RB Global, Inc. $RBA Stock Sold by Cidel Asset Management Inc.

Key Points

• Cidel Asset Management reduced its RB Global stake by 9.2% in the third quarter, selling 34,682 shares and retaining 342,646 shares worth approximately $28 million. Institutional investors overall own 95.37% of the company.
• RB Global reported quarterly earnings of $1.13 per share, beating estimates of $1.09, while revenue reached $1.66 billion versus expectations of $1.21 billion. The company also authorized a $500 million share-buyback program covering up to 3.3% of outstanding shares.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $126.29, despite some target reductions and a recent downgrade to “Hold” from Zacks Research.

Cidel Asset Management Inc. decreased its position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 9.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 342,646 shares of the business services provider's stock after selling 34,682 shares during the period. RB Global comprises approximately 1.4% of Cidel Asset Management Inc.'s portfolio, making the stock its 21st biggest holding. Cidel Asset Management Inc. owned 0.19% of RB Global worth $28,029,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Addison Advisors LLC purchased a new stake in RB Global in the second quarter worth $26,000. J.Safra Asset Management Corp purchased a new position in shares of RB Global during the 2nd quarter valued at $32,000. Integrated Wealth Concepts LLC purchased a new position in shares of RB Global during the 2nd quarter valued at $35,000. Cassaday & Co Wealth Management LLC bought a new position in shares of RB Global during the 1st quarter worth $43,000. Finally, Axiom Investment Management LLC purchased a new stake in RB Global in the 1st quarter worth about $76,000. Hedge funds and other institutional investors own 95.37% of the company's stock.

Insider Activity at RB Global

In other news, Director Chloe Harford purchased 1,200 shares of RB Global stock in a transaction dated Monday, August 24th. The stock was purchased at an average cost of $83.74 per share, for a total transaction of $100,488.00. Following the transaction, the director directly owned 1,200 shares of the company's stock, valued at approximately $100,488. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Deborah Stein purchased 500 shares of the firm's stock in a transaction dated Wednesday, September 9th. The stock was purchased at an average cost of $80.91 per share, for a total transaction of $40,455.00. Following the acquisition, the director owned 2,325 shares of the company's stock, valued at approximately $188,115.75. This trade represents a 27.40% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 0.57% of the company's stock.

RB Global Stock Up 1.5%

Shares of NYSE RBA opened at $89.66 on Friday. RB Global, Inc. has a 52 week low of $78.05 and a 52 week high of $119.33. The business has a 50-day simple moving average of $83.89 and a two-hundred day simple moving average of $99.86. The company has a quick ratio of 1.22, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. The company has a market cap of $16.25 billion, a P/E ratio of 38.48, a P/E/G ratio of 1.53 and a beta of 0.53.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its earnings results on Tuesday, August 4th. The business services provider reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.04. RB Global had a return on equity of 12.37% and a net margin of 9.99%. The business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.21 billion. Research analysts anticipate that RB Global, Inc. will post 4.06 earnings per share for the current fiscal year.

RB Global declared that its board has approved a stock buyback program on Tuesday, September 15th that allows the company to repurchase $500 million in shares. This buyback authorization allows the business services provider to reacquire up to 3.3% of its shares through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms have commented on RBA. Barclays dropped their price objective on shares of RB Global from $121.00 to $110.00 and set an "overweight" rating on the stock in a report on Tuesday, October 6th. Zacks Research lowered shares of RB Global from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 13th. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of RB Global in a research note on Wednesday, August 5th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $152.00 price objective on shares of RB Global in a report on Wednesday, September 23rd. Finally, National Bank Financial raised their price objective on shares of RB Global from $130.00 to $132.00 and gave the stock an "outperform" rating in a report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $126.29.

RB Global Company Profile

RB Global, Inc is a global marketplace and provider of asset management and disposition services for commercial and industrial equipment, vehicles and other durable assets. The company connects buyers and sellers through live and online auctions, negotiated sales and digital marketplaces, serving industries such as construction, transportation, agriculture, energy, government and automotive.

Its portfolio includes Ritchie Bros., a major auction and marketplace brand for heavy equipment; IAA, which specializes in salvage and repairable vehicle auctions; and Mascus, an online marketplace for used equipment.

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