RB Global, Inc. $RBA Position Boosted by Mackenzie Financial Corp

by · The Markets Daily

Mackenzie Financial Corp lifted its holdings in RB Global, Inc. (NYSE:RBA – Free Report) (TSE:RBA) by 6.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 745,217 shares of the business services provider’s stock after purchasing an additional 42,875 shares during the period. Mackenzie Financial Corp’s holdings in RB Global were worth $80,700,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in RBA. Vanguard Group Inc. lifted its stake in RB Global by 0.5% during the third quarter. Vanguard Group Inc. now owns 25,330,426 shares of the business services provider’s stock valued at $2,744,455,000 after purchasing an additional 124,926 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in RB Global by 7.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 10,726,926 shares of the business services provider’s stock worth $1,162,370,000 after buying an additional 705,423 shares in the last quarter. Vontobel Holding Ltd. grew its position in RB Global by 10.3% in the third quarter. Vontobel Holding Ltd. now owns 7,215,414 shares of the business services provider’s stock worth $781,862,000 after buying an additional 672,450 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of RB Global by 7.5% in the second quarter. Geode Capital Management LLC now owns 4,552,803 shares of the business services provider’s stock valued at $482,383,000 after buying an additional 317,781 shares in the last quarter. Finally, Fiera Capital Corp increased its holdings in shares of RB Global by 4.9% in the third quarter. Fiera Capital Corp now owns 4,067,003 shares of the business services provider’s stock valued at $440,353,000 after buying an additional 190,408 shares in the last quarter. 95.37% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Check Out Our Latest Research Report on RB Global

Insider Transactions at RB Global

In related news, CEO James Francis Kessler sold 20,742 shares of the stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $115.00, for a total value of $2,385,330.00. Following the completion of the sale, the chief executive officer directly owned 107,569 shares of the company’s stock, valued at approximately $12,370,435. This represents a 16.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.32% of the company’s stock.

RB Global Trading Down 1.1%

RB Global stock opened at $102.17 on Thursday. RB Global, Inc. has a 52 week low of $87.87 and a 52 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. The firm has a market capitalization of $18.99 billion, a price-to-earnings ratio of 50.08, a P/E/G ratio of 1.57 and a beta of 0.57. The company has a 50 day moving average price of $108.52 and a 200 day moving average price of $106.48.

RB Global (NYSE:RBA – Get Free Report) (TSE:RBA) last announced its earnings results on Tuesday, February 17th. The business services provider reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.12. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.17 billion. RB Global had a net margin of 9.33% and a return on equity of 11.12%. The company’s revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.95 EPS. Research analysts forecast that RB Global, Inc. will post 2.5 EPS for the current year.

RB Global Dividend Announcement

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

RB Global Profile

(Free Report)

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.

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