Armstrong Henry H Associates Inc. Boosts Stock Position in RB Global, Inc. $RBA

Key Points

• Armstrong Henry H Associates increased its RB Global stake by 51.3% in the second quarter, adding 13,875 shares to hold 40,909 shares valued at approximately $4.76 million. Institutional investors collectively own 95.37% of the company.
• Analysts remain broadly bullish, with RB Global carrying a consensus “Buy” rating and a $128 average price target, despite mixed individual rating and target-price revisions.
• RB Global exceeded quarterly expectations with $1.13 in adjusted EPS and $1.66 billion in revenue, and raised its quarterly dividend to $0.33 per share, equivalent to a 1.4% annualized yield.

Armstrong Henry H Associates Inc. lifted its stake in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 51.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 40,909 shares of the business services provider's stock after purchasing an additional 13,875 shares during the quarter. RB Global comprises about 0.5% of Armstrong Henry H Associates Inc.'s holdings, making the stock its 16th largest holding. Armstrong Henry H Associates Inc.'s holdings in RB Global were worth $4,764,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in RBA. MV Capital Management Inc. purchased a new position in shares of RB Global during the 4th quarter worth $29,000. Bayban purchased a new stake in shares of RB Global in the fourth quarter valued at about $34,000. Cassaday & Co Wealth Management LLC purchased a new stake in shares of RB Global in the first quarter valued at about $43,000. State of Wyoming acquired a new stake in RB Global during the second quarter worth about $46,000. Finally, Nemes Rush Group LLC acquired a new stake in RB Global during the fourth quarter worth about $54,000. Hedge funds and other institutional investors own 95.37% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on RBA. Zacks Research upgraded shares of RB Global from a "hold" rating to a "strong-buy" rating in a report on Friday, July 3rd. Barclays cut their price target on shares of RB Global from $124.00 to $121.00 and set an "overweight" rating for the company in a report on Wednesday, July 22nd. National Bank Financial lifted their price target on shares of RB Global from $132.00 to $133.00 and gave the company an "outperform" rating in a research report on Wednesday. BMO Capital Markets reiterated an "outperform" rating and issued a $135.00 price objective (up from $130.00) on shares of RB Global in a report on Tuesday, May 5th. Finally, Wall Street Zen lowered RB Global from a "buy" rating to a "hold" rating in a research report on Saturday, July 18th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $128.00.

RB Global Price Performance

Shares of RBA opened at $92.60 on Friday. The firm has a 50-day simple moving average of $109.66 and a two-hundred day simple moving average of $106.31. The stock has a market cap of $17.14 billion, a PE ratio of 39.74, a P/E/G ratio of 1.96 and a beta of 0.56. RB Global, Inc. has a 1-year low of $92.28 and a 1-year high of $119.58. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.31 and a quick ratio of 1.07.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its quarterly earnings data on Tuesday, August 4th. The business services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.09 by $0.04. The firm had revenue of $1.66 billion for 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%. As a group, analysts forecast that RB Global, Inc. will post 4.16 EPS for the current year.

RB Global Increases Dividend

The company 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 dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.4%. This is a positive change from RB Global's previous quarterly dividend of $0.31. The ex-dividend date is Tuesday, August 25th. RB Global's payout ratio is currently 53.22%.

Insider Activity at RB Global

In other news, Director Deborah Stein purchased 425 shares of the stock in a transaction dated Tuesday, May 19th. The stock was acquired at an average cost of $103.15 per share, for a total transaction of $43,838.75. Following the completion of the transaction, the director directly owned 1,825 shares in the company, valued at approximately $188,248.75. This represents a 30.36% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 0.57% of the stock is currently owned by corporate insiders.

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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