Thoroughbred Financial Services LLC Invests $217,000 in RB Global, Inc. (NYSE:RBA)

Thoroughbred Financial Services LLC acquired a new position in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 2,848 shares of the business services provider’s stock, valued at approximately $217,000.

Several other hedge funds and other institutional investors have also modified their holdings of RBA. Vontobel Asset Management Inc. boosted its position in shares of RB Global by 66.5% in the fourth quarter. Vontobel Asset Management Inc. now owns 6,649,251 shares of the business services provider’s stock worth $467,920,000 after buying an additional 2,655,388 shares during the period. Norges Bank acquired a new stake in shares of RB Global in the fourth quarter worth $141,970,000. Vanguard Group Inc. boosted its position in shares of RB Global by 5.1% in the first quarter. Vanguard Group Inc. now owns 23,992,759 shares of the business services provider’s stock worth $1,827,528,000 after buying an additional 1,153,497 shares during the period. Bank of New York Mellon Corp boosted its position in shares of RB Global by 142.9% in the second quarter. Bank of New York Mellon Corp now owns 1,337,790 shares of the business services provider’s stock worth $102,154,000 after buying an additional 787,042 shares during the period. Finally, CIBC Asset Management Inc boosted its position in shares of RB Global by 1,879.0% in the second quarter. CIBC Asset Management Inc now owns 626,603 shares of the business services provider’s stock worth $47,761,000 after buying an additional 594,941 shares during the period. Institutional investors and hedge funds own 95.37% of the company’s stock.

Insider Transactions at RB Global

In other news, insider Darren Jeffrey Watt sold 2,915 shares of RB Global stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $82.80, for a total value of $241,362.00. Following the transaction, the insider now directly owns 19,271 shares in the company, valued at $1,595,638.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO James Francis Kessler sold 17,883 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $83.09, for a total transaction of $1,485,898.47. Following the transaction, the chief executive officer now directly owns 86,247 shares in the company, valued at $7,166,263.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Darren Jeffrey Watt sold 2,915 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $82.80, for a total value of $241,362.00. Following the transaction, the insider now owns 19,271 shares in the company, valued at $1,595,638.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,718 shares of company stock worth $2,214,474. Company insiders own 4.32% of the company’s stock.

RB Global Price Performance

NYSE RBA opened at $84.36 on Wednesday. RB Global, Inc. has a fifty-two week low of $58.85 and a fifty-two week high of $87.45. The stock’s 50-day moving average is $81.34 and its two-hundred day moving average is $77.47. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.29 and a quick ratio of 1.20. The firm has a market cap of $15.43 billion, a P/E ratio of 50.55, a price-to-earnings-growth ratio of 5.42 and a beta of 0.93.

RB Global (NYSE:RBA) (TSE:RBA) last posted its earnings results on Tuesday, August 6th. The business services provider reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.06. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.13 billion. RB Global had a return on equity of 7.27% and a net margin of 8.67%. The business’s revenue was down .9% compared to the same quarter last year. During the same period last year, the company earned $0.42 earnings per share. On average, analysts anticipate that RB Global, Inc. will post 1.96 earnings per share for the current fiscal year.

RB Global Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, August 28th will be paid a $0.29 dividend. The ex-dividend date is Wednesday, August 28th. This is a positive change from RB Global’s previous quarterly dividend of $0.27. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.38%. RB Global’s payout ratio is presently 69.88%.

Analysts Set New Price Targets

Several analysts have recently commented on RBA shares. Royal Bank of Canada raised their target price on RB Global from $93.00 to $99.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Robert W. Baird increased their price objective on RB Global from $80.00 to $86.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. BMO Capital Markets assumed coverage on RB Global in a report on Thursday, September 5th. They set an “outperform” rating and a $105.00 price objective for the company. Bank of America increased their price objective on RB Global from $79.00 to $92.50 and gave the stock a “neutral” rating in a report on Monday, August 26th. Finally, Raymond James increased their price objective on RB Global from $95.00 to $98.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, RB Global currently has a consensus rating of “Moderate Buy” and an average price target of $92.19.

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.