151,054 Shares in RB Global, Inc. $RBA Acquired by Oppenheimer Asset Management Inc.

Key Points

• Oppenheimer Asset Management acquired 151,054 shares of RB Global in the second quarter, worth approximately $17.6 million. Institutional investors collectively own 95.37% of the company.
• Analysts remain broadly bullish, with a consensus “Buy” rating and a $128 target price. Recent firms raised their price targets, including Royal Bank of Canada to $152 and BMO Capital Markets to $135.
• RB Global exceeded quarterly expectations, reporting $1.13 in earnings per share and $1.66 billion in revenue. The company also increased its quarterly dividend from $0.31 to $0.33 per share, implying a 1.6% yield.

Oppenheimer Asset Management Inc. acquired a new stake in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 151,054 shares of the business services provider's stock, valued at approximately $17,590,000. Oppenheimer Asset Management Inc. owned 0.08% of RB Global as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of RBA. EdgePoint Investment Group Inc. lifted its position in shares of RB Global by 14.4% during the first quarter. EdgePoint Investment Group Inc. now owns 8,812,865 shares of the business services provider's stock worth $845,337,000 after purchasing an additional 1,111,217 shares during the last quarter. State Street Corp grew its holdings in shares of 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 worth $647,118,000 after purchasing an additional 104,286 shares during the last quarter. Royal Bank of Canada grew its holdings in shares of 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 worth $483,432,000 after purchasing an additional 585,617 shares during the last quarter. Geode Capital Management LLC increased its stake in RB Global by 5.3% in 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 buying an additional 250,887 shares during the period. Finally, Janus Henderson Group PLC increased its stake in RB Global by 7.0% in 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 buying an additional 285,713 shares during the period. Institutional investors own 95.37% of the company's stock.

Analyst Ratings Changes

RBA has been the subject of several research reports. National Bank Financial boosted their price objective on shares of RB Global from $132.00 to $133.00 and gave the company an "outperform" rating in a research report on Wednesday, August 5th. Royal Bank Of Canada upped their target price on shares of RB Global from $150.00 to $152.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 5th. Weiss Ratings raised shares of RB Global from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, August 3rd. Zacks Research raised shares of RB Global from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 3rd. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $135.00 price target (up from $130.00) on shares of RB Global in a report on Tuesday, May 5th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $128.00.

Insider Activity at RB Global

In other RB Global news, Director Deborah Stein purchased 425 shares of the stock in a transaction dated Tuesday, May 19th. The stock was purchased at an average price of $103.15 per share, with a total value of $43,838.75. Following the transaction, 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 ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.57% of the company's stock.

RB Global Stock Performance

Shares of RB Global stock opened at $84.24 on Friday. The firm has a market cap of $15.60 billion, a P/E ratio of 36.15, a P/E/G ratio of 1.48 and a beta of 0.56. 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, Inc. has a 12 month low of $83.59 and a 12 month high of $119.58. The stock's fifty day moving average price is $107.80 and its 200-day moving average price is $105.29.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last released its quarterly earnings data on Tuesday, August 4th. The business services provider reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.04. RB Global had a net margin of 9.99% and a return on equity of 12.37%. The company had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.21 billion. On average, equities research analysts expect that RB Global, Inc. will post 4.06 earnings per share for the current fiscal year.

RB Global Increases Dividend

The firm also recently declared 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. The ex-dividend date is Tuesday, August 25th. This represents a $1.32 annualized dividend and a dividend yield of 1.6%. This is an increase from RB Global's previous quarterly dividend of $0.31. RB Global's dividend payout ratio (DPR) is presently 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.

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