Man Group plc Takes Position in RB Global, Inc. $RBA

Man Group plc bought a new position in RB Global, Inc. (NYSE:RBA) (TSE:RBA) in the second quarter, HoldingsChannel reports. The firm bought 52,776 shares of the business services provider’s stock, valued at approximately $6,146,000.

Several other large investors have also recently modified their holdings of RBA. Public Employees Retirement System of Ohio lifted its holdings in shares of RB Global by 9.2% in the 1st quarter. Public Employees Retirement System of Ohio now owns 207,778 shares of the business services provider’s stock worth $19,873,000 after acquiring an additional 17,489 shares during the last quarter. Bank of America Corp DE grew its holdings in RB Global by 7.8% during the 1st quarter. Bank of America Corp DE now owns 1,452,438 shares of the business services provider’s stock valued at $139,216,000 after purchasing an additional 104,560 shares during the last quarter. Wilson Asset Management International PTY Ltd. grew its holdings in RB Global by 8.5% during the 4th quarter. Wilson Asset Management International PTY Ltd. now owns 139,295 shares of the business services provider’s stock valued at $14,329,000 after purchasing an additional 10,951 shares during the last quarter. Legacy Wealth Asset Management LLC raised its position in RB Global by 127.3% in the 2nd quarter. Legacy Wealth Asset Management LLC now owns 26,343 shares of the business services provider’s stock worth $3,068,000 after purchasing an additional 14,755 shares during the period. Finally, Oppenheimer Asset Management Inc. purchased a new stake in RB Global in the 2nd quarter worth about $17,590,000. Institutional investors own 95.37% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on RBA shares. National Bank Financial boosted their target price on RB Global from $132.00 to $133.00 and gave the company an “outperform” rating in a research report on Wednesday, August 5th. BMO Capital Markets reiterated an “outperform” rating and issued a $135.00 price target (up from $130.00) on shares of RB Global in a report on Tuesday, May 5th. Wall Street Zen lowered RB Global from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Barclays dropped their price objective on RB Global from $124.00 to $121.00 and set an “overweight” rating for the company in a report on Wednesday, July 22nd. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of RB Global in a research report on Wednesday, August 5th. 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 company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $128.00.

RB Global Price Performance

RB Global stock opened at $85.94 on Friday. The stock has a market cap of $15.91 billion, a price-to-earnings ratio of 36.88, a price-to-earnings-growth ratio of 1.47 and a beta of 0.56. 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. The firm has a 50-day moving average of $103.30 and a two-hundred day moving average of $103.19.

RB Global (NYSE:RBA) (TSE:RBA) last issued its earnings results on Tuesday, August 4th. The business services provider reported $1.13 EPS 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 business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.21 billion. On average, research 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. Investors of record on Tuesday, August 25th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.5%. This is an increase from RB Global’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Tuesday, August 25th. RB Global’s payout ratio is currently 56.65%.

Insider Transactions at RB Global

In other news, Director Chloe Harford acquired 1,200 shares of RB Global stock in a transaction on Monday, August 24th. The shares were bought at an average cost of $83.74 per share, for a total transaction of $100,488.00. Following the acquisition, the director directly owned 1,200 shares of the company’s stock, valued at $100,488. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.57% of the stock is currently owned by company insiders.

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.