The Manufacturers Life Insurance Company Makes New $171.34 Million Investment in RB Global, Inc. $RBA

The Manufacturers Life Insurance Company bought a new position in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 1,474,464 shares of the business services provider’s stock, valued at approximately $171,335,000. The Manufacturers Life Insurance Company owned approximately 0.80% of RB Global as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the business. BlackRock Inc. bought a new position in RB Global during the second quarter worth about $1,816,059,000. T. Rowe Price Investment Management Inc. boosted its holdings in RB Global by 6,120,490.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,448,236 shares of the business services provider’s stock valued at $251,851,000 after purchasing an additional 2,448,196 shares during the period. Norges Bank bought a new stake in RB Global in the 4th quarter valued at about $231,813,000. Lazard Asset Management LLC acquired a new position in shares of RB Global during the 1st quarter worth approximately $210,091,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of RB Global during the second quarter worth approximately $152,994,000. Institutional investors own 95.37% of the company’s stock.

Analyst Ratings Changes

RBA has been the subject of several recent research reports. Stephens reiterated an “equal weight” rating and issued a $96.00 price target on shares of RB Global in a research note on Tuesday, May 5th. Raymond James Financial raised RB Global from an “outperform” rating to a “strong-buy” rating and set a $145.00 price objective for the company in a report on Tuesday, June 30th. Wall Street Zen downgraded RB Global from a “buy” rating to a “hold” rating in a research report on Saturday, July 18th. Weiss Ratings lowered RB Global from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, August 17th. Finally, Barclays decreased their price target on RB Global from $124.00 to $121.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $128.00.

RB Global Stock Performance

Shares of RB Global stock opened at $84.06 on Tuesday. The stock has a market cap of $15.56 billion, a price-to-earnings ratio of 36.08, a P/E/G ratio of 1.49 and a beta of 0.56. The company’s fifty day moving average is $105.23 and its 200 day moving average is $103.96. The company has a quick ratio of 1.22, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. RB Global, Inc. has a twelve month low of $82.03 and a twelve month high of $119.58.

RB Global (NYSE:RBA) (TSE:RBA) last issued its quarterly earnings results on Tuesday, August 4th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.21 billion. RB Global had a net margin of 9.99% and a return on equity of 12.37%. Sell-side analysts forecast that RB Global, Inc. will post 4.06 EPS for the current year.

RB Global Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Tuesday, August 25th will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Tuesday, August 25th. This is a positive change from RB Global’s previous quarterly dividend of $0.31. RB Global’s dividend payout ratio is currently 53.22%.

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.