RB Global, Inc. (NYSE:RBA) Shares Acquired by Scotia Capital Inc.

Key Points

• Scotia Capital Inc. increased its stake in RB Global by 5.9% in Q1, bringing its total shareholding to 67,545 shares, valued at approximately $6.72 million.
• RB Global reported earnings of $0.89 per share for the last quarter, matching consensus estimates, with revenue of $1.06 billion, exceeding expectations of $1.02 billion.
• Several hedge funds have significantly increased their holdings in RB Global, with some firms reporting increases as high as 5,560%.

Scotia Capital Inc. raised its holdings in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 5.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 67,545 shares of the business services provider's stock after buying an additional 3,769 shares during the period. Scotia Capital Inc.'s holdings in RB Global were worth $6,719,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. QRG Capital Management Inc. lifted its holdings in RB Global by 122.2% during the first quarter. QRG Capital Management Inc. now owns 7,678 shares of the business services provider's stock worth $770,000 after acquiring an additional 4,222 shares during the period. MetLife Investment Management LLC boosted its holdings in shares of RB Global by 9.2% in the 4th quarter. MetLife Investment Management LLC now owns 103,934 shares of the business services provider's stock worth $9,376,000 after buying an additional 8,723 shares during the last quarter. GAMMA Investing LLC grew its position in RB Global by 28.6% during the first quarter. GAMMA Investing LLC now owns 1,608 shares of the business services provider's stock valued at $161,000 after buying an additional 358 shares during the period. Mariner LLC grew its position in RB Global by 32.4% during the fourth quarter. Mariner LLC now owns 48,124 shares of the business services provider's stock valued at $4,341,000 after buying an additional 11,767 shares during the period. Finally, Nisa Investment Advisors LLC increased its holdings in RB Global by 10.9% during the first quarter. Nisa Investment Advisors LLC now owns 1,060 shares of the business services provider's stock worth $106,000 after buying an additional 104 shares during the last quarter. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on RBA shares. Royal Bank Of Canada set a $125.00 target price on shares of RB Global and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. National Bank Financial cut shares of RB Global from a "strong-buy" rating to a "hold" rating in a research note on Sunday, May 25th. Wall Street Zen lowered RB Global from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. CIBC increased their target price on RB Global from $118.00 to $121.00 and gave the company an "outperformer" rating in a research note on Friday, July 18th. Finally, Robert W. Baird raised their price objective on RB Global from $110.00 to $115.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, RB Global presently has an average rating of "Moderate Buy" and a consensus price target of $116.21.

Insiders Place Their Bets

In other RB Global news, Director Adam Dewitt sold 800 shares of the firm's 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 sale, the director directly owned 5,865 shares of the company's stock, valued at approximately $622,687.05. This trade represents a 12.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Darren Jeffrey Watt sold 7,400 shares of the business's 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 sale, the insider owned 24,874 shares of the company's stock, valued at approximately $2,736,140. This trade represents a 22.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 72,133 shares of company stock valued at $7,843,729. Corporate insiders own 4.32% of the company's stock.

RB Global Price Performance

Shares of NYSE:RBA traded down $0.93 on Wednesday, reaching $108.65. The company's stock had a trading volume of 1,522,758 shares, compared to its average volume of 811,951. The company has a 50-day simple moving average of $106.73 and a 200 day simple moving average of $101.23. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.21 and a current ratio of 1.31. The company has a market cap of $20.16 billion, a P/E ratio of 53.52, a PEG ratio of 2.53 and a beta of 0.75. RB Global, Inc. has a 52-week low of $77.08 and a 52-week high of $111.71.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its quarterly earnings results on Wednesday, May 7th. The business services provider reported $0.89 EPS for the quarter, hitting analysts' consensus estimates of $0.89. RB Global had a net margin of 9.68% and a return on equity of 8.03%. The firm had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.02 billion. During the same period in the prior year, the business posted $0.90 earnings per share. The business's revenue for the quarter was up 4.1% on a year-over-year basis. As a group, equities research analysts anticipate that RB Global, Inc. will post 2.5 EPS for the current fiscal year.

RB Global Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Thursday, May 29th were issued 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 1.1%. RB Global's dividend payout ratio (DPR) is currently 57.14%.

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.