Texas Permanent School Fund Corp Trims Stock Holdings in RB Global, Inc. $RBA

Texas Permanent School Fund Corp reduced its position in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 14.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 73,377 shares of the business services provider’s stock after selling 12,214 shares during the quarter. Texas Permanent School Fund Corp’s holdings in RB Global were worth $7,792,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. SVB Wealth LLC purchased a new stake in RB Global in the 1st quarter valued at $28,000. Rise Advisors LLC acquired a new position in RB Global in the first quarter valued at $38,000. State of Wyoming acquired a new stake in shares of RB Global during the second quarter worth about $46,000. SouthState Corp boosted its stake in shares of RB Global by 75.6% during the second quarter. SouthState Corp now owns 453 shares of the business services provider’s stock worth $48,000 after buying an additional 195 shares during the period. Finally, Whipplewood Advisors LLC grew its holdings in shares of RB Global by 42.9% during the second quarter. Whipplewood Advisors LLC now owns 456 shares of the business services provider’s stock worth $48,000 after buying an additional 137 shares during the last quarter. 95.37% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Deborah Stein purchased 1,000 shares of RB Global stock in a transaction dated Thursday, November 13th. The stock was bought 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 in the company, valued at approximately $101,260. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Weiss Ratings cut RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. National Bank Financial upgraded RB Global from a “sector perform” rating to an “outperform” rating and set a $124.00 price target for the company in a research note on Monday, November 24th. Royal Bank Of Canada lifted their price objective on shares of RB Global from $132.00 to $133.00 and gave the company an “outperform” rating in a research report on Friday, November 7th. Wall Street Zen cut shares of RB Global from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Bank of America reduced their target price on shares of RB Global from $120.00 to $114.00 and set a “buy” rating for the company in a research note on Friday, November 7th. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, RB Global currently has a consensus rating of “Moderate Buy” and a consensus price target of $122.88.

RB Global Trading Down 1.2%

Shares of RBA stock opened at $102.73 on Tuesday. The business’s fifty day moving average price is $100.32 and its 200 day moving average price is $106.81. The firm has a market capitalization of $19.09 billion, a PE ratio of 49.15, a P/E/G ratio of 2.27 and a beta of 0.56. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.23 and a quick ratio of 1.15. RB Global, Inc. has a 1-year low of $86.68 and a 1-year high of $119.58.

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, topping the consensus estimate of $0.83 by $0.10. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.05 billion. RB Global had a net margin of 9.65% and a return on equity of 9.66%. The business’s revenue was up 12.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.71 EPS. As a group, sell-side analysts forecast that RB Global, Inc. will post 2.5 EPS for the current fiscal year.

RB Global Dividend Announcement

The business 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 $0.31 dividend. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $1.24 dividend on an annualized basis and a yield of 1.2%. RB Global’s dividend payout ratio (DPR) is 59.33%.

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.