RB Global, Inc. $RBA Shares Sold by Cidel Asset Management Inc.

Cidel Asset Management Inc. decreased its holdings in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 9.2% in the 3rd quarter, Holdings Channel reports. The firm owned 342,646 shares of the business services provider’s stock after selling 34,682 shares during the period. RB Global comprises 1.4% of Cidel Asset Management Inc.’s investment portfolio, making the stock its 21st largest holding. Cidel Asset Management Inc.’s holdings in RB Global were worth $28,029,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of RBA. State of Wyoming lifted its position in RB Global by 366.1% during the third quarter. State of Wyoming now owns 10,483 shares of the business services provider’s stock valued at $853,000 after purchasing an additional 8,234 shares during the last quarter. Choreo LLC purchased a new position in RB Global in the 3rd quarter worth approximately $247,000. Pinnacle Wealth Planning Services Inc. increased its holdings in shares of RB Global by 32.9% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 2,286 shares of the business services provider’s stock worth $186,000 after buying an additional 566 shares during the last quarter. North Dakota State Investment Board increased its holdings in shares of RB Global by 3.3% in the 3rd quarter. North Dakota State Investment Board now owns 5,694 shares of the business services provider’s stock worth $463,000 after buying an additional 182 shares during the last quarter. Finally, Tectonic Advisors LLC increased its holdings in shares of RB Global by 10.0% in the 3rd quarter. Tectonic Advisors LLC now owns 66,826 shares of the business services provider’s stock worth $5,439,000 after buying an additional 6,091 shares during the last quarter. 95.37% of the stock is currently owned by institutional investors.

Insider Buying and Selling at RB Global

In other RB Global news, Director Chloe Harford purchased 1,200 shares of the stock in a transaction on Monday, August 24th. The stock was acquired at an average cost of $83.74 per share, with a total value of $100,488.00. Following the completion of the purchase, the director directly owned 1,200 shares of the company’s stock, valued at approximately $100,488. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Deborah Stein purchased 500 shares of the business’s stock in a transaction on Wednesday, September 9th. The shares were acquired at an average price of $80.91 per share, with a total value of $40,455.00. Following the completion of the transaction, the director owned 2,325 shares of the company’s stock, valued at approximately $188,115.75. This trade represents a 27.40% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.57% of the stock is currently owned by company insiders.

RB Global Stock Up 1.5%

Shares of RBA opened at $89.66 on Friday. RB Global, Inc. has a 1 year low of $78.05 and a 1 year high of $119.33. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.31 and a quick ratio of 1.22. The stock has a 50 day simple moving average of $83.89 and a two-hundred day simple moving average of $99.86. The firm has a market cap of $16.25 billion, a P/E ratio of 38.48, a P/E/G ratio of 1.53 and a beta of 0.53.

RB Global (NYSE:RBA) (TSE:RBA) last posted its quarterly earnings results on Tuesday, August 4th. The business services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.09 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.21 billion. RB Global had a net margin of 9.99% and a return on equity of 12.37%. On average, analysts forecast that RB Global, Inc. will post 4.06 earnings per share for the current fiscal year.

RB Global declared that its board has approved a stock buyback program on Tuesday, September 15th that authorizes the company to buy back $500 million in outstanding shares. This repurchase authorization authorizes the business services provider to reacquire up to 3.3% of its shares through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts have recently issued reports on RBA shares. Wall Street Zen downgraded shares of RB Global from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. National Bank Financial upped their target price on shares of RB Global from $130.00 to $132.00 and gave the stock an “outperform” rating in a research report on Thursday, October 15th. Weiss Ratings cut RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, September 18th. Barclays lowered their price target on RB Global from $121.00 to $110.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 6th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $152.00 price target on shares of RB Global in a research note on Wednesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $126.29.

RB Global Profile

RB Global, Inc is a global marketplace and provider of asset management and disposition services for commercial and industrial equipment, vehicles and other durable assets. The company connects buyers and sellers through live and online auctions, negotiated sales and digital marketplaces, serving industries such as construction, transportation, agriculture, energy, government and automotive.

Its portfolio includes Ritchie Bros., a major auction and marketplace brand for heavy equipment; IAA, which specializes in salvage and repairable vehicle auctions; and Mascus, an online marketplace for used equipment.