Connor Clark & Lunn Investment Management Ltd. Trims Stake in RB Global, Inc. $RBA

Connor Clark & Lunn Investment Management Ltd. decreased its stake in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 14.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,168,839 shares of the business services provider’s stock after selling 204,851 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.63% of RB Global worth $124,255,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Massachusetts Financial Services Co. MA boosted its stake in shares of RB Global by 3.6% during the first quarter. Massachusetts Financial Services Co. MA now owns 10,241,186 shares of the business services provider’s stock valued at $1,027,191,000 after acquiring an additional 352,530 shares during the last quarter. Fiera Capital Corp lifted its holdings in RB Global by 17.3% in the 1st quarter. Fiera Capital Corp now owns 3,773,914 shares of the business services provider’s stock valued at $379,150,000 after purchasing an additional 557,407 shares in the last quarter. Invesco Ltd. lifted its holdings in RB Global by 26.9% in the 1st quarter. Invesco Ltd. now owns 2,436,296 shares of the business services provider’s stock valued at $244,360,000 after purchasing an additional 516,865 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of RB Global by 1.1% during the 1st quarter. Wellington Management Group LLP now owns 1,854,476 shares of the business services provider’s stock worth $186,098,000 after purchasing an additional 19,543 shares during the last quarter. Finally, Alyeska Investment Group L.P. boosted its stake in shares of RB Global by 44.4% during the 1st quarter. Alyeska Investment Group L.P. now owns 1,508,784 shares of the business services provider’s stock worth $151,331,000 after purchasing an additional 463,844 shares during the last quarter. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RBA. Weiss Ratings downgraded shares of RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Royal Bank Of Canada boosted their price target on RB Global from $132.00 to $133.00 and gave the company an “outperform” rating in a report on Friday. National Bankshares reduced their price target on RB Global from $113.00 to $111.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 9th. Wall Street Zen downgraded RB Global from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Raymond James Financial upped their target price on RB Global from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $122.71.

RB Global Stock Up 4.4%

Shares of NYSE RBA opened at $100.43 on Friday. The stock has a market capitalization of $18.65 billion, a PE ratio of 49.72, a P/E/G ratio of 2.48 and a beta of 0.65. The company has a quick ratio of 1.22, a current ratio of 1.28 and a debt-to-equity ratio of 0.46. The firm has a fifty day moving average of $107.67 and a 200-day moving average of $107.62. RB Global, Inc. has a 52-week low of $85.55 and a 52-week high of $119.58.

RB Global (NYSE:RBA) (TSE:RBA) last issued its earnings results on Thursday, November 6th. The business services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.10. RB Global had a return on equity of 9.42% and a net margin of 9.46%.The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.05 billion. During the same period last year, the company posted $0.71 EPS. The business’s quarterly revenue was up 12.0% on a year-over-year basis. On average, analysts anticipate that RB Global, Inc. will post 2.5 EPS for the current year.

RB Global Dividend Announcement

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

Insider Activity

In related news, insider Michael Thomas Steven Lewis sold 2,151 shares of the stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $118.15, for a total transaction of $254,140.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.32% of the company’s stock.

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.