CIBC Asset Management Inc Has $47.76 Million Position in RB Global, Inc. (NYSE:RBA)

CIBC Asset Management Inc grew its stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 1,879.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 626,603 shares of the business services provider’s stock after acquiring an additional 594,941 shares during the quarter. CIBC Asset Management Inc owned 0.34% of RB Global worth $47,761,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of RBA. Vontobel Asset Management Inc. increased its stake in RB Global by 66.5% in the fourth quarter. Vontobel Asset Management Inc. now owns 6,649,251 shares of the business services provider’s stock valued at $467,920,000 after purchasing an additional 2,655,388 shares in the last quarter. Norges Bank bought a new stake in shares of RB Global in the 4th quarter valued at $141,970,000. Vanguard Group Inc. raised its stake in RB Global by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 23,992,759 shares of the business services provider’s stock worth $1,827,528,000 after buying an additional 1,153,497 shares during the period. Bank of New York Mellon Corp lifted its holdings in RB Global by 142.9% during the second quarter. Bank of New York Mellon Corp now owns 1,337,790 shares of the business services provider’s stock worth $102,154,000 after acquiring an additional 787,042 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in RB Global by 3,387.9% in the second quarter. Principal Financial Group Inc. now owns 611,738 shares of the business services provider’s stock valued at $46,712,000 after acquiring an additional 594,199 shares during the period. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other RB Global news, CRO James J. Jeter sold 2,920 shares of the stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $78.96, for a total value of $230,563.20. Following the completion of the sale, the executive now owns 23,267 shares in the company, valued at $1,837,162.32. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other RB Global news, insider Darren Jeffrey Watt sold 3,637 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $80.66, for a total value of $293,360.42. Following the sale, the insider now owns 17,279 shares in the company, valued at $1,393,724.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CRO James J. Jeter sold 2,920 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $78.96, for a total value of $230,563.20. Following the completion of the sale, the executive now directly owns 23,267 shares of the company’s stock, valued at $1,837,162.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,472 shares of company stock worth $1,669,216. Insiders own 4.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RBA. Bank of America raised their price target on RB Global from $79.00 to $92.50 and gave the stock a “neutral” rating in a research report on Monday, August 26th. Raymond James lifted their price target on shares of RB Global from $95.00 to $98.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Royal Bank of Canada upped their price target on shares of RB Global from $93.00 to $99.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Robert W. Baird raised their price objective on shares of RB Global from $80.00 to $86.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Finally, CIBC initiated coverage on shares of RB Global in a research note on Tuesday, June 18th. They issued a “sector outperform” rating and a $95.00 target price for the company. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $90.36.

RB Global Stock Up 1.1 %

NYSE:RBA traded up $0.90 on Monday, hitting $86.13. 595,500 shares of the company’s stock were exchanged, compared to its average volume of 1,082,942. The firm has a 50-day moving average price of $79.73 and a 200-day moving average price of $76.52. RB Global, Inc. has a 52 week low of $58.85 and a 52 week high of $87.45. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.29 and a quick ratio of 1.20. The company has a market cap of $15.75 billion, a P/E ratio of 51.89, a price-to-earnings-growth ratio of 5.50 and a beta of 0.91.

RB Global (NYSE:RBA) (TSE:RBA) last released its earnings results on Tuesday, August 6th. The business services provider reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.06. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.13 billion. RB Global had a return on equity of 7.27% and a net margin of 8.67%. RB Global’s revenue was down .9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.42 earnings per share. As a group, analysts expect that RB Global, Inc. will post 1.96 EPS for the current fiscal year.

RB Global Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Wednesday, August 28th will be paid a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, August 28th. This is a boost from RB Global’s previous quarterly dividend of $0.27. This represents a $1.16 annualized dividend and a dividend yield of 1.35%. RB Global’s dividend payout ratio (DPR) is currently 69.88%.

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.