Cornerstone Advisors LLC Takes $4.33 Million Position in RB Global, Inc. $RBA

Cornerstone Advisors LLC purchased a new stake in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 37,153 shares of the business services provider’s stock, valued at approximately $4,326,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Public Employees Retirement System of Ohio grew its stake in RB Global by 9.2% during the first quarter. Public Employees Retirement System of Ohio now owns 207,778 shares of the business services provider’s stock valued at $19,873,000 after acquiring an additional 17,489 shares in the last quarter. Wilson Asset Management International PTY Ltd. lifted its stake in RB Global by 8.5% in the 4th quarter. Wilson Asset Management International PTY Ltd. now owns 139,295 shares of the business services provider’s stock worth $14,329,000 after purchasing an additional 10,951 shares in the last quarter. Bank of America Corp DE lifted its stake in RB Global by 7.8% in the 1st quarter. Bank of America Corp DE now owns 1,452,438 shares of the business services provider’s stock worth $139,216,000 after purchasing an additional 104,560 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in shares of RB Global by 20.5% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 173,358 shares of the business services provider’s stock valued at $17,833,000 after purchasing an additional 29,530 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC boosted its holdings in shares of RB Global by 127.3% during the 2nd quarter. Legacy Wealth Asset Management LLC now owns 26,343 shares of the business services provider’s stock valued at $3,068,000 after purchasing an additional 14,755 shares during the last quarter. 95.37% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Zacks Research cut RB Global from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. Stephens reaffirmed an “equal weight” rating and set a $96.00 price objective on shares of RB Global in a report on Tuesday, May 5th. Weiss Ratings upgraded RB Global from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, August 3rd. Wall Street Zen lowered shares of RB Global from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. Finally, Royal Bank Of Canada boosted their price target on shares of RB Global from $150.00 to $152.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $128.00.

RB Global Trading Down 2.5%

RBA opened at $82.12 on Tuesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.22 and a current ratio of 1.31. The stock’s 50 day moving average price is $107.35 and its 200-day moving average price is $104.96. RB Global, Inc. has a one year low of $82.03 and a one year high of $119.58. The stock has a market cap of $15.20 billion, a price-to-earnings ratio of 35.24, a P/E/G ratio of 1.44 and a beta of 0.56.

RB Global (NYSE:RBA) (TSE:RBA) last issued its earnings results 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 during 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, equities analysts forecast that RB Global, Inc. will post 4.06 EPS for the current year.

RB Global Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Tuesday, August 25th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.6%. 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 dividend payout ratio (DPR) is 53.22%.

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.