Norges Bank Takes $231.81 Million Position in RB Global, Inc. $RBA

Key Points

• Norges Bank disclosed a new fourth-quarter stake in RB Global, buying 2.25 million shares valued at about $231.8 million, or roughly 1.21% of the company.
• RB Global continues to draw broad institutional interest, with hedge funds and other investors holding 95.37% of the stock; some recent buyers included Goldman Sachs and Woodline Partners.
• The company reported better-than-expected quarterly results, with EPS of $1.01 on revenue of $1.21 billion, and it also announced a quarterly dividend of $0.31 per share payable June 18.

Norges Bank purchased a new stake in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 2,252,312 shares of the business services provider's stock, valued at approximately $231,813,000. Norges Bank owned about 1.21% of RB Global at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of RBA. AQR Capital Management LLC increased its position in shares of RB Global by 94.3% during the first quarter. AQR Capital Management LLC now owns 10,489 shares of the business services provider's stock valued at $1,031,000 after acquiring an additional 5,090 shares during the last quarter. NewEdge Advisors LLC increased its position in shares of RB Global by 53.1% during the first quarter. NewEdge Advisors LLC now owns 588 shares of the business services provider's stock valued at $59,000 after acquiring an additional 204 shares during the last quarter. Jones Financial Companies Lllp increased its position in shares of RB Global by 857.9% during the first quarter. Jones Financial Companies Lllp now owns 3,736 shares of the business services provider's stock valued at $375,000 after acquiring an additional 3,346 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of RB Global by 35.6% during the first quarter. Goldman Sachs Group Inc. now owns 338,385 shares of the business services provider's stock valued at $33,940,000 after acquiring an additional 88,813 shares during the last quarter. Finally, Woodline Partners LP purchased a new stake in shares of RB Global during the first quarter valued at approximately $4,103,000. 95.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on RBA shares. Stephens reaffirmed an "equal weight" rating and set a $96.00 price target on shares of RB Global in a research report on Tuesday, May 5th. Royal Bank Of Canada increased their price target on RB Global from $146.00 to $150.00 and gave the company an "outperform" rating in a research report on Tuesday, May 5th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of RB Global in a research report on Tuesday, May 26th. Barclays assumed coverage on RB Global in a research report on Thursday, May 28th. They issued an "overweight" rating and a $124.00 target price for the company. Finally, BMO Capital Markets reissued an "outperform" rating and issued a $135.00 target price (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $126.13.

Insider Transactions at RB Global

In other RB Global news, Director Deborah Stein acquired 425 shares of the company'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 completion of the purchase, the director owned 1,825 shares of the company's stock, valued at approximately $188,248.75. This represents a 30.36% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.57% of the company's stock.

RB Global Price Performance

NYSE:RBA opened at $104.73 on Wednesday. The firm has a market capitalization of $19.47 billion, a price-to-earnings ratio of 48.71, a P/E/G ratio of 1.68 and a beta of 0.57. RB Global, Inc. has a 52-week low of $93.58 and a 52-week high of $119.58. The stock has a fifty day moving average of $102.16 and a 200 day moving average of $103.96. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.07 and a current ratio of 1.14.

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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.04. The company had revenue of $1.21 billion during 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 firm's quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter last year, the company earned $0.89 earnings per share. On average, research analysts expect that RB Global, Inc. will post 4.09 EPS for the current fiscal year.

RB Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Wednesday, May 27th will be paid a dividend of $0.31 per share. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.24 annualized dividend and a yield of 1.2%. RB Global's dividend payout ratio (DPR) is currently 57.67%.

RB Global 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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