RB Global, Inc. $RBA Shares Purchased by Royal Bank of Canada

Royal Bank of Canada boosted its stake in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 13.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,043,648 shares of the business services provider’s stock after purchasing an additional 585,617 shares during the period. Royal Bank of Canada’s holdings in RB Global were worth $483,432,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. T. Rowe Price Investment Management Inc. grew its stake in RB Global by 6,120,490.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,448,236 shares of the business services provider’s stock worth $251,851,000 after buying an additional 2,448,196 shares during the period. Norges Bank purchased a new position in RB Global in the 4th quarter worth approximately $231,813,000. Lazard Asset Management LLC purchased a new stake in shares of RB Global during the first quarter valued at approximately $210,091,000. EdgePoint Investment Group Inc. boosted its stake in shares of RB Global by 14.4% in the first quarter. EdgePoint Investment Group Inc. now owns 8,812,865 shares of the business services provider’s stock valued at $845,337,000 after purchasing an additional 1,111,217 shares during the period. Finally, Janus Henderson Group PLC increased its stake in RB Global by 16.4% during the 4th quarter. Janus Henderson Group PLC now owns 4,085,897 shares of the business services provider’s stock worth $420,417,000 after buying an additional 576,347 shares during the period. Hedge funds and other institutional investors own 95.37% of the company’s stock.

Insider Buying and Selling

In other news, Director Deborah Stein bought 425 shares of the business’s stock in a transaction on Tuesday, May 19th. The stock was purchased at an average cost of $103.15 per share, for a total transaction of $43,838.75. Following the completion of the transaction, the director directly owned 1,825 shares of the company’s stock, valued at approximately $188,248.75. This trade represents a 30.36% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.57% of the stock is currently owned by insiders.

RB Global Stock Performance

Shares of RBA opened at $116.70 on Wednesday. The company has a market cap of $21.64 billion, a price-to-earnings ratio of 54.28, a price-to-earnings-growth ratio of 1.82 and a beta of 0.55. The firm has a fifty day moving average of $109.36 and a 200-day moving average of $106.50. RB Global, Inc. has a 1 year low of $93.58 and a 1 year high of $119.58. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.07 and a current ratio of 1.14.

RB Global (NYSE:RBA) (TSE:RBA) last released its quarterly earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, beating 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 company had revenue of $888.01 million for the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter in the previous year, the company posted $0.89 earnings per share. The business’s revenue for the quarter was up 11.4% compared to the same quarter last year. As a group, equities analysts anticipate that RB Global, Inc. will post 4.16 earnings per share for the current year.

RB Global Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Tuesday, August 25th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.1%. This is a boost from RB Global’s previous quarterly dividend of $0.31. The ex-dividend date is Tuesday, August 25th. RB Global’s payout ratio is 57.67%.

Analysts Set New Price Targets

Several research firms have recently commented on RBA. Zacks Research upgraded RB Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 3rd. Barclays cut their target price on shares of RB Global from $124.00 to $121.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 22nd. Weiss Ratings reiterated a “buy (b-)” rating on shares of RB Global in a report on Tuesday, May 26th. Stephens reissued an “equal weight” rating and set a $96.00 price target on shares of RB Global in a research report on Tuesday, May 5th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $135.00 target price (up from $130.00) on shares of RB Global in a report on Tuesday, May 5th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, RB Global presently has an average rating of “Buy” and a consensus target price of $127.57.

About RB Global

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.