Principal Financial Group Inc. Purchases 15,253 Shares of RB Global, Inc. $RBA

Principal Financial Group Inc. lifted its position in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 3.8% during the first quarter, Holdings Channel reports. The firm owned 414,530 shares of the business services provider’s stock after acquiring an additional 15,253 shares during the period. Principal Financial Group Inc.’s holdings in RB Global were worth $39,733,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. MV Capital Management Inc. bought a new stake in RB Global in the 4th quarter worth about $29,000. Bayban bought a new position in shares of RB Global during the 4th quarter worth approximately $34,000. Central Pacific Bank Trust Division lifted its position in shares of RB Global by 41.8% during the 4th quarter. Central Pacific Bank Trust Division now owns 363 shares of the business services provider’s stock worth $37,000 after buying an additional 107 shares in the last quarter. State of Wyoming purchased a new position in shares of RB Global in the 2nd quarter worth approximately $46,000. Finally, Nemes Rush Group LLC purchased a new position in shares of RB Global in the 4th quarter worth approximately $54,000. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Deborah Stein bought 425 shares of the stock in a transaction on Tuesday, May 19th. The shares were purchased at an average cost of $103.15 per share, for a total transaction of $43,838.75. Following the completion of the purchase, the director directly owned 1,825 shares in the company, valued at $188,248.75. This represents a 30.36% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.57% of the stock is currently owned by insiders.

Analysts Set New Price Targets

RBA has been the subject of a number of research analyst reports. Wall Street Zen downgraded RB Global from a “buy” rating to a “hold” rating in a research report on Saturday. National Bank Financial boosted their price objective on RB Global from $130.00 to $132.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. Barclays initiated coverage on RB Global in a research note on Thursday, May 28th. They issued an “overweight” rating and a $124.00 price objective for the company. Stephens reaffirmed an “equal weight” rating and set a $96.00 target price on shares of RB Global in a research report on Tuesday, May 5th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of RB Global in a research note on Tuesday, May 26th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $128.00.

RB Global Trading Down 1.2%

Shares of RBA stock opened at $111.76 on Friday. The company has a 50 day moving average of $108.04 and a 200-day moving average of $106.12. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.40. RB Global, Inc. has a 12-month low of $93.58 and a 12-month high of $119.58. The firm has a market cap of $20.78 billion, a P/E ratio of 51.98, a PEG ratio of 1.75 and a beta of 0.55.

RB Global (NYSE:RBA) (TSE:RBA) last posted its quarterly earnings results on Monday, May 4th. The business services provider reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.04. RB Global had a net margin of 9.55% and a return on equity of 12.33%. 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 firm posted $0.89 EPS. RB Global’s revenue was up 11.4% on a year-over-year basis. Sell-side analysts anticipate that RB Global, Inc. will post 4.16 earnings per share for the current year.

RB Global Dividend Announcement

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