Principal Financial Group Inc. Purchases 15,253 Shares of RB Global, Inc. $RBA

Key Points

• Principal Financial Group increased its stake in RB Global by 3.8% in the first quarter, buying 15,253 additional shares and bringing its total holdings to 414,530 shares valued at about $39.7 million.
• RB Global reported quarterly earnings of $1.01 per share, beating analyst expectations, though revenue of $888.0 million came in below forecasts even as sales rose 11.4% year over year.
• The company recently paid a quarterly dividend of $0.31 per share, and Wall Street remains broadly positive with a consensus Buy rating and average price target of $128.

Principal Financial Group Inc. lifted its holdings in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 3.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 414,530 shares of the business services provider's stock after acquiring an additional 15,253 shares during the period. Principal Financial Group Inc. owned approximately 0.22% of RB Global worth $39,733,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA boosted its holdings in shares of 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 worth $1,120,479,000 after buying an additional 165,260 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its position in shares of 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 valued at $17,833,000 after acquiring an additional 29,530 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in RB Global by 13.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 442,528 shares of the business services provider's stock worth $45,709,000 after acquiring an additional 50,830 shares in the last quarter. Wilson Asset Management International PTY Ltd. grew its holdings in RB Global by 8.5% in the fourth quarter. Wilson Asset Management International PTY Ltd. now owns 139,295 shares of the business services provider's stock worth $14,329,000 after purchasing an additional 10,951 shares during the period. Finally, Tectonic Advisors LLC grew its holdings in RB Global by 78.3% in the fourth quarter. Tectonic Advisors LLC now owns 59,867 shares of the business services provider's stock worth $6,159,000 after purchasing an additional 26,286 shares during the period. Institutional investors own 95.37% of the company's stock.

RB Global Trading Down 1.2%

NYSE:RBA opened at $111.76 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.14 and a quick ratio of 1.07. The firm has a 50-day moving average of $108.04 and a 200-day moving average of $106.12. The company has a market cap of $20.78 billion, a PE ratio of 51.98, a PEG ratio of 1.75 and a beta of 0.55. RB Global, Inc. has a one year low of $93.58 and a one year high of $119.58.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, topping analysts' consensus estimates of $0.97 by $0.04. The company had revenue of $888.01 million for the quarter, compared to analyst estimates of $1.13 billion. RB Global had a net margin of 9.55% and a return on equity of 12.33%. The firm's revenue was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.89 EPS. As a group, equities research analysts expect that RB Global, Inc. will post 4.16 EPS for the current fiscal year.

RB Global Announces Dividend

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

Insider Buying and Selling at RB Global

In related news, Director Deborah Stein bought 425 shares of the business's stock in a transaction that occurred on Tuesday, May 19th. The shares were bought at an average price of $103.15 per share, with a total value of $43,838.75. Following the completion of the transaction, the director directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.57% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

RBA has been the topic of a number of research analyst reports. Zacks Research raised shares of RB Global from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 3rd. Wall Street Zen cut RB Global from a "buy" rating to a "hold" rating in a research note on Saturday. Stephens restated an "equal weight" rating and set a $96.00 price objective on shares of RB Global in a report on Tuesday, May 5th. Barclays assumed coverage on RB Global in a report on Thursday, May 28th. They set an "overweight" rating and a $124.00 price objective for the company. Finally, BMO Capital Markets reaffirmed an "outperform" rating and set a $135.00 target price (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 given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price 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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