RB Global, Inc. $RBA Shares Acquired by Geode Capital Management LLC

Key Points

• Geode Capital Management increased its RB Global stake by 5.3% in the fourth quarter, adding 250,887 shares to bring its total to 5,000,897 shares worth about $513.9 million.
• Analyst sentiment remains positive, with several firms reiterating or raising bullish ratings and price targets; the stock carries an average Moderate Buy rating and a $126.13 consensus target.
• RB Global reported strong quarterly results, beating estimates on both earnings and revenue, and also announced a quarterly dividend of $0.31 per share, equal to a 1.2% annualized yield.

Geode Capital Management LLC lifted its holdings in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 5.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,000,897 shares of the business services provider's stock after acquiring an additional 250,887 shares during the quarter. Geode Capital Management LLC owned about 2.69% of RB Global worth $513,930,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Caprock Group LLC acquired a new position in RB Global in the 3rd quarter worth $1,724,000. Cibc World Market Inc. lifted its holdings in RB Global by 60.7% in the 3rd quarter. Cibc World Market Inc. now owns 179,707 shares of the business services provider's stock worth $19,461,000 after buying an additional 67,860 shares in the last quarter. Fiera Capital Corp lifted its holdings in RB Global by 4.9% in the 3rd quarter. Fiera Capital Corp now owns 4,067,003 shares of the business services provider's stock worth $440,353,000 after buying an additional 190,408 shares in the last quarter. TD Asset Management Inc lifted its holdings in RB Global by 1.2% in the 3rd quarter. TD Asset Management Inc now owns 949,779 shares of the business services provider's stock worth $102,896,000 after buying an additional 10,877 shares in the last quarter. Finally, Cidel Asset Management Inc. lifted its holdings in RB Global by 2.7% in the 3rd quarter. Cidel Asset Management Inc. now owns 708,463 shares of the business services provider's stock worth $76,753,000 after buying an additional 18,863 shares in the last quarter. Institutional investors and hedge funds own 95.37% of the company's stock.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at RB Global

In related news, Director Deborah Stein bought 425 shares of the company's stock in a transaction dated 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 transaction, the director owned 1,825 shares of the company's stock, valued at approximately $188,248.75. This trade represents a 30.36% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.57% of the company's stock.

RB Global Price Performance

RBA opened at $106.40 on Monday. The company has a 50-day moving average of $101.97 and a 200-day moving average of $103.93. The company has a market capitalization of $19.78 billion, a P/E ratio of 49.49, a PEG ratio of 1.69 and a beta of 0.57. RB Global, Inc. has a 1-year low of $93.58 and a 1-year high of $119.58. 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 released its earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.04. The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.13 billion. RB Global had a net margin of 9.55% and a return on equity of 12.33%. The company's revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.89 EPS. Equities analysts expect that RB Global, Inc. will post 4.09 EPS for the current fiscal year.

RB Global Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Wednesday, May 27th will be given a $0.31 dividend. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.24 annualized dividend and a dividend yield of 1.2%. RB Global's payout ratio is presently 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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