Kornitzer Capital Management Inc. KS Sells 7,660 Shares of RB Global, Inc. $RBA

Kornitzer Capital Management Inc. KS cut its stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 27.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 20,000 shares of the business services provider’s stock after selling 7,660 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in RB Global were worth $2,167,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of RB Global in the 2nd quarter worth approximately $255,798,000. JARISLOWSKY FRASER Ltd acquired a new stake in shares of RB Global during the third quarter worth $195,640,000. Massachusetts Financial Services Co. MA raised its stake in RB Global by 7.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 10,726,926 shares of the business services provider’s stock worth $1,162,370,000 after buying an additional 705,423 shares during the last quarter. Vontobel Holding Ltd. lifted its holdings in RB Global by 10.3% in the third quarter. Vontobel Holding Ltd. now owns 7,215,414 shares of the business services provider’s stock valued at $781,862,000 after buying an additional 672,450 shares during the period. Finally, TD Asset Management Inc lifted its holdings in RB Global by 85.1% in the second quarter. TD Asset Management Inc now owns 938,902 shares of the business services provider’s stock valued at $99,546,000 after buying an additional 431,649 shares during the period. Institutional investors and hedge funds own 95.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Royal Bank Of Canada lifted their price objective on RB Global from $132.00 to $133.00 and gave the stock an “outperform” rating in a research report on Friday, November 7th. National Bankshares cut their target price on shares of RB Global from $113.00 to $111.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 9th. Wall Street Zen cut shares of RB Global from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of RB Global in a research note on Thursday, January 22nd. Finally, Bank of America cut their price objective on shares of RB Global from $120.00 to $114.00 and set a “buy” rating on the stock in a research report on Friday, November 7th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $124.13.

Insider Activity

In other news, Director Deborah Stein purchased 1,000 shares of the company’s stock in a transaction that occurred on Thursday, November 13th. The shares were bought at an average cost of $101.26 per share, with a total value of $101,260.00. Following the completion of the transaction, the director directly owned 1,000 shares of the company’s stock, valued at approximately $101,260. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO James Francis Kessler sold 20,742 shares of the business’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $115.00, for a total transaction of $2,385,330.00. Following the transaction, the chief executive officer owned 107,569 shares in the company, valued at approximately $12,370,435. This trade represents a 16.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.28% of the company’s stock.

RB Global Stock Performance

Shares of RB Global stock opened at $116.07 on Thursday. RB Global, Inc. has a 52 week low of $86.68 and a 52 week high of $119.58. The company has a quick ratio of 1.15, a current ratio of 1.23 and a debt-to-equity ratio of 0.46. The business has a 50 day moving average price of $105.29 and a 200-day moving average price of $107.48. The company has a market cap of $21.57 billion, a PE ratio of 55.53, a price-to-earnings-growth ratio of 2.20 and a beta of 0.57.

RB Global (NYSE:RBA) (TSE:RBA) last announced its earnings results on Thursday, November 6th. The business services provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.10. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.05 billion. RB Global had a return on equity of 9.66% and a net margin of 9.65%.RB Global’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.71 earnings per share. Equities analysts anticipate that RB Global, Inc. will post 2.5 earnings per share for the current fiscal year.

RB Global Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Monday, February 9th will be paid a $0.31 dividend. The ex-dividend date is Monday, February 9th. This represents a $1.24 annualized dividend and a dividend yield of 1.1%. RB Global’s dividend payout ratio is presently 59.33%.

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.