Palisade Capital Management LP Makes New $3.16 Million Investment in RB Global, Inc. $RBA

Palisade Capital Management LP acquired a new stake in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 27,132 shares of the business services provider’s stock, valued at approximately $3,160,000.

Other hedge funds have also modified their holdings of the company. Addison Advisors LLC purchased a new position in shares of RB Global in the second quarter worth about $26,000. J.Safra Asset Management Corp acquired a new stake in RB Global during the second quarter valued at $32,000. MV Capital Management Inc. purchased a new position in shares of RB Global in the 4th quarter valued at about $29,000. Bayban acquired a new position in shares of RB Global during the 4th quarter worth approximately $34,000. Finally, State of Wyoming purchased a new position in shares of RB Global during the 2nd quarter valued at approximately $46,000. 95.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on RBA shares. Raymond James Financial raised shares of RB Global from an “outperform” rating to a “strong-buy” rating and set a $145.00 target price for the company in a research note on Tuesday, June 30th. National Bank Financial boosted their price objective on RB Global from $132.00 to $133.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 5th. BMO Capital Markets restated an “outperform” rating and issued a $135.00 target price (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of RB Global in a research report on Wednesday, August 5th. Finally, Weiss Ratings lowered RB Global from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, RB Global currently has an average rating of “Moderate Buy” and an average price target of $128.00.

Insider Activity

In other RB Global news, Director Chloe Harford bought 1,200 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The shares were purchased at an average price of $83.74 per share, with a total value of $100,488.00. Following the completion of the acquisition, the director directly owned 1,200 shares of the company’s stock, valued at $100,488. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.57% of the company’s stock.

RB Global Stock Performance

Shares of RB Global stock opened at $85.12 on Wednesday. The firm has a market cap of $15.76 billion, a PE ratio of 36.53, a price-to-earnings-growth ratio of 1.44 and a beta of 0.56. 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 52 week low of $82.03 and a 52 week high of $119.58. The business’s fifty day simple moving average is $104.72 and its 200-day simple moving average is $103.74.

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

RB Global Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Tuesday, August 25th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis 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 (DPR) is 53.22%.

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.