Connor Clark & Lunn Investment Management Ltd. Makes New $152.99 Million Investment in RB Global, Inc. $RBA

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,315,495 shares of the business services provider’s stock, valued at approximately $152,994,000.

Other hedge funds have also recently made changes to their positions in the company. PEAK6 LLC acquired a new position in shares of RB Global during the second quarter valued at about $5,642,000. Meiji Yasuda Asset Management Co Ltd. bought a new position in RB Global in the 2nd quarter valued at about $502,000. Bank of Nova Scotia acquired a new position in RB Global during the 2nd quarter valued at about $25,004,000. Elevation Point Wealth Partners LLC acquired a new position in RB Global during the 2nd quarter valued at about $243,000. Finally, Commerce Bank bought a new stake in RB Global during the 2nd quarter worth approximately $3,019,000. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently commented on RBA. Weiss Ratings downgraded RB Global from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, August 17th. Royal Bank Of Canada lifted their target price on RB Global from $150.00 to $152.00 and gave the company an “outperform” rating in a research report on Wednesday, August 5th. Raymond James Financial upgraded RB Global from an “outperform” rating to a “strong-buy” rating and set a $145.00 price target for the company in a report on Tuesday, June 30th. Barclays lowered their price target on RB Global from $124.00 to $121.00 and set an “overweight” rating for the company in a research report on Wednesday, July 22nd. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of RB Global in a research note on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $128.00.

RB Global Trading Down 0.1%

Shares of RBA stock opened at $86.97 on Monday. The company has a quick ratio of 1.22, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. The firm has a market cap of $16.10 billion, a P/E ratio of 37.33, a PEG ratio of 1.49 and a beta of 0.56. The company has a 50 day moving average of $105.76 and a 200-day moving average of $104.17. RB Global, Inc. has a 12-month low of $82.03 and a 12-month high of $119.58.

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

RB Global Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Tuesday, August 25th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.5%. This is a boost from RB Global’s previous quarterly dividend of $0.31. RB Global’s payout ratio is currently 53.22%.

RB Global Company 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.