and a beta of 0.65. RB Global, Inc. has a fifty-two week low of $78.08 and a fifty-two week high of $118.23.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its quarterly earnings data on Wednesday, August 6th. The business services provider reported $1.07 EPS for the quarter, topping analysts' consensus estimates 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 return on equity of 9.42% and a net margin of 9.46%.The firm's quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.94 earnings per share. On average, equities analysts anticipate that RB Global, Inc. will post 2.5 earnings per share for the current year.

RB Global Increases Dividend

The business 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 is an increase from RB Global's previous quarterly dividend of $0.29. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Thursday, August 28th. RB Global's payout ratio is presently 61.39%.

Insider Buying and Selling

In related news, Director Adam Dewitt sold 800 shares of RB Global stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $106.17, for a total value of $84,936.00. Following the transaction, the director directly owned 5,865 shares of the company's stock, valued at $622,687.05. The trade was a 12.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Darren Jeffrey Watt sold 7,400 shares of RB Global stock in a transaction that occurred 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 in the company, valued at approximately $2,736,140. This represents a 22.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 57,558 shares of company stock valued at $6,314,145 over the last ninety days. 4.32% of the stock is owned by company 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.