Sunpointe LLC Invests $2.33 Million in RB Global, Inc. (NYSE:RBA)

Sunpointe LLC acquired a new stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 25,774 shares of the business services provider’s stock, valued at approximately $2,325,000. RB Global makes up about 1.2% of Sunpointe LLC’s holdings, making the stock its 22nd biggest holding.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vontobel Holding Ltd. lifted its stake in shares of RB Global by 9.8% in the 4th quarter. Vontobel Holding Ltd. now owns 8,451,146 shares of the business services provider’s stock valued at $762,378,000 after acquiring an additional 753,700 shares during the last quarter. State Street Corp raised its position in RB Global by 2.1% in the third quarter. State Street Corp now owns 5,045,188 shares of the business services provider’s stock valued at $406,087,000 after purchasing an additional 103,080 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of RB Global by 3.0% during the third quarter. Geode Capital Management LLC now owns 3,702,381 shares of the business services provider’s stock valued at $297,400,000 after purchasing an additional 108,188 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of RB Global by 0.7% during the third quarter. Janus Henderson Group PLC now owns 3,383,191 shares of the business services provider’s stock worth $272,293,000 after purchasing an additional 24,101 shares during the last quarter. Finally, Fiera Capital Corp increased its stake in shares of RB Global by 4.1% in the fourth quarter. Fiera Capital Corp now owns 3,216,507 shares of the business services provider’s stock valued at $290,000,000 after buying an additional 125,275 shares during the period. Institutional investors own 95.37% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on RBA shares. BMO Capital Markets boosted their target price on shares of RB Global from $116.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday. CIBC reduced their price objective on shares of RB Global from $109.00 to $108.00 and set an “outperformer” rating on the stock in a research note on Monday, February 3rd. Robert W. Baird lifted their target price on RB Global from $105.00 to $110.00 and gave the stock an “outperform” rating in a report on Wednesday. Royal Bank of Canada increased their price target on RB Global from $107.00 to $116.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Raymond James lifted their price objective on RB Global from $110.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $107.64.

RB Global Trading Up 8.2 %

NYSE:RBA opened at $104.43 on Thursday. RB Global, Inc. has a 52 week low of $65.99 and a 52 week high of $106.90. The firm has a 50-day moving average price of $91.62 and a two-hundred day moving average price of $88.14. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.17 and a current ratio of 1.28. The firm has a market cap of $19.29 billion, a price-to-earnings ratio of 51.96, a price-to-earnings-growth ratio of 4.02 and a beta of 0.96.

RB Global (NYSE:RBA) (TSE:RBA) last issued its quarterly earnings results on Tuesday, February 18th. The business services provider reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.23). RB Global had a net margin of 9.64% and a return on equity of 8.03%. The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the previous year, the business posted $0.82 earnings per share. On average, equities analysts expect that RB Global, Inc. will post 2.5 earnings per share for the current fiscal year.

RB Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Friday, February 14th will be issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date of this dividend is Friday, February 14th. RB Global’s dividend payout ratio (DPR) is currently 57.71%.

About RB Global

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.