Canoe Financial LP Has $113.47 Million Position in RB Global, Inc. (NYSE:RBA)

Canoe Financial LP lessened its holdings in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 11.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 1,258,057 shares of the business services provider’s stock after selling 160,609 shares during the quarter. RB Global comprises 1.6% of Canoe Financial LP’s holdings, making the stock its 23rd largest holding. Canoe Financial LP’s holdings in RB Global were worth $113,471,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in RBA. Central Pacific Bank Trust Division bought a new position in shares of RB Global in the 4th quarter worth $27,000. Versant Capital Management Inc lifted its stake in RB Global by 136.4% in the fourth quarter. Versant Capital Management Inc now owns 305 shares of the business services provider’s stock valued at $28,000 after buying an additional 176 shares during the period. UMB Bank n.a. boosted its holdings in RB Global by 196.0% during the third quarter. UMB Bank n.a. now owns 586 shares of the business services provider’s stock worth $47,000 after buying an additional 388 shares during the last quarter. Quarry LP acquired a new position in shares of RB Global during the 2nd quarter worth about $53,000. Finally, Covestor Ltd increased its stake in shares of RB Global by 533.1% in the 3rd quarter. Covestor Ltd now owns 804 shares of the business services provider’s stock valued at $65,000 after acquiring an additional 677 shares during the last quarter. Institutional investors own 95.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RBA. Robert W. Baird boosted their price objective on shares of RB Global from $86.00 to $100.00 and gave the company an “outperform” rating in a report on Monday, November 11th. BMO Capital Markets boosted their price target on shares of RB Global from $105.00 to $107.00 and gave the company an “outperform” rating in a report on Monday, November 11th. StockNews.com downgraded RB Global from a “buy” rating to a “hold” rating in a research note on Wednesday. Royal Bank of Canada boosted their target price on RB Global from $99.00 to $107.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Finally, CIBC raised their price target on RB Global from $102.00 to $109.00 and gave the stock an “outperformer” rating in a research report on Thursday, December 12th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $100.36.

RB Global Price Performance

RBA stock opened at $89.24 on Friday. The stock has a 50-day moving average price of $93.22 and a two-hundred day moving average price of $85.89. RB Global, Inc. has a 1 year low of $60.84 and a 1 year high of $99.79. The stock has a market cap of $16.49 billion, a PE ratio of 48.50, a price-to-earnings-growth ratio of 3.34 and a beta of 0.96. The company has a current ratio of 1.28, a quick ratio of 1.17 and a debt-to-equity ratio of 0.52.

RB Global Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Wednesday, November 27th were issued a dividend of $0.29 per share. The ex-dividend date of this dividend was Wednesday, November 27th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.30%. RB Global’s payout ratio is presently 63.04%.

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.