Swiss National Bank Boosts Holdings in RB Global, Inc. $RBA

Key Points

• Swiss National Bank increased its stake in RB Global by 27% in the first quarter, buying 132,900 additional shares and bringing its total holding to 624,943 shares worth about $59.8 million.
• Institutional ownership remains very high, with hedge funds and other institutional investors controlling 95.37% of RB Global’s shares. Several other large investors also recently boosted or initiated positions in the company.
• Analysts remain broadly positive on RB Global, with an average rating of “Buy” and an average price target of $128.00. Recent reports included price targets as high as $150 and a mix of Buy, Strong Buy, and one Hold rating.

Swiss National Bank lifted its position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 27.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 624,943 shares of the business services provider's stock after buying an additional 132,900 shares during the period. Swiss National Bank owned approximately 0.34% of RB Global worth $59,845,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. grew its position in RB Global by 6,120,490.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,448,236 shares of the business services provider's stock worth $251,851,000 after acquiring an additional 2,448,196 shares during the period. Norges Bank purchased a new stake in RB Global in the fourth quarter valued at $231,813,000. EdgePoint Investment Group Inc. raised its position in RB Global by 11.9% in the fourth quarter. EdgePoint Investment Group Inc. now owns 7,701,648 shares of the business services provider's stock valued at $792,934,000 after purchasing an additional 821,319 shares during the period. Janus Henderson Group PLC lifted its stake in shares of 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 valued at $420,417,000 after purchasing an additional 576,347 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of 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 valued at $166,201,000 after purchasing an additional 567,431 shares during the last quarter. Hedge funds and other institutional investors own 95.37% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RBA. Barclays assumed coverage on RB Global in a research report on Thursday, May 28th. They set an "overweight" rating and a $124.00 price objective for the company. Raymond James Financial raised shares of RB Global from an "outperform" rating to a "strong-buy" rating and set a $145.00 target price on the stock in a research report on Tuesday, June 30th. Wall Street Zen lowered shares of RB Global from a "buy" rating to a "hold" rating in a research note on Saturday. Royal Bank Of Canada lifted their price target on shares of RB Global from $146.00 to $150.00 and gave the company an "outperform" rating in a research report on Tuesday, May 5th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of RB Global in a research note on Tuesday, May 26th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $128.00.

Insider Activity

In other RB Global news, Director Deborah Stein acquired 425 shares of the stock in a transaction dated Tuesday, May 19th. The stock was acquired 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 in the company, valued at $188,248.75. This trade represents a 30.36% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.57% of the company's stock.

RB Global Trading Down 0.0%

Shares of NYSE RBA opened at $110.54 on Wednesday. RB Global, Inc. has a twelve month low of $93.58 and a twelve month high of $119.58. The company has a current ratio of 1.14, a quick ratio of 1.07 and a debt-to-equity ratio of 0.40. The stock has a fifty day simple moving average of $108.30 and a 200-day simple moving average of $106.21. The stock has a market capitalization of $20.55 billion, a PE ratio of 51.41, a PEG ratio of 1.73 and a beta of 0.55.

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 (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.04. RB Global had a return on equity of 12.33% and a net margin of 9.55%.The firm had revenue of $888.01 million for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the prior year, the company earned $0.89 EPS. RB Global's revenue was up 11.4% on a year-over-year basis. On average, equities analysts forecast that RB Global, Inc. will post 4.16 earnings per share for the current year.

RB Global Dividend Announcement

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

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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