Intact Investment Management Inc. Sells 79,490 Shares of RB Global, Inc. (NYSE:RBA)

Intact Investment Management Inc. lowered its position in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 9.7% in the second quarter, HoldingsChannel.com reports. The fund owned 739,108 shares of the business services provider’s stock after selling 79,490 shares during the quarter. RB Global comprises 2.1% of Intact Investment Management Inc.’s portfolio, making the stock its 11th biggest position. Intact Investment Management Inc.’s holdings in RB Global were worth $56,365,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Signaturefd LLC raised its position in RB Global by 26.6% in the 2nd quarter. Signaturefd LLC now owns 3,050 shares of the business services provider’s stock valued at $233,000 after purchasing an additional 640 shares during the last quarter. Crossmark Global Holdings Inc. acquired a new stake in shares of RB Global in the second quarter valued at $883,000. Peregrine Capital Management LLC raised its holdings in shares of RB Global by 1.3% in the second quarter. Peregrine Capital Management LLC now owns 69,020 shares of the business services provider’s stock valued at $5,270,000 after buying an additional 900 shares during the last quarter. Principal Financial Group Inc. lifted its position in RB Global by 3,387.9% during the 2nd quarter. Principal Financial Group Inc. now owns 611,738 shares of the business services provider’s stock worth $46,712,000 after buying an additional 594,199 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in RB Global by 5.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 37,298 shares of the business services provider’s stock worth $2,844,000 after acquiring an additional 1,835 shares during the last quarter. 95.37% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

RBA has been the topic of a number of research reports. Royal Bank of Canada upped their target price on shares of RB Global from $93.00 to $99.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Bank of America upped their price objective on RB Global from $79.00 to $92.50 and gave the stock a “neutral” rating in a report on Monday, August 26th. Raymond James increased their price objective on RB Global from $95.00 to $98.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. CIBC started coverage on RB Global in a research report on Tuesday, June 18th. They set a “sector outperform” rating and a $95.00 target price for the company. Finally, Robert W. Baird raised their price target on RB Global from $80.00 to $86.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, RB Global has an average rating of “Moderate Buy” and a consensus target price of $90.36.

RB Global Stock Performance

Shares of RB Global stock opened at $86.13 on Friday. RB Global, Inc. has a 52 week low of $58.85 and a 52 week high of $87.45. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.20 and a current ratio of 1.29. The stock has a market capitalization of $15.87 billion, a price-to-earnings ratio of 51.89, a PEG ratio of 5.50 and a beta of 0.91. The firm has a fifty day moving average of $79.73 and a two-hundred day moving average of $76.46.

RB Global (NYSE:RBA) (TSE:RBA) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the prior year, the company posted $0.42 earnings per share. The firm’s revenue was down .9% on a year-over-year basis. As a group, equities research analysts predict that RB Global, Inc. will post 1.96 EPS for the current year.

RB Global Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Wednesday, August 28th will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.35%. This is an increase from RB Global’s previous quarterly dividend of $0.27. The ex-dividend date is Wednesday, August 28th. RB Global’s dividend payout ratio (DPR) is currently 69.88%.

Insider Buying and Selling

In other RB Global news, insider Darren Jeffrey Watt sold 3,637 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $80.66, for a total value of $293,360.42. Following the completion of the sale, the insider now owns 17,279 shares of the company’s stock, valued at $1,393,724.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Darren Jeffrey Watt sold 3,637 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $80.66, for a total value of $293,360.42. Following the completion of the transaction, the insider now owns 17,279 shares of the company’s stock, valued at approximately $1,393,724.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO James Francis Kessler sold 8,000 shares of the company’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $80.91, for a total transaction of $647,280.00. Following the completion of the sale, the chief executive officer now owns 78,104 shares of the company’s stock, valued at approximately $6,319,394.64. The disclosure for this sale can be found here. Insiders have sold 20,472 shares of company stock valued at $1,669,216 in the last 90 days. 4.32% of the stock is owned by insiders.

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.