Gradient Investments LLC Takes $797,000 Position in RB Global, Inc. $RBA

Gradient Investments LLC acquired a new stake in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the second quarter, according to its most recent filing with the SEC. The fund acquired 6,842 shares of the business services provider’s stock, valued at approximately $797,000.

Several other large investors have also added to or reduced their stakes in RBA. EdgePoint Investment Group Inc. lifted its holdings 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 worth $845,337,000 after buying an additional 1,111,217 shares in the last quarter. State Street Corp increased its holdings in RB Global by 1.7% during the 4th quarter. State Street Corp now owns 6,290,640 shares of the business services provider’s stock worth $647,118,000 after acquiring an additional 104,286 shares during the period. Royal Bank of Canada lifted its stake in RB Global by 13.1% in the 1st quarter. Royal Bank of Canada now owns 5,043,648 shares of the business services provider’s stock worth $483,432,000 after purchasing an additional 585,617 shares in the last quarter. Geode Capital Management LLC lifted its stake in RB Global by 5.3% in the 4th quarter. Geode Capital Management LLC now owns 5,000,897 shares of the business services provider’s stock worth $513,930,000 after purchasing an additional 250,887 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in RB Global by 7.0% in the 1st quarter. Janus Henderson Group PLC now owns 4,371,610 shares of the business services provider’s stock valued at $418,876,000 after purchasing an additional 285,713 shares during the period. Institutional investors own 95.37% of the company’s stock.

RB Global Stock Performance

NYSE RBA opened at $94.65 on Monday. The company has a 50-day simple moving average of $109.42 and a two-hundred day simple moving average of $106.18. The company has a quick ratio of 1.22, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. RB Global, Inc. has a 12-month low of $92.15 and a 12-month high of $119.58. The firm has a market cap of $17.52 billion, a price-to-earnings ratio of 40.62, a PEG ratio of 1.58 and a beta of 0.56.

RB Global (NYSE:RBA) (TSE:RBA) last announced its quarterly earnings data on Tuesday, August 4th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.21 billion. RB Global had a return on equity of 12.37% and a net margin of 9.99%. On average, equities analysts forecast that RB Global, Inc. will post 4.16 EPS for the current year.

RB Global Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Tuesday, August 25th will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.4%. The ex-dividend date is Tuesday, August 25th. This is a positive change from RB Global’s previous quarterly dividend of $0.31. RB Global’s dividend payout ratio is 53.22%.

Insider Buying and Selling

In related news, Director Deborah Stein purchased 425 shares of the firm’s stock in a transaction on Tuesday, May 19th. The shares were acquired at an average cost of $103.15 per share, with a total value of $43,838.75. Following the purchase, 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 ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 0.57% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on RBA shares. National Bank Financial increased their price objective on RB Global from $132.00 to $133.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 5th. Wall Street Zen lowered RB Global from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $135.00 price target (up from $130.00) on shares of RB Global in a report on Tuesday, May 5th. Zacks Research upgraded RB Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 3rd. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of RB Global in a report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $128.00.

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.