Renaissance Technologies LLC Buys 40,200 Shares of RB Global, Inc. (NYSE:RBA)

Renaissance Technologies LLC grew its stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 468.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,784 shares of the business services provider’s stock after purchasing an additional 40,200 shares during the quarter. Renaissance Technologies LLC’s holdings in RB Global were worth $3,725,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Advisor OS LLC increased its position in RB Global by 1.9% during the second quarter. Advisor OS LLC now owns 8,352 shares of the business services provider’s stock worth $638,000 after acquiring an additional 156 shares during the period. Massmutual Trust Co. FSB ADV increased its position in RB Global by 58.7% during the second quarter. Massmutual Trust Co. FSB ADV now owns 446 shares of the business services provider’s stock worth $34,000 after acquiring an additional 165 shares during the period. Nisa Investment Advisors LLC increased its position in RB Global by 33.5% during the second quarter. Nisa Investment Advisors LLC now owns 836 shares of the business services provider’s stock worth $64,000 after acquiring an additional 210 shares during the period. Cigna Investments Inc. New increased its position in RB Global by 6.6% during the second quarter. Cigna Investments Inc. New now owns 3,440 shares of the business services provider’s stock worth $262,000 after acquiring an additional 212 shares during the period. Finally, Ascent Group LLC increased its position in RB Global by 2.4% during the first quarter. Ascent Group LLC now owns 9,415 shares of the business services provider’s stock worth $717,000 after acquiring an additional 225 shares during the period. 95.37% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

RBA has been the topic of a number of analyst reports. Robert W. Baird increased their price objective on shares of RB Global from $80.00 to $86.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Bank of America lifted their target price on shares of RB Global from $79.00 to $92.50 and gave the stock a “neutral” rating in a research report on Monday, August 26th. Raymond James raised their price target on shares of RB Global from $95.00 to $98.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. CIBC began coverage on shares of RB Global in a report on Tuesday, June 18th. They set a “sector outperform” rating and a $95.00 price target for the company. Finally, Royal Bank of Canada lifted their price objective on shares of RB Global from $93.00 to $99.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.19.

RB Global Price Performance

Shares of NYSE:RBA opened at $80.28 on Monday. The company’s 50-day moving average is $82.04 and its 200 day moving average is $77.95. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.20 and a current ratio of 1.29. The company has a market capitalization of $14.68 billion, a P/E ratio of 48.36, a price-to-earnings-growth ratio of 5.38 and a beta of 0.93. RB Global, Inc. has a fifty-two week low of $58.85 and a fifty-two week high of $87.45.

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

RB Global Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, August 28th were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Wednesday, August 28th. This is a boost from RB Global’s previous quarterly dividend of $0.27. This represents a $1.16 annualized dividend and a dividend yield of 1.44%. RB Global’s dividend payout ratio is currently 69.88%.

Insider Activity

In other news, insider Darren Jeffrey Watt sold 2,915 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $82.80, for a total transaction of $241,362.00. Following the sale, the insider now directly owns 19,271 shares in the company, valued at $1,595,638.80. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Darren Jeffrey Watt sold 2,915 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $82.80, for a total transaction of $241,362.00. Following the sale, the insider now directly owns 19,271 shares in the company, valued at $1,595,638.80. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CRO James J. Jeter sold 2,920 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $78.96, for a total transaction of $230,563.20. Following the completion of the transaction, the executive now owns 23,267 shares in the company, valued at $1,837,162.32. The disclosure for this sale can be found here. Insiders have sold a total of 44,601 shares of company stock worth $3,720,043 over the last ninety days. Company insiders own 4.32% of the company’s stock.

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.