Royal Bank of Canada Boosts Stock Position in RB Global, Inc. $RBA

Royal Bank of Canada raised its holdings in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 13.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,043,648 shares of the business services provider’s stock after buying an additional 585,617 shares during the period. Royal Bank of Canada owned about 2.71% of RB Global worth $483,432,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. MV Capital Management Inc. acquired a new position in RB Global in the fourth quarter valued at approximately $29,000. Bayban purchased a new stake in shares of RB Global during the 4th quarter worth approximately $34,000. State of Wyoming purchased a new stake in shares of RB Global during the 2nd quarter worth approximately $46,000. Cassaday & Co Wealth Management LLC acquired a new position in shares of RB Global in the 1st quarter valued at $43,000. Finally, Nemes Rush Group LLC purchased a new position in shares of RB Global during the fourth quarter worth about $54,000. Institutional investors and hedge funds own 95.37% of the company’s stock.

Insider Transactions at RB Global

In related news, Director Deborah Stein purchased 425 shares of the business’s stock in a transaction dated Tuesday, May 19th. The stock was bought at an average cost of $103.15 per share, with a total value of $43,838.75. Following the completion of the acquisition, the director directly owned 1,825 shares in the company, valued at $188,248.75. The trade was a 30.36% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.57% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on RBA shares. Wall Street Zen cut RB Global from a “buy” rating to a “hold” rating in a research report on Saturday, July 18th. National Bank Financial increased their price target on shares of RB Global from $130.00 to $132.00 and gave the stock an “outperform” rating in a research note on Monday, July 13th. Stephens reissued an “equal weight” rating and set a $96.00 price objective on shares of RB Global in a research report on Tuesday, May 5th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $135.00 target price (up from $130.00) on shares of RB Global in a report on Tuesday, May 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 research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $127.57.

RB Global Price Performance

Shares of RBA opened at $116.70 on Wednesday. The company has a current ratio of 1.14, a quick ratio of 1.07 and a debt-to-equity ratio of 0.40. The stock’s 50 day moving average is $109.36 and its two-hundred day moving average is $106.50. RB Global, Inc. has a twelve month low of $93.58 and a twelve month high of $119.58. The firm has a market capitalization of $21.64 billion, a PE ratio of 54.28, a P/E/G ratio of 1.82 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, beating the consensus estimate of $0.97 by $0.04. The business had revenue of $888.01 million during the quarter, compared to analysts’ expectations of $1.13 billion. RB Global had a return on equity of 12.33% and a net margin of 9.55%.The company’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same period last year, the firm earned $0.89 EPS. Research analysts anticipate that RB Global, Inc. will post 4.16 earnings per share for the current year.

RB Global Increases Dividend

The business also recently disclosed 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. The ex-dividend date is Tuesday, August 25th. This represents a $1.32 annualized dividend and a dividend yield of 1.1%. This is an increase from RB Global’s previous quarterly dividend of $0.31. RB Global’s payout ratio is presently 57.67%.

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.