Legal & General Group Plc Purchases Shares of 971,186 RB Global, Inc. $RBA

Key Points

• Legal & General Group Plc acquired 971,186 RB Global shares worth approximately $113 million, giving it a 0.52% stake. Institutional investors collectively own 95.37% of the company.
• Analysts maintain a generally positive outlook, with one Strong Buy, seven Buy, and two Hold ratings. RB Global has an average “Moderate Buy” rating and a consensus price target of $128.
• RB Global exceeded quarterly earnings and revenue estimates, reporting $1.13 in EPS and $1.66 billion in revenue. The company also raised its quarterly dividend to $0.33 per share, implying a 1.5% annual yield.

Legal & General Group Plc acquired a new position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 971,186 shares of the business services provider's stock, valued at approximately $113,034,000. Legal & General Group Plc owned approximately 0.52% of RB Global at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RBA. Addison Advisors LLC acquired a new position in RB Global in the second quarter valued at about $26,000. J.Safra Asset Management Corp acquired a new stake in shares of RB Global during the second quarter worth approximately $32,000. MV Capital Management Inc. bought a new position in shares of RB Global in the fourth quarter valued at approximately $29,000. Bayban acquired a new position in shares of RB Global in the 4th quarter worth approximately $34,000. Finally, State of Wyoming acquired a new position in shares of RB Global in the 2nd quarter worth approximately $46,000. 95.37% of the stock is owned by institutional investors.

Analysts Set New Price Targets

RBA has been the subject of a number of recent analyst reports. Barclays dropped their price target on RB Global from $124.00 to $121.00 and set an "overweight" rating for the company in a report on Wednesday, July 22nd. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of RB Global in a research note on Wednesday, August 5th. Weiss Ratings cut RB Global from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, August 17th. National Bank Financial raised their target price on RB Global from $132.00 to $133.00 and gave the company an "outperform" rating in a research note on Wednesday, August 5th. Finally, Royal Bank Of Canada lifted their price target on RB Global from $150.00 to $152.00 and gave the company an "outperform" rating in a report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $128.00.

Insider Activity

In other news, Director Chloe Harford purchased 1,200 shares of the business's stock in a transaction dated Monday, August 24th. The shares were acquired at an average price of $83.74 per share, with a total value of $100,488.00. Following the completion of the purchase, the director directly owned 1,200 shares of the company's stock, valued at $100,488. The trade was a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.57% of the stock is owned by company insiders.

RB Global Stock Performance

Shares of RB Global stock opened at $85.90 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.31 and a quick ratio of 1.22. The firm has a market cap of $15.90 billion, a P/E ratio of 36.87, a P/E/G ratio of 1.46 and a beta of 0.56. The firm has a 50 day simple moving average of $103.79 and a 200 day simple moving average of $103.31. RB Global, Inc. has a fifty-two week low of $82.03 and a fifty-two week high of $119.58.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its quarterly earnings data on Tuesday, August 4th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.21 billion. RB Global had a return on equity of 12.37% and a net margin of 9.99%. Sell-side analysts predict that RB Global, Inc. will post 4.06 earnings per share for the current fiscal year.

RB Global Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Tuesday, August 25th will be given a dividend of $0.33 per share. The ex-dividend date is Tuesday, August 25th. This is an increase from RB Global's previous quarterly dividend of $0.31. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.5%. RB Global's dividend payout ratio is presently 56.65%.

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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