CIBC Asset Management Inc Raises Stock Position in RB Global, Inc. (NYSE:RBA)

CIBC Asset Management Inc increased its stake in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 57.1% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 984,364 shares of the business services provider’s stock after acquiring an additional 357,761 shares during the period. CIBC Asset Management Inc owned approximately 0.53% of RB Global worth $80,076,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in RBA. Massmutual Trust Co. FSB ADV increased its holdings in RB Global by 58.7% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 446 shares of the business services provider’s stock worth $34,000 after purchasing an additional 165 shares during the last quarter. UMB Bank n.a. lifted its holdings in RB Global by 196.0% in the third quarter. UMB Bank n.a. now owns 586 shares of the business services provider’s stock worth $47,000 after acquiring an additional 388 shares during the last quarter. Quarry LP acquired a new position in RB Global during the 2nd quarter valued at approximately $53,000. Covestor Ltd increased its position in RB Global by 533.1% in the third quarter. Covestor Ltd now owns 804 shares of the business services provider’s stock worth $65,000 after buying an additional 677 shares during the period. Finally, Nisa Investment Advisors LLC lifted its stake in RB Global by 33.5% in the second quarter. Nisa Investment Advisors LLC now owns 836 shares of the business services provider’s stock valued at $64,000 after buying an additional 210 shares during the last quarter. 95.37% of the stock is owned by institutional investors and hedge funds.

RB Global Stock Performance

Shares of RBA opened at $92.36 on Friday. The company’s 50 day moving average price is $84.30 and its 200 day moving average price is $80.21. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.17 and a current ratio of 1.28. RB Global, Inc. has a 52 week low of $59.11 and a 52 week high of $94.85. The company has a market capitalization of $17.03 billion, a PE ratio of 50.20, a PEG ratio of 4.47 and a beta of 0.92.

RB Global Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, November 27th will be issued a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.16 dividend on an annualized basis and a yield of 1.26%. RB Global’s dividend payout ratio is currently 63.04%.

Insider Activity

In related news, CRO James J. Jeter sold 3,000 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $85.55, for a total value of $256,650.00. Following the completion of the sale, the executive now owns 20,267 shares in the company, valued at approximately $1,733,841.85. This trade represents a 12.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James Francis Kessler sold 17,883 shares of RB Global stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $84.19, for a total value of $1,505,569.77. Following the sale, the chief executive officer now directly owns 86,247 shares in the company, valued at $7,261,134.93. The trade was a 17.17 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 41,681 shares of company stock worth $3,489,480. 4.32% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have commented on RBA shares. Raymond James upped their target price on shares of RB Global from $95.00 to $98.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Royal Bank of Canada raised their price target on RB Global from $99.00 to $107.00 and gave the company an “outperform” rating in a report on Monday. BMO Capital Markets raised their target price on shares of RB Global from $105.00 to $107.00 and gave the company an “outperform” rating in a research note on Monday. Bank of America increased their price target on RB Global from $79.00 to $92.50 and gave the company a “neutral” rating in a research note on Monday, August 26th. Finally, Robert W. Baird lifted their price objective on shares of RB Global from $86.00 to $100.00 and gave the stock an “outperform” rating in a research note on Monday. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $98.36.

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.