Norges Bank Makes New $231.81 Million Investment in RB Global, Inc. $RBA

Norges Bank purchased a new position in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 2,252,312 shares of the business services provider’s stock, valued at approximately $231,813,000.

Several other hedge funds have also recently added to or reduced their stakes in RBA. AQR Capital Management LLC lifted its stake in RB Global by 94.3% during the first quarter. AQR Capital Management LLC now owns 10,489 shares of the business services provider’s stock worth $1,031,000 after purchasing an additional 5,090 shares during the last quarter. NewEdge Advisors LLC lifted its stake in RB Global by 53.1% during the first quarter. NewEdge Advisors LLC now owns 588 shares of the business services provider’s stock worth $59,000 after purchasing an additional 204 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in RB Global by 857.9% during the first quarter. Jones Financial Companies Lllp now owns 3,736 shares of the business services provider’s stock worth $375,000 after purchasing an additional 3,346 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in RB Global by 35.6% during the first quarter. Goldman Sachs Group Inc. now owns 338,385 shares of the business services provider’s stock worth $33,940,000 after purchasing an additional 88,813 shares during the last quarter. Finally, Woodline Partners LP bought a new stake in RB Global during the first quarter worth about $4,103,000. Institutional investors own 95.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on RBA shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of RB Global in a research note on Tuesday, May 26th. Royal Bank Of Canada lifted their price target on RB Global from $146.00 to $150.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 5th. BMO Capital Markets reaffirmed an “outperform” rating and set a $135.00 price target (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Stephens reaffirmed an “equal weight” rating and set a $96.00 price target on shares of RB Global in a research note on Tuesday, May 5th. Finally, Barclays started coverage on RB Global in a research note on Thursday, May 28th. They set an “overweight” rating and a $124.00 price target for the company. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, RB Global has an average rating of “Moderate Buy” and a consensus price target of $126.13.

RB Global Stock Performance

Shares of RBA stock opened at $104.73 on Wednesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.07 and a current ratio of 1.14. RB Global, Inc. has a fifty-two week low of $93.58 and a fifty-two week high of $119.58. The stock has a 50 day moving average price of $102.16 and a two-hundred day moving average price of $103.96. The company has a market capitalization of $19.47 billion, a P/E ratio of 48.71, a PEG ratio of 1.68 and a beta of 0.57.

RB Global (NYSE:RBA) (TSE:RBA) last announced its quarterly earnings data on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.04. RB Global had a return on equity of 12.33% and a net margin of 9.55%.The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the previous year, the company posted $0.89 earnings per share. The business’s revenue was up 11.4% on a year-over-year basis. Analysts expect that RB Global, Inc. will post 4.09 earnings per share for the current year.

RB Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Wednesday, May 27th will be given a $0.31 dividend. The ex-dividend date is Wednesday, May 27th. This represents a $1.24 annualized dividend and a yield of 1.2%. RB Global’s payout ratio is presently 57.67%.

Insiders Place Their Bets

In related news, Director Deborah Stein acquired 425 shares of the stock in a transaction on Tuesday, May 19th. The stock was purchased at an average price of $103.15 per share, for a total transaction of $43,838.75. Following the completion of the transaction, the director owned 1,825 shares of the company’s stock, valued at $188,248.75. This trade represents a 30.36% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.57% of the company’s stock.

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.