Legal & General Group Plc Has $103.85 Million Position in RB Global, Inc. $RBA

Legal & General Group Plc boosted its stake in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 3.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 1,007,640 shares of the business services provider’s stock after purchasing an additional 29,368 shares during the quarter. Legal & General Group Plc’s holdings in RB Global were worth $103,845,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RBA. AQR Capital Management LLC increased its stake in shares of RB Global by 94.3% in the first quarter. AQR Capital Management LLC now owns 10,489 shares of the business services provider’s stock valued at $1,031,000 after buying an additional 5,090 shares in the last quarter. NewEdge Advisors LLC increased its position in RB Global by 53.1% in 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 period. Jones Financial Companies Lllp increased its position in RB Global by 857.9% in 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 period. Goldman Sachs Group Inc. increased its position in RB Global by 35.6% in 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 period. Finally, Woodline Partners LP acquired a new stake in RB Global in the first quarter worth about $4,103,000. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Royal Bank Of Canada lifted their price objective on RB Global from $146.00 to $150.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 5th. Stephens restated an “equal weight” rating and set a $96.00 target price on shares of RB Global in a report on Tuesday, May 5th. BMO Capital Markets restated an “outperform” rating and set a $135.00 target price (up from $130.00) on shares of RB Global in a report on Tuesday, May 5th. Barclays assumed coverage on RB Global in a report on Thursday. They set an “overweight” rating and a $124.00 target price on the stock. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of RB Global in a report on Tuesday. Seven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, RB Global has a consensus rating of “Moderate Buy” and an average target price of $126.13.

RB Global Trading Up 1.9%

NYSE:RBA opened at $105.87 on Friday. RB Global, Inc. has a fifty-two week low of $93.58 and a fifty-two week high of $119.58. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.14 and a quick ratio of 1.07. The stock has a market capitalization of $19.68 billion, a PE ratio of 49.24, a price-to-earnings-growth ratio of 1.66 and a beta of 0.57. The business’s 50-day simple moving average is $101.79 and its 200-day simple moving average is $103.89.

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

RB Global Dividend Announcement

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

Insider Buying and Selling

In related news, Director Deborah Stein acquired 425 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The shares were acquired at an average cost of $103.15 per share, with a total value of $43,838.75. Following the transaction, the director owned 1,825 shares of the company’s stock, valued at $188,248.75. The trade was a 30.36% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.57% of the company’s stock.

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.