SEB Asset Management AB Makes New $3 Million Investment in RB Global, Inc. $RBA

SEB Asset Management AB bought a new position in RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the first quarter, according to its most recent 13F filing with the SEC. The fund bought 31,371 shares of the business services provider’s stock, valued at approximately $2,999,000.

Several other hedge funds have also recently made changes to their positions in RBA. MV Capital Management Inc. bought a new position in shares of RB Global in the 4th quarter valued at about $29,000. Bayban bought a new stake in RB Global during the fourth quarter worth approximately $34,000. State of Wyoming bought a new stake in RB Global during the second quarter worth approximately $46,000. Nemes Rush Group LLC purchased a new stake in RB Global during the fourth quarter valued at approximately $54,000. Finally, Geneos Wealth Management Inc. raised its position in RB Global by 21.9% during the first quarter. Geneos Wealth Management Inc. now owns 540 shares of the business services provider’s stock valued at $54,000 after purchasing an additional 97 shares during the period. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at RB Global

In related news, Director Deborah Stein bought 425 shares of the stock in a transaction dated Tuesday, May 19th. The stock was purchased at an average cost of $103.15 per share, with a total value of $43,838.75. Following the completion of the purchase, the director owned 1,825 shares of the company’s stock, valued at $188,248.75. This trade represents a 30.36% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.57% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Royal Bank Of Canada raised their price objective on RB Global from $146.00 to $150.00 and gave the company an “outperform” rating in a research note on Tuesday, May 5th. Raymond James Financial upgraded RB Global from an “outperform” rating to a “strong-buy” rating and set a $145.00 price target on the stock in a report on Tuesday, June 30th. BMO Capital Markets restated an “outperform” rating and issued a $135.00 price target (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. Zacks Research raised shares of RB Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 3rd. Finally, National Bank Financial boosted their price objective on shares of RB Global from $130.00 to $132.00 and gave the company an “outperform” rating in a research report on Monday, July 13th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $127.57.

RB Global Trading Down 1.3%

RBA opened at $109.12 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.07 and a current ratio of 1.14. The stock’s 50 day moving average price is $108.62 and its 200-day moving average price is $106.31. RB Global, Inc. has a one year low of $93.58 and a one year high of $119.58. The stock has a market cap of $20.23 billion, a price-to-earnings ratio of 50.75, a P/E/G ratio of 1.73 and a beta of 0.55.

RB Global (NYSE:RBA) (TSE:RBA) last issued its quarterly earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.04. RB Global had a return on equity of 12.33% and a net margin of 9.55%.The firm had revenue of $888.01 million during the quarter, compared to analyst estimates of $1.13 billion. During the same period last year, the company earned $0.89 EPS. RB Global’s quarterly revenue was up 11.4% compared to the same quarter last year. On average, equities analysts forecast that RB Global, Inc. will post 4.16 EPS for the current year.

RB Global Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Wednesday, May 27th were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Wednesday, May 27th. RB Global’s dividend payout ratio (DPR) is 57.67%.

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.