Formula Growth Ltd. Invests $2.91 Million in RB Global, Inc. (NYSE:RBA)

Formula Growth Ltd. purchased a new position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 32,243 shares of the business services provider's stock, valued at approximately $2,909,000.

A number of other large investors have also recently made changes to their positions in RBA. Raymond James Financial Inc. purchased a new stake in shares of RB Global in the 4th quarter valued at $266,148,000. Norges Bank purchased a new position in shares of RB Global during the 4th quarter valued at about $209,931,000. FMR LLC raised its position in RB Global by 137.5% during the fourth quarter. FMR LLC now owns 2,804,404 shares of the business services provider's stock valued at $252,985,000 after acquiring an additional 1,623,429 shares in the last quarter. Vontobel Holding Ltd. lifted its stake in shares of RB Global by 9.8% in the 4th quarter. Vontobel Holding Ltd. now owns 8,451,146 shares of the business services provider's stock valued at $762,378,000 after purchasing an additional 753,700 shares during the period. Finally, FIL Ltd increased its holdings in RB Global by 26.4% in the fourth quarter. FIL Ltd now owns 2,030,696 shares of the business services provider's stock valued at $183,189,000 after buying an additional 424,060 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, CRO James J. Jeter sold 7,597 shares of the business's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $97.85, for a total transaction of $743,366.45. Following the transaction, the executive now owns 20,267 shares of the company's stock, valued at approximately $1,983,125.95. The trade was a 27.26 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO James Francis Kessler sold 15,700 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $97.81, for a total transaction of $1,535,617.00. Following the completion of the sale, the chief executive officer now directly owns 107,569 shares of the company's stock, valued at $10,521,323.89. This represents a 12.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,897 shares of company stock valued at $2,338,161. Insiders own 4.32% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on RBA. BMO Capital Markets raised their target price on RB Global from $116.00 to $120.00 and gave the company an "outperform" rating in a research report on Wednesday, February 19th. Royal Bank of Canada boosted their price objective on RB Global from $107.00 to $116.00 and gave the company an "outperform" rating in a research report on Wednesday, February 19th. CIBC reduced their target price on RB Global from $109.00 to $108.00 and set an "outperformer" rating for the company in a research note on Monday, February 3rd. StockNews.com cut shares of RB Global from a "buy" rating to a "hold" rating in a research note on Wednesday, March 26th. Finally, Robert W. Baird upped their price target on shares of RB Global from $105.00 to $110.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, RB Global currently has an average rating of "Moderate Buy" and a consensus price target of $108.56.

RB Global Price Performance

Shares of NYSE:RBA traded up $0.83 during midday trading on Thursday, hitting $99.07. The company's stock had a trading volume of 286,965 shares, compared to its average volume of 1,091,699. RB Global, Inc. has a 12-month low of $69.83 and a 12-month high of $106.90. The company has a market cap of $18.31 billion, a P/E ratio of 49.33, a price-to-earnings-growth ratio of 4.95 and a beta of 0.90. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.17 and a current ratio of 1.29. The business's 50 day simple moving average is $98.30 and its 200 day simple moving average is $93.15.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its earnings results on Tuesday, February 18th. The business services provider reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.23). RB Global had a return on equity of 8.00% and a net margin of 9.64%. The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the prior year, the firm earned $0.82 earnings per share. On average, analysts forecast that RB Global, Inc. will post 2.5 EPS for the current year.

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.