Bridges Investment Management Inc. Takes $1.41 Million Position in RB Global, Inc. (NYSE:RBA)

Bridges Investment Management Inc. acquired a new position in RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 18,446 shares of the business services provider’s stock, valued at approximately $1,409,000.

Several other institutional investors and hedge funds have also made changes to their positions in RBA. Vontobel Asset Management Inc. lifted its holdings 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 valued at $467,920,000 after purchasing an additional 2,655,388 shares in the last quarter. Norges Bank acquired a new stake in RB Global during the 4th quarter valued at $141,970,000. Vanguard Group Inc. increased its position in RB Global by 5.1% during 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 in the last quarter. Bank of New York Mellon Corp raised its holdings 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 acquiring an additional 787,042 shares during the last quarter. Finally, CIBC Asset Management Inc lifted 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 valued at $47,761,000 after acquiring an additional 594,941 shares in the last quarter. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

RB Global Price Performance

RBA stock opened at $84.40 on Friday. The company has a market cap of $15.43 billion, a PE ratio of 50.84, a price-to-earnings-growth ratio of 5.43 and a beta of 0.93. The company has a current ratio of 1.29, a quick ratio of 1.20 and a debt-to-equity ratio of 0.55. The stock has a 50-day moving average price of $81.85 and a two-hundred day moving average price of $77.68. RB Global, Inc. has a 12-month low of $58.85 and a 12-month high of $87.45.

RB Global (NYSE:RBA) (TSE:RBA) last issued its earnings results on Tuesday, August 6th. The business services provider reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.06. RB Global had a return on equity of 7.27% and a net margin of 8.67%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter in the previous year, the business earned $0.42 EPS. The company’s revenue for the quarter was down .9% on a year-over-year basis. As a group, research analysts predict that RB Global, Inc. will post 1.96 EPS for the current year.

RB Global Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, August 28th were paid a $0.29 dividend. The ex-dividend date was Wednesday, August 28th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.37%. This is a positive change from RB Global’s previous quarterly dividend of $0.27. RB Global’s dividend payout ratio (DPR) is 69.88%.

Insider Activity at RB Global

In other RB Global news, CRO James J. Jeter sold 2,920 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $78.96, for a total value of $230,563.20. Following the completion of the transaction, the executive now owns 23,267 shares in the company, valued at approximately $1,837,162.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Darren Jeffrey Watt sold 2,915 shares of RB Global stock in a transaction on Monday, August 19th. The shares were sold at an average price of $82.80, for a total transaction of $241,362.00. Following the sale, the insider now owns 19,271 shares of the company’s stock, valued at approximately $1,595,638.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CRO James J. Jeter sold 2,920 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $78.96, for a total transaction of $230,563.20. Following the completion of the transaction, the executive now directly owns 23,267 shares of the company’s stock, valued at $1,837,162.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,718 shares of company stock worth $2,214,474. 4.32% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on RBA. Raymond James lifted their price objective on RB Global from $95.00 to $98.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. BMO Capital Markets initiated coverage on shares of RB Global in a research note on Thursday, September 5th. They set an “outperform” rating and a $105.00 price objective on the stock. CIBC started coverage on shares of RB Global in a research note on Tuesday, June 18th. They issued a “sector outperform” rating and a $95.00 target price for the company. Royal Bank of Canada increased their price target on RB Global from $93.00 to $99.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Finally, Robert W. Baird lifted their price objective on RB Global from $80.00 to $86.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $92.19.

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.