RB Global Stock Is Down From Recent Highs, but One Big Investor Just Jumped In
Key Points
Montreal-based Jarislowsky Fraser bought 1.8 million shares of RB Global for an estimated $195.6 million in the third quarter.
This represents 1.1% of the fund’s 13F assets under management as of September 30.
RB Global remains outside the fund’s top five holdings.
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On Tuesday, Montreal-based Jarislowsky Fraser disclosed a new position in RB Global (NYSE:RBA), acquiring about 1.8 million shares for an estimated $195.6 million.
What Happened
According to a filing with the U.S. Securities and Exchange Commission released Tuesday, Jarislowsky Fraser Ltd disclosed a new stake in RB Global, purchasing approximately about 1.8 million shares during the third quarter. The estimated transaction value, based on the quarter’s average price, was $195.6 million. The fund did not report a position in the previous quarter.
What Else to Know
This was a new position for the fund, now representing 1.12% of its 13F reportable assets under management as of September 30.
Top five fund holdings after the filing:
- NYSE:BN: $1 billion (5.6% of AUM)
- NYSE:TD: $938 million (5.2% of AUM)
- NYSE:CNI: $836.8 million (4.6% of AUM)
- NASDAQ:OTEX: $790.7 million (4.3% of AUM)
- TSX:BMO: $760.4 million (4.2% of AUM)
As of Thursday, RB Global shares were priced at $100.58, up 17% over the past year.
Company Overview
| Metric | Value |
|---|---|
| Price (as of Thursday) | $100.58 |
| Market capitalization | $18.7 billion |
| Revenue (TTM) | $4.4 billion |
| Net income (TTM) | $417.8 million |
Company Snapshot
- RB Global provides omnichannel marketplaces, auction platforms, digital asset management, and technology solutions for commercial assets and vehicles.
- The company serves a global customer base across automotive, transportation, construction, government, energy, mining, and agriculture sectors.
- It operates worldwide, connecting buyers and sellers through both physical and digital channels.
RB Global, Inc. is a leading provider of asset disposition and marketplace solutions, leveraging a diversified platform that integrates physical and digital channels. The company’s scale and breadth enable it to serve a wide range of industries and asset classes, enhancing liquidity and transparency for buyers and sellers.
Foolish Take
The disclosed investment in RB Global comes fresh off a 15% pullback in the stock over the past month. The company, whose online and physical auction platforms have surged in demand across industrial sectors, adds an industrial counterweight to a portfolio largely dominated by financials and software names like top holdings Brookfield, TD, and Open Text.
RB Global’s fundamentals remain solid despite the selloff. Second-quarter revenue climbed 8% to $1.2 billion amid strong growth in inventory sales and transactional buyer revenue, which helped offset declines in transactional seller and marketplace services revenues. Meanwhile, total transaction volumes up 2% thanks in large part to 9% volume growth in the automotive unit.
For long-term investors, the positioning suggests confidence in RB Global and its evolution from a traditional auctioneer to a full-service digital platform. The company is set to release earnings again on November 6, offering investors more clarity into whether today’s pullback might simply be a temporary reset in a longer runway for growth.
Glossary
13F assets under management: The total value of securities a fund must report quarterly to the SEC, per regulatory requirements.
Reportable assets: Investments that must be disclosed in regulatory filings, such as the SEC Form 13F, by institutional managers.
Omnichannel marketplaces: Sales platforms that integrate both physical and digital channels to reach buyers and sellers.
Asset disposition: The process of selling, transferring, or otherwise disposing of assets, often through auctions or marketplaces.
Stake: The ownership interest or share that an investor holds in a company.
Top five holdings: The five largest investments in a fund's portfolio, ranked by market value.
Initial reported ownership: The first time a fund discloses holding shares of a particular company in its filings.
Digital asset management: Systems or processes for organizing, storing, and accessing digital files and resources efficiently.
Liquidity: The ease with which an asset can be quickly bought or sold without significantly affecting its price.
Transparency: The degree to which information about a company or transaction is openly available and accessible to investors.
TTM: The 12-month period ending with the most recent quarterly report.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Brookfield and Brookfield Corporation. The Motley Fool recommends Canadian National Railway. The Motley Fool has a disclosure policy.
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