CIBC Asset Management Inc Buys 357,761 Shares of RB Global, Inc. (NYSE:RBA)

CIBC Asset Management Inc grew its position in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 57.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 984,364 shares of the business services provider’s stock after buying an additional 357,761 shares during the quarter. CIBC Asset Management Inc’s holdings in RB Global were worth $80,076,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of the business. Massmutual Trust Co. FSB ADV lifted its position in shares of RB Global by 58.7% during the second 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 in the last quarter. UMB Bank n.a. increased 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 valued at $47,000 after purchasing an additional 388 shares during the last quarter. Quarry LP bought a new position in RB Global during the 2nd quarter worth approximately $53,000. Nisa Investment Advisors LLC grew its holdings in shares of RB Global by 33.5% in the 2nd 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 period. Finally, Covestor Ltd increased its holdings in shares of 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 acquiring an additional 677 shares in the last quarter. Institutional investors own 95.37% of the company’s stock.

RB Global Price Performance

NYSE:RBA opened at $92.36 on Friday. RB Global, Inc. has a 12-month low of $59.11 and a 12-month high of $94.85. The firm has a market capitalization of $17.03 billion, a price-to-earnings ratio of 50.20, a P/E/G ratio of 4.47 and a beta of 0.92. The stock’s 50 day moving average price is $84.30 and its two-hundred day moving average price is $80.21. The company has a quick ratio of 1.17, a current ratio of 1.28 and a debt-to-equity ratio of 0.52.

RB Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, November 27th will be paid 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 (DPR) is currently 63.04%.

Insiders Place Their Bets

In related news, insider Darren Jeffrey Watt sold 2,915 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $82.80, for a total value of $241,362.00. Following the completion of the sale, the insider now directly owns 19,271 shares in the company, valued at approximately $1,595,638.80. The trade was a 13.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CRO James J. Jeter sold 3,000 shares of RB Global stock in a transaction on 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 transaction, the executive now directly owns 20,267 shares of the company’s stock, valued at $1,733,841.85. This represents a 12.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 41,681 shares of company stock worth $3,489,480 over the last three months. Insiders own 4.32% of the company’s stock.

Wall Street Analysts Forecast Growth

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

About RB Global

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.