Congruence Capital LLC Acquires New Stake in RB Global, Inc. $RBA

Key Points

• Congruence Capital opened a new position in RB Global during the fourth quarter, buying 67,316 shares valued at about $6.9 million. The stake represents 2.5% of the fund’s holdings and is now its 15th-largest position.
• RB Global continues to attract strong institutional interest, with hedge funds and other investors owning 95.37% of the stock. Several firms, including Vanguard and Fiera Capital, recently added to their positions.
• The company reported better-than-expected quarterly results, with EPS of $1.01 and revenue of $1.21 billion, while analysts maintain a generally positive view with an average rating of Moderate Buy and a target price of $126.13.

Congruence Capital LLC bought a new position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 67,316 shares of the business services provider's stock, valued at approximately $6,925,000. RB Global makes up 2.5% of Congruence Capital LLC's holdings, making the stock its 15th biggest position.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Caprock Group LLC purchased a new position in shares of RB Global during the third quarter worth about $1,724,000. Fiera Capital Corp raised its stake in RB Global by 4.9% in the third quarter. Fiera Capital Corp now owns 4,067,003 shares of the business services provider's stock valued at $440,353,000 after purchasing an additional 190,408 shares in the last quarter. TD Asset Management Inc raised its stake in RB Global by 1.2% in the third quarter. TD Asset Management Inc now owns 949,779 shares of the business services provider's stock valued at $102,896,000 after purchasing an additional 10,877 shares in the last quarter. Cidel Asset Management Inc. lifted its position in RB Global by 2.7% during the third quarter. Cidel Asset Management Inc. now owns 708,463 shares of the business services provider's stock valued at $76,753,000 after purchasing an additional 18,863 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in RB Global by 0.5% in 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 buying an additional 124,926 shares in the last quarter. Hedge funds and other institutional investors own 95.37% of the company's stock.

Insiders Place Their Bets

In other RB Global news, Director Deborah Stein acquired 425 shares of the company's stock in a transaction on Tuesday, May 19th. The stock was acquired at an average price of $103.15 per share, for a total transaction of $43,838.75. Following the acquisition, the director owned 1,825 shares in the company, valued at $188,248.75. This represents a 30.36% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.57% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on RBA. Royal Bank Of Canada increased their price target on shares of RB Global from $146.00 to $150.00 and gave the stock an "outperform" rating in a report on Tuesday, May 5th. BMO Capital Markets reaffirmed 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. Barclays initiated coverage on shares of RB Global in a research report on Thursday, May 28th. They issued an "overweight" rating and a $124.00 target price for the company. Stephens restated an "equal weight" rating and set a $96.00 price target on shares of RB Global in a research report on Tuesday, May 5th. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of RB Global in a research note on Tuesday, May 26th. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, RB Global presently has an average rating of "Moderate Buy" and an average target price of $126.13.

RB Global Stock Performance

RB Global stock opened at $107.74 on Friday. The firm has a fifty day simple moving average of $103.79 and a two-hundred day simple moving average of $104.33. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.40. RB Global, Inc. has a twelve month low of $93.58 and a twelve month high of $119.58. The company has a market capitalization of $20.03 billion, a PE ratio of 50.11, a P/E/G ratio of 1.71 and a beta of 0.57.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last announced its quarterly earnings results 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. RB Global had a return on equity of 12.33% and a net margin of 9.55%.The business had revenue of $1.21 billion for the quarter, compared to analysts' expectations of $1.13 billion. During the same period in the previous year, the firm earned $0.89 EPS. The business's quarterly revenue was up 11.4% on a year-over-year basis. Research analysts expect that RB Global, Inc. will post 4.09 EPS for the current year.

RB Global Dividend Announcement

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

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.

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.