Connor Clark & Lunn Investment Management Ltd. Sells 372,783 Shares of RB Global, Inc. $RBA

Connor Clark & Lunn Investment Management Ltd. lessened its stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 31.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 796,056 shares of the business services provider’s stock after selling 372,783 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in RB Global were worth $86,205,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Mackenzie Financial Corp lifted its stake in RB Global by 6.1% in the third quarter. Mackenzie Financial Corp now owns 745,217 shares of the business services provider’s stock valued at $80,700,000 after acquiring an additional 42,875 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of RB Global by 245.7% during the 3rd quarter. Franklin Resources Inc. now owns 49,473 shares of the business services provider’s stock worth $5,357,000 after purchasing an additional 35,161 shares during the last quarter. Magnetar Financial LLC raised its holdings in shares of RB Global by 1,498.8% in the 3rd quarter. Magnetar Financial LLC now owns 38,660 shares of the business services provider’s stock valued at $4,189,000 after purchasing an additional 36,242 shares during the period. Quadrant Capital Group LLC raised its holdings in shares of RB Global by 1.6% in the 3rd quarter. Quadrant Capital Group LLC now owns 11,423 shares of the business services provider’s stock valued at $1,238,000 after purchasing an additional 177 shares during the period. Finally, Legal & General Group Plc lifted its stake in RB Global by 27.9% in the 3rd quarter. Legal & General Group Plc now owns 978,272 shares of the business services provider’s stock valued at $105,986,000 after purchasing an additional 213,601 shares during the last quarter. 95.37% of the stock is owned by institutional investors.

RB Global Stock Down 1.1%

RBA opened at $102.17 on Thursday. The stock has a fifty day moving average of $108.52 and a 200-day moving average of $106.48. The company has a market capitalization of $18.99 billion, a P/E ratio of 50.08, a P/E/G ratio of 1.57 and a beta of 0.57. RB Global, Inc. has a fifty-two week low of $87.87 and a fifty-two week high of $119.58. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.02 and a current ratio of 1.10.

RB Global (NYSE:RBA) (TSE:RBA) last released its quarterly earnings results on Tuesday, February 17th. The business services provider reported $1.11 EPS for the quarter, beating the consensus estimate of $0.99 by $0.12. RB Global had a net margin of 9.33% and a return on equity of 11.12%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the prior year, the company posted $0.95 earnings per share. RB Global’s revenue was up 5.4% compared to the same quarter last year. On average, equities analysts expect that RB Global, Inc. will post 2.5 EPS for the current year.

RB Global Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Monday, February 9th were given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Monday, February 9th. RB Global’s dividend payout ratio is presently 60.78%.

Analysts Set New Price Targets

RBA has been the topic of a number of recent analyst reports. Weiss Ratings raised RB Global from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, February 26th. Royal Bank Of Canada raised their price target on RB Global from $137.00 to $146.00 and gave the company an “outperform” rating in a report on Wednesday, February 18th. Raymond James Financial increased their price target on shares of RB Global from $135.00 to $145.00 and gave the company an “outperform” rating in a report on Tuesday, January 20th. National Bank Financial upgraded shares of RB Global from a “sector perform” rating to an “outperform” rating and set a $124.00 price objective for the company in a research report on Monday, November 24th. Finally, BMO Capital Markets boosted their price objective on RB Global from $135.00 to $140.00 and gave the stock an “outperform” rating in a report on Wednesday, February 18th. Seven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $129.29.

Insider Activity

In other news, CEO James Francis Kessler sold 20,742 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $115.00, for a total transaction of $2,385,330.00. Following the transaction, the chief executive officer directly owned 107,569 shares of the company’s stock, valued at approximately $12,370,435. This trade represents a 16.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.32% of the stock is currently owned by insiders.

RB Global 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.