TD Waterhouse Canada Inc. Sells 88,258 Shares of RB Global, Inc. $RBA

Key Points

• TD Waterhouse Canada reduced its RB Global stake by 36.1%, selling 88,258 shares and retaining 156,104 shares worth approximately $12.7 million. Institutional investors collectively own 95.37% of the company.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $126.29, although some firms recently downgraded the stock or lowered their targets.
• RB Global reported quarterly earnings of $1.13 per share, exceeding estimates, and revenue of $1.66 billion. The company also raised its quarterly dividend to $0.33 per share, equivalent to a 1.6% annual yield.

TD Waterhouse Canada Inc. cut its holdings in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 36.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 156,104 shares of the business services provider's stock after selling 88,258 shares during the period. TD Waterhouse Canada Inc. owned 0.09% of RB Global worth $12,695,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of RBA. BlackRock Inc. bought a new position in RB Global in the 2nd quarter worth $1,816,059,000. EdgePoint Investment Group Inc. increased its position in RB Global by 14.4% in the first quarter. EdgePoint Investment Group Inc. now owns 8,812,865 shares of the business services provider's stock worth $845,337,000 after buying an additional 1,111,217 shares in the last quarter. Royal Bank of Canada raised its stake in shares of RB Global by 13.1% in the first quarter. Royal Bank of Canada now owns 5,043,648 shares of the business services provider's stock worth $483,432,000 after buying an additional 585,617 shares during the period. Jupiter Topco LLC bought a new position in shares of RB Global in the second quarter worth about $514,871,000. Finally, Janus Henderson Group PLC lifted its position in shares of RB Global by 7.0% during the 1st quarter. Janus Henderson Group PLC now owns 4,371,610 shares of the business services provider's stock valued at $418,876,000 after buying an additional 285,713 shares in the last quarter. Hedge funds and other institutional investors own 95.37% of the company's stock.

Insiders Place Their Bets

In related news, Director Deborah Stein bought 500 shares of the company's stock in a transaction that occurred on Wednesday, September 9th. The stock was purchased at an average price of $80.91 per share, for a total transaction of $40,455.00. Following the completion of the transaction, the director owned 2,325 shares in the company, valued at $188,115.75. The trade was a 27.40% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Chloe Harford acquired 1,200 shares of the company's stock in a transaction on Monday, August 24th. The shares were bought at an average cost of $83.74 per share, with a total value of $100,488.00. Following the acquisition, the director directly owned 1,200 shares in the company, valued at approximately $100,488. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.57% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

RBA has been the subject of a number of recent research reports. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of RB Global in a research note on Wednesday, August 5th. Weiss Ratings lowered shares of RB Global from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, September 18th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $152.00 price target on shares of RB Global in a research report on Wednesday, September 23rd. Barclays reduced their price objective on shares of RB Global from $121.00 to $110.00 and set an "overweight" rating for the company in a research note on Tuesday, October 6th. Finally, Zacks Research cut shares of RB Global from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $126.29.

RB Global Stock Up 0.2%

Shares of RBA opened at $84.47 on Monday. The business's 50 day moving average is $84.34 and its 200 day moving average is $98.72. The company has a market capitalization of $15.31 billion, a PE ratio of 36.25, a price-to-earnings-growth ratio of 1.44 and a beta of 0.53. RB Global, Inc. has a 12-month low of $78.05 and a 12-month high of $119.33. The company has a current ratio of 1.31, a quick ratio of 1.22 and a debt-to-equity ratio of 0.51.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its quarterly earnings results on Tuesday, August 4th. The business services provider reported $1.13 EPS for the quarter, topping 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 company had revenue of $1.66 billion for the quarter, compared to analysts' expectations of $1.21 billion. Research analysts expect that RB Global, Inc. will post 4.06 earnings per share for the current fiscal year.

RB Global Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 17th. Stockholders of record on Tuesday, August 25th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.6%. This is a boost from RB Global's previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Tuesday, August 25th. RB Global's payout ratio is presently 56.65%.

About RB Global

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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