Burkett Asset Management Ltd Makes New $2.32 Million Investment in RB Global, Inc. $RBA

Key Points

• Burkett Asset Management opened a new position in RB Global during the fourth quarter, buying 22,484 shares valued at about $2.32 million. The stake represents 2.3% of the fund’s portfolio and its 16th-largest holding.
• Institutional ownership in RB Global remains heavy, with 95.37% of shares held by hedge funds and other institutions. Several major investors, including Vanguard, MFS, Geode Capital, and Invesco, also increased their holdings recently.
• Analysts remain broadly positive on the stock, with a Moderate Buy consensus and average price target of $126.13. RB Global also beat quarterly earnings and revenue estimates, and it announced a quarterly dividend of $0.31 per share.

Burkett Asset Management Ltd acquired a new position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA during the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 22,484 shares of the business services provider's stock, valued at approximately $2,318,000. RB Global comprises 2.3% of Burkett Asset Management Ltd's investment portfolio, making the stock its 16th biggest holding.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in RB Global by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 25,330,426 shares of the business services provider's stock worth $2,744,455,000 after purchasing an additional 124,926 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in RB Global by 1.5% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 10,892,186 shares of the business services provider's stock worth $1,120,479,000 after purchasing an additional 165,260 shares during the last quarter. Geode Capital Management LLC increased its holdings in RB Global by 5.3% during 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 purchasing an additional 250,887 shares during the last quarter. Fiera Capital Corp increased its holdings in RB Global by 2.2% during the 4th quarter. Fiera Capital Corp now owns 4,157,985 shares of the business services provider's stock worth $428,223,000 after purchasing an additional 90,982 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in RB Global by 17.7% during the 3rd quarter. Invesco Ltd. now owns 2,863,540 shares of the business services provider's stock worth $310,293,000 after purchasing an additional 430,729 shares during the last quarter. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RBA has been the topic of several analyst reports. Stephens restated an "equal weight" rating and set a $96.00 price objective on shares of RB Global in a report on Tuesday, May 5th. BMO Capital Markets restated an "outperform" rating and set a $135.00 price objective (up from $130.00) on shares of RB Global in a report on Tuesday, May 5th. Royal Bank Of Canada lifted their price objective on RB Global from $146.00 to $150.00 and gave the stock an "outperform" rating in a report on Tuesday, May 5th. Barclays started coverage on RB Global in a report on Thursday, May 28th. They issued an "overweight" rating and a $124.00 price target for the company. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of RB Global in a report on Tuesday, May 26th. Seven analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $126.13.

RB Global Price Performance

Shares of RBA opened at $106.09 on Friday. The company has a market cap of $19.73 billion, a P/E ratio of 49.34, a PEG ratio of 1.68 and a beta of 0.57. The stock has a fifty day moving average price of $103.57 and a 200 day moving average price of $104.31. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.14 and a quick ratio of 1.07. RB Global, Inc. has a 12 month low of $93.58 and a 12 month high of $119.58.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its quarterly earnings data on Monday, May 4th. The business services provider reported $1.01 EPS for the quarter, topping analysts' consensus estimates of $0.97 by $0.04. The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.13 billion. RB Global had a return on equity of 12.33% and a net margin of 9.55%.The firm's revenue was up 11.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.89 EPS. On average, research analysts forecast that RB Global, Inc. will post 4.09 earnings per share for the current year.

RB Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Wednesday, May 27th will be paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Wednesday, May 27th. RB Global's dividend payout ratio is presently 57.67%.

Insider Buying and Selling

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

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.

Want to see what other hedge funds are holding RBA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.