Formula Growth Ltd. Purchases Shares of 27,604 RB Global, Inc. $RBA

Formula Growth Ltd. acquired a new stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 27,604 shares of the business services provider’s stock, valued at approximately $3,214,000. RB Global makes up 1.1% of Formula Growth Ltd.’s portfolio, making the stock its 21st largest position.

Other hedge funds have also recently made changes to their positions in the company. Addison Advisors LLC purchased a new stake in shares of RB Global during the second quarter worth about $26,000. J.Safra Asset Management Corp purchased a new position in RB Global in the 2nd quarter worth approximately $32,000. MV Capital Management Inc. purchased a new position in RB Global in the 4th quarter worth approximately $29,000. Bayban bought a new position in RB Global in the 4th quarter worth approximately $34,000. Finally, State of Wyoming bought a new position in RB Global in the 2nd quarter worth approximately $46,000. Institutional investors own 95.37% of the company’s stock.

Insiders Place Their Bets

In other RB Global news, Director Chloe Harford purchased 1,200 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The shares were bought at an average price of $83.74 per share, with a total value of $100,488.00. Following the completion of the purchase, the director directly owned 1,200 shares in the company, valued at $100,488. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.57% of the company’s stock.

RB Global Stock Performance

NYSE RBA opened at $85.90 on Friday. The stock has a market capitalization of $15.90 billion, a PE ratio of 36.87, a P/E/G ratio of 1.46 and a beta of 0.56. The business has a 50 day simple moving average of $103.79 and a two-hundred day simple moving average of $103.31. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.31 and a quick ratio of 1.22. RB Global, Inc. has a 1-year low of $82.03 and a 1-year high of $119.58.

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

RB Global Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Tuesday, August 25th will be given a $0.33 dividend. This is a boost from RB Global’s previous quarterly dividend of $0.31. This represents a $1.32 annualized dividend and a yield of 1.5%. The ex-dividend date is Tuesday, August 25th. RB Global’s dividend payout ratio (DPR) is presently 56.65%.

Analysts Set New Price Targets

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

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.