CIBC Asset Management Inc Has $102.15 Million Stake in RB Global, Inc. $RBA

CIBC Asset Management Inc raised its position in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 25.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 978,608 shares of the business services provider’s stock after acquiring an additional 197,411 shares during the period. CIBC Asset Management Inc’s holdings in RB Global were worth $102,145,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Central Pacific Bank Trust Division increased its holdings in shares of RB Global by 41.8% during the fourth quarter. Central Pacific Bank Trust Division now owns 363 shares of the business services provider’s stock worth $37,000 after buying an additional 107 shares in the last quarter. State of Wyoming acquired a new stake in shares of RB Global during the second quarter worth approximately $46,000. Geneos Wealth Management Inc. increased its holdings in shares of RB Global by 21.9% during the first quarter. Geneos Wealth Management Inc. now owns 540 shares of the business services provider’s stock worth $54,000 after buying an additional 97 shares in the last quarter. NewEdge Advisors LLC increased its stake in shares of RB Global by 53.1% in the first quarter. NewEdge Advisors LLC now owns 588 shares of the business services provider’s stock valued at $59,000 after buying an additional 204 shares in the last quarter. Finally, Merrithew & Thorsten Inc acquired a new stake in shares of RB Global in the fourth quarter valued at $61,000. Institutional investors and hedge funds own 95.37% of the company’s stock.

Insider Activity

In other news, Director Deborah Stein purchased 425 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The stock was bought at an average price of $103.15 per share, with a total value of $43,838.75. Following the acquisition, the director directly owned 1,825 shares of the company’s stock, valued at approximately $188,248.75. This represents a 30.36% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.57% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

RBA has been the subject of a number of research reports. Weiss Ratings restated a “buy (b-)” rating on shares of RB Global in a research note on Tuesday, May 26th. Barclays initiated coverage on RB Global in a research note on Thursday, May 28th. They issued an “overweight” rating and a $124.00 target price for the company. Stephens restated an “equal weight” rating and issued a $96.00 target price on shares of RB Global in a research note on Tuesday, May 5th. BMO Capital Markets reissued an “outperform” rating and issued a $135.00 price target (up from $130.00) on shares of RB Global in a report on Tuesday, May 5th. Finally, Royal Bank Of Canada raised their price target on shares of RB Global from $146.00 to $150.00 and gave the company an “outperform” rating in a report on Tuesday, May 5th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $126.13.

RB Global Price Performance

RB Global stock opened at $104.73 on Wednesday. The firm has a market capitalization of $19.47 billion, a P/E ratio of 48.71, a PEG ratio of 1.68 and a beta of 0.57. RB Global, Inc. has a 1 year low of $93.58 and a 1 year high of $119.58. The business has a 50-day moving average of $102.16 and a 200-day moving average of $103.96. The company has a current ratio of 1.14, a quick ratio of 1.07 and a debt-to-equity ratio of 0.40.

RB Global (NYSE:RBA) (TSE:RBA) last posted its earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.04. The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.13 billion. RB Global had a return on equity of 12.33% and a net margin of 9.55%.The company’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.89 EPS. On average, equities analysts anticipate that RB Global, Inc. will post 4.09 EPS for the current year.

RB Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Wednesday, May 27th will be issued a $0.31 dividend. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.24 annualized dividend and a dividend yield of 1.2%. RB Global’s payout ratio is 57.67%.

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.