Louisiana State Employees Retirement System Invests $5.16 Million in RB Global, Inc. $RBA

Key Points

• Louisiana State Employees Retirement System bought a new stake in RB Global during the first quarter, purchasing 53,800 shares worth about $5.16 million.
• RB Global reported strong quarterly results, posting EPS of $1.01 versus the $0.97 consensus and revenue of $1.21 billion, up 11.4% year over year.
• The company also paid a quarterly dividend of $0.31 per share and continues to draw favorable analyst sentiment, with a consensus Moderate Buy rating and average price target of $126.12.

Louisiana State Employees Retirement System purchased a new position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 53,800 shares of the business services provider's stock, valued at approximately $5,157,000.

A number of other large investors also recently bought and sold shares of RBA. Massachusetts Financial Services Co. MA increased its stake in shares of RB Global by 1.5% during the fourth 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 purchasing an additional 165,260 shares in the last quarter. EdgePoint Investment Group Inc. boosted its position in shares of RB Global by 11.9% in the 4th quarter. EdgePoint Investment Group Inc. now owns 7,701,648 shares of the business services provider's stock worth $792,934,000 after purchasing an additional 821,319 shares in the last quarter. State Street Corp grew its stake in shares of RB Global by 1.7% in the 4th quarter. State Street Corp now owns 6,290,640 shares of the business services provider's stock worth $647,118,000 after buying an additional 104,286 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of RB Global by 5.3% in the 4th quarter. Geode Capital Management LLC now owns 5,000,897 shares of the business services provider's stock worth $513,930,000 after buying an additional 250,887 shares during the last quarter. Finally, Fiera Capital Corp increased its position in RB Global by 2.2% during the 4th quarter. Fiera Capital Corp now owns 4,157,985 shares of the business services provider's stock valued at $428,223,000 after buying an additional 90,982 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 $115.42 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.07 and a current ratio of 1.14. The stock has a market capitalization of $21.46 billion, a P/E ratio of 53.68, a P/E/G ratio of 1.84 and a beta of 0.57. The company's 50-day simple moving average is $105.89 and its two-hundred day simple moving average is $105.25. RB Global, Inc. has a 52-week low of $93.58 and a 52-week high of $119.58.

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 net margin of 9.55% and a return on equity of 12.33%. The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same period in the previous year, the business posted $0.89 earnings per share. The business's revenue for the quarter was up 11.4% on a year-over-year basis. As a group, analysts predict that RB Global, Inc. will post 4.09 EPS for the current year.

RB Global Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Wednesday, May 27th were given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Wednesday, May 27th. RB Global's payout ratio is 57.67%.

Insiders Place Their Bets

In related news, Director Deborah Stein bought 425 shares of the firm's stock in a transaction on Tuesday, May 19th. The stock was acquired at an average cost of $103.15 per share, for a total transaction of $43,838.75. Following the purchase, the director owned 1,825 shares in the company, valued at approximately $188,248.75. This represents a 30.36% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.57% of the company's stock.

Analyst Ratings Changes

RBA has been the subject of a number of recent research reports. Stephens reiterated an "equal weight" rating and set a $96.00 price objective on shares of RB Global in a research note on Tuesday, May 5th. Royal Bank Of Canada raised their price target on RB Global from $146.00 to $150.00 and gave the company an "outperform" rating in a report on Tuesday, May 5th. Barclays initiated coverage on RB Global in a research report on Thursday, May 28th. They issued an "overweight" rating and a $124.00 price target for the company. Weiss Ratings reissued a "buy (b-)" rating on shares of RB Global in a research report on Tuesday, May 26th. Finally, 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 note on Tuesday, May 5th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $126.12.

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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