Oppenheimer Asset Management Inc. Invests $17.59 Million in RB Global, Inc. $RBA

Oppenheimer Asset Management Inc. acquired a new position in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 151,054 shares of the business services provider’s stock, valued at approximately $17,590,000.

Other institutional investors also recently added to or reduced their stakes in the company. EdgePoint Investment Group Inc. grew its stake in RB Global by 14.4% in the first quarter. EdgePoint Investment Group Inc. now owns 8,812,865 shares of the business services provider’s stock valued at $845,337,000 after purchasing an additional 1,111,217 shares during the last quarter. State Street Corp raised its holdings in RB Global by 1.7% in the fourth quarter. State Street Corp now owns 6,290,640 shares of the business services provider’s stock worth $647,118,000 after purchasing an additional 104,286 shares in the last quarter. Royal Bank of Canada lifted its position in shares of RB Global by 13.1% during the first quarter. Royal Bank of Canada now owns 5,043,648 shares of the business services provider’s stock valued at $483,432,000 after buying an additional 585,617 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of RB Global by 5.3% during the fourth quarter. Geode Capital Management LLC now owns 5,000,897 shares of the business services provider’s stock valued at $513,930,000 after buying an additional 250,887 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in shares of RB Global by 7.0% in the 1st quarter. Janus Henderson Group PLC now owns 4,371,610 shares of the business services provider’s stock valued at $418,876,000 after buying an additional 285,713 shares in the last quarter. Institutional investors own 95.37% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. National Bank Financial lifted their price objective on shares of RB Global from $132.00 to $133.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 5th. Wall Street Zen downgraded shares of RB Global from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $135.00 price target (up from $130.00) on shares of RB Global in a report on Tuesday, May 5th. Stephens reaffirmed an “equal weight” rating and issued a $96.00 price target on shares of RB Global in a report on Tuesday, May 5th. Finally, Raymond James Financial raised RB Global from an “outperform” rating to a “strong-buy” rating and set a $145.00 price target on the stock in a research report on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, RB Global has an average rating of “Buy” and a consensus target price of $128.00.

Insider Transactions at RB Global

In related news, Director Deborah Stein acquired 425 shares of the stock in a transaction dated Tuesday, May 19th. The stock was acquired at an average cost of $103.15 per share, for a total transaction of $43,838.75. Following the completion of the purchase, the director owned 1,825 shares of the company’s stock, valued at approximately $188,248.75. This represents a 30.36% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.57% of the company’s stock.

RB Global Price Performance

Shares of RBA stock opened at $84.24 on Friday. RB Global, Inc. has a fifty-two week low of $83.59 and a fifty-two week high of $119.58. The firm has a market capitalization of $15.60 billion, a price-to-earnings ratio of 36.15, a PEG ratio of 1.48 and a beta of 0.56. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.22 and a current ratio of 1.31. The stock’s 50-day simple moving average is $107.80 and its 200-day simple moving average is $105.29.

RB Global (NYSE:RBA) (TSE:RBA) last posted its quarterly earnings data on Tuesday, August 4th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.21 billion. RB Global had a net margin of 9.99% and a return on equity of 12.37%. As a group, equities analysts forecast that RB Global, Inc. will post 4.06 earnings per share for the current fiscal year.

RB Global Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Tuesday, August 25th will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Tuesday, August 25th. This is a positive change from RB Global’s previous quarterly dividend of $0.31. RB Global’s dividend payout ratio (DPR) is currently 53.22%.

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.