NewGen Equity Long Short Fund Invests $2.66 Million in RB Global, Inc. $RBA

NewGen Equity Long Short Fund purchased a new position in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the second quarter, HoldingsChannel.com reports. The institutional investor purchased 25,000 shares of the business services provider’s stock, valued at approximately $2,655,000. RB Global comprises about 1.6% of NewGen Equity Long Short Fund’s investment portfolio, making the stock its 18th largest position.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of RB Global by 1.2% in the second quarter. Vanguard Group Inc. now owns 25,205,500 shares of the business services provider’s stock valued at $2,676,926,000 after buying an additional 289,094 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new stake in shares of RB Global in the second quarter valued at approximately $605,000. Intech Investment Management LLC raised its position in RB Global by 3.2% in the 2nd quarter. Intech Investment Management LLC now owns 80,287 shares of the business services provider’s stock worth $8,512,000 after purchasing an additional 2,487 shares during the last quarter. MJP Associates Inc. ADV lifted its holdings in RB Global by 2.2% during the 2nd quarter. MJP Associates Inc. ADV now owns 4,434 shares of the business services provider’s stock worth $471,000 after buying an additional 95 shares in the last quarter. Finally, Creative Planning boosted its position in RB Global by 16.4% in the 2nd quarter. Creative Planning now owns 38,008 shares of the business services provider’s stock valued at $4,036,000 after buying an additional 5,357 shares during the last quarter. Institutional investors own 95.37% of the company’s stock.

Insider Transactions at RB Global

In other RB Global news, insider Michael Thomas Steven Lewis sold 2,151 shares of the stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $118.15, for a total value of $254,140.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Deborah Stein purchased 1,000 shares of the company’s stock in a transaction dated Thursday, November 13th. The shares were acquired at an average cost of $101.26 per share, for a total transaction of $101,260.00. Following the transaction, the director owned 1,000 shares of the company’s stock, valued at $101,260. This trade represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 4.32% of the stock is currently owned by insiders.

RB Global Stock Performance

Shares of NYSE:RBA opened at $97.78 on Wednesday. The firm’s 50 day simple moving average is $105.54 and its 200 day simple moving average is $107.70. RB Global, Inc. has a fifty-two week low of $86.68 and a fifty-two week high of $119.58. The company has a market capitalization of $18.16 billion, a price-to-earnings ratio of 48.41, a P/E/G ratio of 2.48 and a beta of 0.65. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.28 and a quick ratio of 1.22.

RB Global (NYSE:RBA) (TSE:RBA) last issued its earnings results on Thursday, November 6th. The business services provider reported $0.93 EPS for the quarter, beating the consensus estimate of $0.83 by $0.10. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.05 billion. RB Global had a net margin of 9.46% and a return on equity of 9.42%. The business’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.71 earnings per share. As a group, 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 will be paid on Wednesday, December 17th. Shareholders of record on Wednesday, November 26th will be issued a dividend of $0.31 per share. The ex-dividend date is Wednesday, November 26th. This represents a $1.24 annualized dividend and a yield of 1.3%. RB Global’s payout ratio is currently 59.33%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on RBA shares. Royal Bank Of Canada boosted their target price on RB Global from $132.00 to $133.00 and gave the stock an “outperform” rating in a research report on Friday, November 7th. Wall Street Zen cut RB Global from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Weiss Ratings downgraded shares of RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Raymond James Financial lifted their price target on shares of RB Global from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Finally, National Bankshares cut their price objective on shares of RB Global from $113.00 to $111.00 and set a “sector perform” rating on the stock in a report on Thursday, October 9th. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $122.71.

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.