Formula Growth Ltd. Acquires New Stake in RB Global, Inc. $RBA

Formula Growth Ltd. bought a new stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 27,604 shares of the business services provider’s stock, valued at approximately $3,214,000. RB Global accounts for approximately 1.1% of Formula Growth Ltd.’s portfolio, making the stock its 21st biggest position.

Several other institutional investors and hedge funds have also bought and sold shares of RBA. Jefferies Financial Group Inc. bought a new stake in shares of RB Global during the 2nd quarter valued at about $203,000. Public Employees Retirement System of Ohio bought a new position in shares of RB Global in the 2nd quarter worth approximately $24,131,000. Capstone Investment Advisors LLC bought a new position in shares of RB Global in the 2nd quarter worth approximately $1,279,000. Corient Private Wealth LP purchased a new position in shares of RB Global in the second quarter worth approximately $2,801,000. Finally, Bank of America Corp DE purchased a new position in shares of RB Global in the second quarter worth approximately $171,621,000. 95.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RBA. Royal Bank Of Canada boosted their target price on shares of RB Global from $150.00 to $152.00 and gave the company an “outperform” rating in a research report on Wednesday, August 5th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of RB Global in a research report on Wednesday, August 5th. Raymond James Financial upgraded shares of RB Global from an “outperform” rating to a “strong-buy” rating and set a $145.00 price target on the stock in a research note on Tuesday, June 30th. BMO Capital Markets reissued an “outperform” rating and set a $135.00 price objective (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. Finally, National Bank Financial upped their price objective on RB Global from $132.00 to $133.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, RB Global presently has an average rating of “Moderate Buy” and a consensus price target of $128.00.

RB Global Stock Up 0.2%

RBA stock opened at $85.90 on Friday. The business’s 50-day moving average price is $103.79 and its 200-day moving average price is $103.31. The stock has a market cap of $15.90 billion, a P/E ratio of 36.87, a PEG ratio of 1.46 and a beta of 0.56. 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 twelve month low of $82.03 and a twelve month high of $119.58.

RB Global (NYSE:RBA) (TSE:RBA) last released its earnings results on Tuesday, August 4th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.04. RB Global had a net margin of 9.99% and a return on equity of 12.37%. The company had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.21 billion. On average, equities research analysts forecast that RB Global, Inc. will post 4.06 EPS for the current year.

RB Global Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Tuesday, August 25th will be given a $0.33 dividend. The ex-dividend date is Tuesday, August 25th. This is an increase from RB Global’s previous quarterly dividend of $0.31. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.5%. RB Global’s dividend payout ratio (DPR) is currently 56.65%.

Insider Activity

In other news, Director Chloe Harford acquired 1,200 shares of RB Global stock in a transaction dated Monday, August 24th. The stock was purchased at an average cost of $83.74 per share, with a total value of $100,488.00. Following the completion of the purchase, the director directly owned 1,200 shares in the company, valued at approximately $100,488. This trade represents a ? increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.57% of the stock is currently owned by company insiders.

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.