EdgePoint Investment Group Inc. Sells 570,668 Shares of 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. lessened its position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 7.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,599,404 shares of the business services provider's stock after selling 570,668 shares during the quarter. RB Global accounts for 6.2% of EdgePoint Investment Group Inc.'s portfolio, making the stock its 4th biggest holding. EdgePoint Investment Group Inc. owned 4.10% of RB Global worth $762,840,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of RBA. Fiera Capital Corp increased its position in RB Global by 17.3% during the first quarter. Fiera Capital Corp now owns 3,773,914 shares of the business services provider's stock valued at $379,150,000 after acquiring an additional 557,407 shares during the last quarter. Nuveen LLC purchased a new stake in RB Global during the first quarter valued at $54,584,000. Invesco Ltd. increased its position in RB Global by 26.9% during the first quarter. Invesco Ltd. now owns 2,436,296 shares of the business services provider's stock valued at $244,360,000 after acquiring an additional 516,865 shares during the last quarter. Alyeska Investment Group L.P. increased its position in RB Global by 44.4% during the first quarter. Alyeska Investment Group L.P. now owns 1,508,784 shares of the business services provider's stock valued at $151,331,000 after acquiring an additional 463,844 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new stake in RB Global during the fourth quarter valued at $39,080,000. Hedge funds and other institutional investors own 95.37% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on RBA. National Bankshares upped their price objective on RB Global from $112.00 to $113.00 and gave the company a "sector perform" rating in a research report on Thursday, August 7th. Raymond James Financial upped their price target on RB Global from $125.00 to $135.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Wall Street Zen cut RB Global from a "buy" rating to a "hold" rating in a research report on Friday. Royal Bank Of Canada upped their price objective on RB Global from $125.00 to $132.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Finally, CIBC increased their price target on RB Global from $118.00 to $121.00 and gave the company an "outperformer" rating in a research note on Friday, July 18th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $124.33.

Insiders Place Their Bets

In related news, insider Darren Jeffrey Watt sold 7,400 shares of the firm'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 owned 24,874 shares in the company, valued at $2,736,140. This trade represents a 22.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO James Francis Kessler sold 45,658 shares of the firm'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 $5,022,380.00. Following the completion of the transaction, the chief executive officer owned 107,569 shares of the company's stock, valued at $11,832,590. This trade represents a 29.80% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.28% of the company's stock.

RB Global Trading Up 0.3%

Shares of NYSE RBA traded up $0.36 during midday trading on Tuesday, hitting $115.95. The company's stock had a trading volume of 280,498 shares, compared to its average volume of 1,066,445. The business's 50 day moving average is $111.38 and its two-hundred day moving average is $104.97. The firm has a market cap of $21.52 billion, a P/E ratio of 57.40, a price-to-earnings-growth ratio of 2.68 and a beta of 0.65. RB Global, Inc. has a 12-month low of $78.08 and a 12-month high of $118.23. 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 (NYSE:RBA - Get Free Report) TSE: RBA last released its quarterly earnings data 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 the consensus estimate of $1.14 billion. RB Global had a return on equity of 9.42% and a net margin of 9.46%.RB Global's quarterly revenue was up 8.2% on a year-over-year basis. During the same period last year, the business posted $0.94 EPS. As a group, equities research analysts expect that RB Global, Inc. will post 2.5 EPS for the current year.

RB Global Increases Dividend

The company also recently announced 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 a positive change from RB Global's previous quarterly dividend of $0.29. The ex-dividend date is Thursday, August 28th. This represents a $1.24 dividend on an annualized basis and a yield of 1.1%. RB Global's dividend payout ratio (DPR) is 61.39%.

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.