CIBC Asset Management Inc Purchases 305,874 Shares of RB Global, Inc. $RBA

CIBC Asset Management Inc raised its position in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 37.4% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 1,124,664 shares of the business services provider’s stock after acquiring an additional 305,874 shares during the period. CIBC Asset Management Inc owned approximately 0.61% of RB Global worth $120,533,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. SouthState Corp acquired a new position in RB Global during the first quarter worth $26,000. SVB Wealth LLC bought a new stake in shares of RB Global during the first quarter worth about $28,000. Rise Advisors LLC acquired a new stake in shares of RB Global in the 1st quarter worth about $38,000. Whipplewood Advisors LLC lifted its position in RB Global by 42.9% in the 2nd quarter. Whipplewood Advisors LLC now owns 456 shares of the business services provider’s stock valued at $48,000 after acquiring an additional 137 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in RB Global by 21.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 540 shares of the business services provider’s stock valued at $54,000 after purchasing an additional 97 shares during the last quarter. 95.37% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RBA has been the subject of several analyst reports. Weiss Ratings downgraded RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. National Bankshares lowered their price target on RB Global from $113.00 to $111.00 and set a “sector perform” rating for the company in a research report on Thursday, October 9th. Royal Bank Of Canada lifted their price objective on shares of RB Global from $132.00 to $133.00 and gave the stock an “outperform” rating in a report on Friday, November 7th. Bank of America dropped their price target on shares of RB Global from $120.00 to $114.00 and set a “buy” rating on the stock in a research report on Friday, November 7th. Finally, National Bank Financial upgraded shares of RB Global from a “sector perform” rating to an “outperform” rating and set a $124.00 price target on the stock in a report on Monday, November 24th. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, RB Global currently has an average rating of “Moderate Buy” and a consensus price target of $122.88.

Insiders Place Their Bets

In other RB Global news, Director Deborah Stein acquired 1,000 shares of the company’s stock in a transaction on Thursday, November 13th. The shares were acquired at an average cost of $101.26 per share, with a total value of $101,260.00. Following the completion of the acquisition, the director directly owned 1,000 shares in the company, valued at $101,260. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael Thomas Steven Lewis sold 2,151 shares of the stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $118.15, for a total transaction of $254,140.65. The disclosure for this sale is available in the SEC filing. 4.32% of the stock is owned by corporate insiders.

RB Global Stock Performance

Shares of RBA stock opened at $102.59 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.15 and a current ratio of 1.23. The firm has a market cap of $19.07 billion, a price-to-earnings ratio of 49.09, a P/E/G ratio of 2.16 and a beta of 0.56. RB Global, Inc. has a 52 week low of $86.68 and a 52 week high of $119.58. The firm’s 50-day simple moving average is $100.56 and its two-hundred day simple moving average is $106.82.

RB Global (NYSE:RBA) (TSE:RBA) last released its earnings results on Thursday, November 6th. The business services provider reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.10. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.05 billion. RB Global had a net margin of 9.65% and a return on equity of 9.66%. The company’s revenue was up 12.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.71 EPS. As a group, equities analysts forecast that RB Global, Inc. will post 2.5 earnings per share for the current year.

RB Global Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 17th. Shareholders of record on Wednesday, November 26th will be paid a $0.31 dividend. The ex-dividend date is Wednesday, November 26th. This represents a $1.24 annualized dividend and a dividend yield of 1.2%. RB Global’s payout ratio is presently 59.33%.

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.