Healthcare of Ontario Pension Plan Trust Fund Purchases New Position in RB Global, Inc. $RBA

Key Points

• Healthcare of Ontario Pension Plan Trust Fund purchased 25,900 RB Global shares worth approximately $2.48 million, while institutional investors collectively own 95.37% of the company.
• Analyst sentiment remains positive, with RB Global receiving a consensus “Buy” rating and an average price target of $127.57, above its reported share price of $109.75.
• RB Global raised its quarterly dividend from $0.31 to $0.33 per share, implying an annualized dividend of $1.32 and a 1.2% yield; the company also exceeded quarterly EPS estimates while revenue rose 11.4% year over year.

Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA in the first quarter, according to the company in its most recent filing with the SEC. The fund purchased 25,900 shares of the business services provider's stock, valued at approximately $2,483,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio grew its holdings in RB Global by 9.2% during the first quarter. Public Employees Retirement System of Ohio now owns 207,778 shares of the business services provider's stock worth $19,873,000 after buying an additional 17,489 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake 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 valued at $1,120,479,000 after acquiring an additional 165,260 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its holdings 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 worth $17,833,000 after acquiring an additional 29,530 shares during the last quarter. Wilson Asset Management International PTY Ltd. boosted its holdings in RB Global by 8.5% during the 4th quarter. Wilson Asset Management International PTY Ltd. now owns 139,295 shares of the business services provider's stock worth $14,329,000 after acquiring an additional 10,951 shares during the last quarter. Finally, Tectonic Advisors LLC grew its stake in shares of RB Global by 78.3% in the 4th quarter. Tectonic Advisors LLC now owns 59,867 shares of the business services provider's stock worth $6,159,000 after acquiring an additional 26,286 shares in the last quarter. 95.37% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on RBA shares. Zacks Research upgraded shares of RB Global from a "hold" rating to a "strong-buy" rating in a report on Friday, July 3rd. Stephens reiterated an "equal weight" rating and issued a $96.00 price objective on shares of RB Global in a research note on Tuesday, May 5th. Wall Street Zen cut shares of RB Global from a "buy" rating to a "hold" rating in a research report on Saturday, July 18th. Royal Bank Of Canada boosted their target price on RB Global from $146.00 to $150.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 5th. Finally, BMO Capital Markets reaffirmed an "outperform" rating and set a $135.00 price target (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, RB Global has an average rating of "Buy" and a consensus target price of $127.57.

RB Global Stock Down 0.2%

RB Global stock opened at $109.75 on Friday. The firm has a 50 day moving average price of $109.81 and a 200-day moving average price of $106.58. 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 $20.32 billion, a P/E ratio of 51.05, a P/E/G ratio of 2.25 and a beta of 0.55.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its quarterly earnings data on Monday, May 4th. The business services provider reported $1.01 EPS for the quarter, beating the consensus estimate 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 $888.01 million for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the prior year, the business earned $0.89 earnings per share. RB Global's revenue for the quarter was up 11.4% on a year-over-year basis. As a group, equities analysts predict 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. Stockholders of record on Tuesday, August 25th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Tuesday, August 25th. This is a positive change from RB Global's previous quarterly dividend of $0.31. RB Global's dividend payout ratio is currently 57.67%.

Insider Buying and Selling at RB Global

In other news, Director Deborah Stein acquired 425 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The stock was bought at an average price of $103.15 per share, with a total value of $43,838.75. Following the acquisition, the director owned 1,825 shares in the company, valued at $188,248.75. The trade was a 30.36% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.57% of the company's stock.

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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