Bridges Investment Management Inc. Invests $1.41 Million in RB Global, Inc. (NYSE:RBA)

Bridges Investment Management Inc. purchased a new stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,446 shares of the business services provider’s stock, valued at approximately $1,409,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. Brevan Howard Capital Management LP acquired a new stake in shares of RB Global in the 4th quarter valued at about $2,009,000. Intech Investment Management LLC bought a new position in RB Global during the 1st quarter worth approximately $613,000. Price T Rowe Associates Inc. MD grew its position in shares of RB Global by 25.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 366,625 shares of the business services provider’s stock worth $27,927,000 after acquiring an additional 74,809 shares in the last quarter. TD Asset Management Inc increased its holdings in shares of RB Global by 3.9% in the 4th quarter. TD Asset Management Inc now owns 603,261 shares of the business services provider’s stock valued at $40,567,000 after acquiring an additional 22,636 shares during the last quarter. Finally, MJP Associates Inc. ADV raised its position in shares of RB Global by 10.7% during the 2nd quarter. MJP Associates Inc. ADV now owns 4,159 shares of the business services provider’s stock valued at $318,000 after acquiring an additional 401 shares in the last quarter. 95.37% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Royal Bank of Canada lifted their price objective on shares of RB Global from $93.00 to $99.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Robert W. Baird boosted their price objective on shares of RB Global from $80.00 to $86.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. CIBC assumed coverage on shares of RB Global in a report on Tuesday, June 18th. They issued a “sector outperform” rating and a $95.00 target price on the stock. Bank of America upped their target price on RB Global from $79.00 to $92.50 and gave the company a “neutral” rating in a report on Monday, August 26th. Finally, BMO Capital Markets began coverage on RB Global in a report on Thursday, September 5th. They issued an “outperform” rating and a $105.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $92.19.

RB Global Price Performance

Shares of NYSE:RBA opened at $84.40 on Friday. The stock has a market capitalization of $15.43 billion, a P/E ratio of 50.84, a P/E/G ratio of 5.43 and a beta of 0.93. The business has a 50-day moving average of $81.85 and a two-hundred day moving average of $77.68. RB Global, Inc. has a fifty-two week low of $58.85 and a fifty-two week high of $87.45. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.29 and a quick ratio of 1.20.

RB Global (NYSE:RBA) (TSE:RBA) last posted its earnings results on Tuesday, August 6th. The business services provider reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.06. RB Global had a return on equity of 7.27% and a net margin of 8.67%. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same period in the previous year, the company earned $0.42 EPS. The company’s revenue for the quarter was down .9% on a year-over-year basis. On average, equities research analysts predict that RB Global, Inc. will post 1.96 EPS for the current fiscal year.

RB Global Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, August 28th were issued a dividend of $0.29 per share. This is an increase from RB Global’s previous quarterly dividend of $0.27. This represents a $1.16 annualized dividend and a dividend yield of 1.37%. The ex-dividend date of this dividend was Wednesday, August 28th. RB Global’s dividend payout ratio is currently 69.88%.

Insider Activity at RB Global

In other RB Global news, CRO James J. Jeter sold 3,000 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $85.55, for a total transaction of $256,650.00. Following the completion of the transaction, the executive now owns 20,267 shares of the company’s stock, valued at approximately $1,733,841.85. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other RB Global news, CEO James Francis Kessler sold 17,883 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $83.09, for a total value of $1,485,898.47. Following the sale, the chief executive officer now owns 86,247 shares of the company’s stock, valued at approximately $7,166,263.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CRO James J. Jeter sold 3,000 shares of RB Global stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $85.55, for a total value of $256,650.00. Following the completion of the transaction, the executive now directly owns 20,267 shares in the company, valued at $1,733,841.85. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,718 shares of company stock worth $2,214,474. 4.32% of the stock is owned by insiders.

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.