K.J. Harrison & Partners Inc Makes New Investment in RB Global, Inc. $RBA

Key Points

• K.J. Harrison & Partners purchased 77,088 shares of RB Global, valued at approximately $8.96 million, making up 1.3% of its portfolio. Institutional investors collectively own 95.37% of the company.
• RB Global exceeded quarterly earnings expectations, reporting $1.13 in EPS versus the $1.09 consensus and $1.66 billion in revenue versus $1.21 billion expected. The company also raised its quarterly dividend to $0.33 per share, for a 1.6% yield.
• Analysts maintain a Moderate Buy consensus with an average price target of $128, well above the stock’s reported $82.12 opening price, although one firm recently downgraded the shares to Hold.

K.J. Harrison & Partners Inc bought a new position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 77,088 shares of the business services provider's stock, valued at approximately $8,957,000. RB Global comprises about 1.3% of K.J. Harrison & Partners Inc's portfolio, making the stock its 19th largest position.

Other institutional investors and hedge funds have also recently modified their holdings of the company. J.Safra Asset Management Corp purchased a new position in shares of RB Global in the 2nd quarter worth about $32,000. MV Capital Management Inc. purchased a new stake in RB Global during the 4th quarter valued at about $29,000. Bayban bought a new stake in RB Global during the 4th quarter valued at about $34,000. State of Wyoming bought a new stake in RB Global during the 2nd quarter valued at about $46,000. Finally, Cassaday & Co Wealth Management LLC purchased a new position in RB Global in the first quarter worth about $43,000. 95.37% of the stock is currently owned by institutional investors.

RB Global Stock Performance

Shares of NYSE RBA opened at $82.12 on Tuesday. The company has a quick ratio of 1.22, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. The firm's 50-day moving average price is $107.35 and its 200-day moving average price is $104.96. RB Global, Inc. has a 52-week low of $82.03 and a 52-week high of $119.58. The company has a market cap of $15.20 billion, a PE ratio of 35.24, a PEG ratio of 1.44 and a beta of 0.56.

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 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.04. RB Global had a net margin of 9.99% and a return on equity of 12.37%. The company had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.21 billion. As a group, analysts anticipate that RB Global, Inc. will post 4.06 EPS for the current year.

RB Global Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Tuesday, August 25th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Tuesday, August 25th. This is an increase from RB Global's previous quarterly dividend of $0.31. This represents a $1.32 annualized dividend and a dividend yield of 1.6%. RB Global's dividend payout ratio is presently 53.22%.

Wall Street Analysts Forecast Growth

RBA has been the topic of a number of recent analyst reports. Zacks Research cut shares of RB Global from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Royal Bank Of Canada boosted their price objective on shares of RB Global from $150.00 to $152.00 and gave the stock an "outperform" rating in a report on Wednesday, August 5th. Raymond James Financial raised RB Global from an "outperform" rating to a "strong-buy" rating and set a $145.00 price objective on the stock in a research report on Tuesday, June 30th. BMO Capital Markets reiterated an "outperform" rating and set a $135.00 target price (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Finally, Stephens reissued an "equal weight" rating and issued a $96.00 target price on shares of RB Global in a report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, RB Global presently has an average rating of "Moderate Buy" and a consensus price target of $128.00.

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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