Legacy Wealth Asset Management LLC Has $3.07 Million Position in RB Global, Inc. $RBA

Legacy Wealth Asset Management LLC raised its stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 127.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 26,343 shares of the business services provider’s stock after buying an additional 14,755 shares during the quarter. RB Global accounts for about 0.7% of Legacy Wealth Asset Management LLC’s holdings, making the stock its 22nd biggest position. Legacy Wealth Asset Management LLC’s holdings in RB Global were worth $3,068,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RBA. EdgePoint Investment Group Inc. boosted its stake in shares of RB Global by 14.4% in the 1st 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 in the last quarter. State Street Corp boosted its stake in RB Global by 1.7% in the fourth quarter. State Street Corp now owns 6,290,640 shares of the business services provider’s stock valued at $647,118,000 after acquiring an additional 104,286 shares during the last quarter. Royal Bank of Canada boosted its stake in RB Global by 13.1% in the first quarter. Royal Bank of Canada now owns 5,043,648 shares of the business services provider’s stock valued at $483,432,000 after acquiring an additional 585,617 shares during the last quarter. Geode Capital Management LLC grew its holdings in RB Global by 5.3% during 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 acquiring an additional 250,887 shares during the period. Finally, Janus Henderson Group PLC grew its holdings in RB Global by 7.0% during the 1st quarter. Janus Henderson Group PLC now owns 4,371,610 shares of the business services provider’s stock worth $418,876,000 after acquiring an additional 285,713 shares during the period. Hedge funds and other institutional investors own 95.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on RBA shares. Raymond James Financial raised 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 reaffirmed an “outperform” rating and set a $135.00 price objective (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Barclays dropped their price objective on RB Global from $124.00 to $121.00 and set an “overweight” rating for the company in a report on Wednesday, July 22nd. Royal Bank Of Canada increased their target price on RB Global from $150.00 to $152.00 and gave the company an “outperform” rating in a research note on Wednesday, August 5th. Finally, Zacks Research upgraded RB Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 3rd. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $128.00.

RB Global Price Performance

NYSE:RBA opened at $94.65 on Monday. The stock has a market capitalization of $17.52 billion, a PE ratio of 40.62, a P/E/G ratio of 1.58 and a beta of 0.56. RB Global, Inc. has a 1-year low of $92.15 and a 1-year high of $119.58. The firm has a fifty day simple moving average of $109.42 and a 200 day simple moving average of $106.18. The company has a current ratio of 1.31, a quick ratio of 1.22 and a debt-to-equity ratio of 0.51.

RB Global (NYSE:RBA) (TSE:RBA) last posted its quarterly 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. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.21 billion. RB Global had a net margin of 9.99% and a return on equity of 12.37%. On average, research analysts expect that RB Global, Inc. will post 4.16 EPS for the current fiscal year.

RB Global Increases Dividend

The company also recently announced 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 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, August 25th. This is a positive change from RB Global’s previous quarterly dividend of $0.31. RB Global’s payout ratio is currently 53.22%.

Insider Activity

In other news, Director Deborah Stein bought 425 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The stock was acquired at an average cost of $103.15 per share, for a total transaction of $43,838.75. Following the purchase, the director 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.57% of the company’s stock.

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.