Magnetar Financial LLC Buys 36,242 Shares of RB Global, Inc. $RBA

Magnetar Financial LLC grew its stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 1,498.8% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 38,660 shares of the business services provider’s stock after buying an additional 36,242 shares during the quarter. Magnetar Financial LLC’s holdings in RB Global were worth $4,189,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of RB Global by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 25,330,426 shares of the business services provider’s stock valued at $2,744,455,000 after purchasing an additional 124,926 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of RB Global by 7.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 10,726,926 shares of the business services provider’s stock worth $1,162,370,000 after buying an additional 705,423 shares in the last quarter. Vontobel Holding Ltd. grew its holdings in shares of RB Global by 10.3% during the third quarter. Vontobel Holding Ltd. now owns 7,215,414 shares of the business services provider’s stock worth $781,862,000 after buying an additional 672,450 shares in the last quarter. Geode Capital Management LLC raised its position in RB Global by 7.5% in the 2nd quarter. Geode Capital Management LLC now owns 4,552,803 shares of the business services provider’s stock valued at $482,383,000 after buying an additional 317,781 shares during the last quarter. Finally, Fiera Capital Corp raised its position in RB Global by 4.9% in the 3rd quarter. Fiera Capital Corp now owns 4,067,003 shares of the business services provider’s stock valued at $440,353,000 after buying an additional 190,408 shares during the last quarter. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO James Francis Kessler sold 20,742 shares of the stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $115.00, for a total value of $2,385,330.00. Following the sale, the chief executive officer owned 107,569 shares in the company, valued at approximately $12,370,435. This represents a 16.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.32% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Raymond James Financial upped their price target on RB Global from $135.00 to $145.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Royal Bank Of Canada boosted their price target on shares of RB Global from $137.00 to $146.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 18th. BMO Capital Markets increased their price objective on shares of RB Global from $135.00 to $140.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 18th. Weiss Ratings raised RB Global from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, February 26th. Finally, National Bank Financial upgraded RB Global from a “sector perform” rating to an “outperform” rating and set a $124.00 price target for the company in a research note on Monday, November 24th. Seven equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $129.29.

RB Global Trading Down 1.1%

Shares of NYSE:RBA opened at $102.17 on Thursday. RB Global, Inc. has a 52-week low of $87.87 and a 52-week high of $119.58. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.02 and a current ratio of 1.10. The company has a market capitalization of $18.99 billion, a P/E ratio of 50.08, a price-to-earnings-growth ratio of 1.57 and a beta of 0.57. The company has a 50-day simple moving average of $108.52 and a 200 day simple moving average of $106.48.

RB Global (NYSE:RBA) (TSE:RBA) last announced its quarterly earnings results on Tuesday, February 17th. The business services provider reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.12. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.17 billion. RB Global had a return on equity of 11.12% and a net margin of 9.33%.The business’s revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.95 earnings per share. Sell-side analysts forecast that RB Global, Inc. will post 2.5 earnings per share for the current year.

RB Global Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Monday, February 9th were issued a dividend of $0.31 per share. The ex-dividend date of this dividend was Monday, February 9th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.2%. RB Global’s payout ratio is presently 60.78%.

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.