Mackenzie Financial Corp Decreases Stock Position in RB Global, Inc. (NYSE:RBA)

Mackenzie Financial Corp lessened its position in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 17.0% during the second quarter, Holdings Channel reports. The institutional investor owned 641,082 shares of the business services provider’s stock after selling 130,874 shares during the quarter. Mackenzie Financial Corp’s holdings in RB Global were worth $48,900,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in RBA. YHB Investment Advisors Inc. purchased a new stake in RB Global during the first quarter valued at about $27,000. Hollencrest Capital Management purchased a new stake in shares of RB Global during the 1st quarter valued at approximately $33,000. Massmutual Trust Co. FSB ADV boosted its holdings in RB Global by 58.7% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 446 shares of the business services provider’s stock worth $34,000 after buying an additional 165 shares during the period. Nisa Investment Advisors LLC raised its holdings in RB Global by 33.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 836 shares of the business services provider’s stock valued at $64,000 after acquiring an additional 210 shares during the period. Finally, Brown Brothers Harriman & Co. purchased a new stake in shares of RB Global during the fourth quarter worth $72,000. Institutional investors own 95.37% of the company’s stock.

RB Global Price Performance

Shares of NYSE:RBA opened at $80.28 on Friday. The company’s fifty day moving average price is $82.04 and its 200-day moving average price is $77.92. 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 firm has a market capitalization of $14.79 billion, a price-to-earnings ratio of 48.36, a PEG ratio of 5.38 and a beta of 0.93. RB Global, Inc. has a one year low of $58.85 and a one year high of $87.45.

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

RB Global Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, August 28th were given a $0.29 dividend. This is an increase from RB Global’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Wednesday, August 28th. This represents a $1.16 dividend on an annualized basis and a yield of 1.44%. RB Global’s payout ratio is presently 69.88%.

Insiders Place Their Bets

In other RB Global news, CRO James J. Jeter sold 2,920 shares of RB Global stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $78.96, for a total transaction of $230,563.20. Following the transaction, the executive now directly owns 23,267 shares of the company’s stock, valued at $1,837,162.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CRO James J. Jeter sold 2,920 shares of RB Global 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 transaction, the executive now owns 23,267 shares in the company, valued at approximately $1,837,162.32. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Darren Jeffrey Watt sold 2,915 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $82.80, for a total transaction of $241,362.00. Following the sale, the insider now owns 19,271 shares of the company’s stock, valued at $1,595,638.80. The disclosure for this sale can be found here. Insiders sold a total of 44,601 shares of company stock valued at $3,720,043 over the last quarter. 4.32% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on RBA. Bank of America lifted their price target on RB Global from $79.00 to $92.50 and gave the company a “neutral” rating in a research report on Monday, August 26th. Raymond James increased their price target on shares of RB Global from $95.00 to $98.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Robert W. Baird boosted their price objective on shares of RB Global from $80.00 to $86.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Royal Bank of Canada increased their target price on shares of RB Global from $93.00 to $99.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Finally, BMO Capital Markets started coverage on shares of RB Global in a research report on Thursday, September 5th. They set an “outperform” rating and a $105.00 price target for the company. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $92.19.

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.