SEB Asset Management AB Purchases Shares of 31,371 RB Global, Inc. $RBA

Key Points

• SEB Asset Management AB opened a new position in RB Global during the first quarter, buying 31,371 shares worth about $3.0 million.
• RB Global continues to attract heavy institutional interest, with 95.37% of its stock owned by hedge funds and other institutions. Several large investors, including T. Rowe Price and Norges Bank, also increased or initiated stakes recently.
• The company reported better-than-expected earnings of $1.01 per share in its latest quarter, while analysts remain generally positive with an average "Buy" rating and a consensus price target of $127.57.

SEB Asset Management AB purchased a new position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 31,371 shares of the business services provider's stock, valued at approximately $2,999,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. T. Rowe Price Investment Management Inc. raised its position in shares of RB Global by 6,120,490.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,448,236 shares of the business services provider's stock valued at $251,851,000 after purchasing an additional 2,448,196 shares during the period. Norges Bank bought a new position in RB Global in the 4th quarter worth $231,813,000. EdgePoint Investment Group Inc. boosted its holdings in 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 buying an additional 821,319 shares during the period. Janus Henderson Group PLC increased its stake in RB Global by 16.4% in the 4th quarter. Janus Henderson Group PLC now owns 4,085,897 shares of the business services provider's stock worth $420,417,000 after buying an additional 576,347 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in RB Global by 58.7% in the 3rd quarter. Bank of America Corp DE now owns 1,533,783 shares of the business services provider's stock worth $166,201,000 after buying an additional 567,431 shares in the last quarter. 95.37% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Deborah Stein purchased 425 shares of the business's stock in a transaction on Tuesday, May 19th. The stock was acquired at an average price of $103.15 per share, for a total transaction of $43,838.75. Following the acquisition, the director directly owned 1,825 shares of the company's stock, valued at $188,248.75. This represents a 30.36% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.57% of the stock is owned by corporate insiders.

RB Global Stock Down 1.3%

Shares of RBA stock opened at $109.12 on Friday. The stock has a market cap of $20.23 billion, a P/E ratio of 50.75, a PEG ratio of 1.73 and a beta of 0.55. RB Global, Inc. has a 52 week low of $93.58 and a 52 week high of $119.58. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.40. The company's fifty day simple moving average is $108.62 and its two-hundred day simple moving average is $106.31.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last released its quarterly earnings data on Monday, May 4th. The business services provider reported $1.01 EPS for the quarter, beating the consensus estimate of $0.97 by $0.04. RB Global had a net margin of 9.55% and a return on equity of 12.33%. The business had revenue of $888.01 million during the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the prior year, the firm earned $0.89 EPS. The business's revenue was up 11.4% on a year-over-year basis. Analysts predict that RB Global, Inc. will post 4.16 EPS for the current fiscal year.

RB Global Dividend Announcement

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

Analyst Upgrades and Downgrades

RBA has been the topic of several research analyst reports. Royal Bank Of Canada boosted their price objective 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 reiterated a "buy (b-)" rating on shares of RB Global in a research report on Tuesday, May 26th. BMO Capital Markets reissued an "outperform" rating and set a $135.00 target price (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Raymond James Financial raised RB Global from an "outperform" rating to a "strong-buy" rating and set a $145.00 price target on the stock in a report on Tuesday, June 30th. Finally, Stephens restated an "equal weight" rating and issued a $96.00 price target on shares of RB Global in a research note on Tuesday, May 5th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, RB Global presently has an average rating of "Buy" and an average price target of $127.57.

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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