Hawk Ridge Capital Management LP Makes New $38.02 Million Investment in RB Global, Inc. $RBA

Hawk Ridge Capital Management LP acquired a new stake in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 396,700 shares of the business services provider's stock, valued at approximately $38,024,000. RB Global makes up about 1.4% of Hawk Ridge Capital Management LP's holdings, making the stock its 27th biggest position. Hawk Ridge Capital Management LP owned 0.21% of RB Global at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Massachusetts Financial Services Co. MA boosted its stake in RB Global by 1.5% in 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 period. Public Employees Retirement System of Ohio raised its stake in RB Global by 9.2% during the 1st quarter. Public Employees Retirement System of Ohio now owns 207,778 shares of the business services provider's stock valued at $19,873,000 after purchasing an additional 17,489 shares during the period. Oppenheimer Asset Management Inc. raised its stake in RB Global by 20.5% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 173,358 shares of the business services provider's stock valued at $17,833,000 after purchasing an additional 29,530 shares during the period. Wilson Asset Management International PTY Ltd. lifted its holdings in shares of RB Global by 8.5% in the fourth quarter. Wilson Asset Management International PTY Ltd. now owns 139,295 shares of the business services provider's stock valued at $14,329,000 after purchasing an additional 10,951 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of RB Global by 13.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 442,528 shares of the business services provider's stock valued at $45,709,000 after purchasing an additional 50,830 shares in the last quarter. 95.37% of the stock is owned by hedge funds and other institutional investors.

RB Global Price Performance

RBA opened at $116.46 on Tuesday. The stock has a fifty day moving average price of $109.09 and a 200 day moving average price of $106.43. The company has a current ratio of 1.14, a quick ratio of 1.07 and a debt-to-equity ratio of 0.40. RB Global, Inc. has a 1 year low of $93.58 and a 1 year high of $119.58. The stock has a market cap of $21.59 billion, a price-to-earnings ratio of 54.17, a PEG ratio of 1.75 and a beta of 0.55.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.04. The company had revenue of $888.01 million for the quarter, compared to analyst estimates of $1.13 billion. RB Global had a return on equity of 12.33% and a net margin of 9.55%.The business's revenue was up 11.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.89 EPS. Analysts forecast that RB Global, Inc. will post 4.16 EPS 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 paid a dividend of $0.33 per share. This is a positive change from RB Global's previous quarterly dividend of $0.31. The ex-dividend date is Tuesday, August 25th. This represents a $1.32 annualized dividend and a dividend yield of 1.1%. RB Global's dividend payout ratio (DPR) is currently 57.67%.

Wall Street Analysts Forecast Growth

RBA has been the topic of a number of research analyst reports. Wall Street Zen downgraded RB Global from a "buy" rating to a "hold" rating in a report on Saturday, July 18th. 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 research report on Tuesday, May 5th. Barclays lowered their target price on RB Global from $124.00 to $121.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 22nd. Royal Bank Of Canada upped their target price on RB Global from $146.00 to $150.00 and gave the company an "outperform" rating in a report on Tuesday, May 5th. Finally, Zacks Research raised shares of RB Global from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $127.57.

Insider Buying and Selling at RB Global

In other RB Global news, Director Deborah Stein acquired 425 shares of RB Global stock in a transaction that occurred on Tuesday, May 19th. The stock was acquired at an average price of $103.15 per share, with a total value of $43,838.75. Following the purchase, the director owned 1,825 shares in the company, valued at approximately $188,248.75. This trade represents a 30.36% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.57% of the company's stock.

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.

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