New Mexico Educational Retirement Board Acquires New Position in RB Global, Inc. (NYSE:RBA)

New Mexico Educational Retirement Board bought a new position in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 37,200 shares of the business services provider’s stock, valued at approximately $2,841,000.

A number of other hedge funds have also bought and sold shares of RBA. International Assets Investment Management LLC purchased a new stake in shares of RB Global during the fourth quarter valued at $900,000. Amalgamated Bank grew its stake in RB Global by 5.2% during the 4th quarter. Amalgamated Bank now owns 24,374 shares of the business services provider’s stock valued at $1,630,000 after purchasing an additional 1,199 shares during the last quarter. Metis Global Partners LLC increased its holdings in shares of RB Global by 4.3% in the fourth quarter. Metis Global Partners LLC now owns 8,472 shares of the business services provider’s stock valued at $567,000 after purchasing an additional 353 shares during the period. Private Advisor Group LLC acquired a new stake in shares of RB Global during the fourth quarter worth about $260,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of RB Global by 2.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,030,810 shares of the business services provider’s stock worth $68,951,000 after purchasing an additional 24,684 shares during the period. Institutional investors and hedge funds own 95.37% of the company’s stock.

RB Global Price Performance

Shares of RB Global stock opened at $82.66 on Friday. The stock has a market capitalization of $15.11 billion, a P/E ratio of 49.80, a PEG ratio of 5.50 and a beta of 0.93. The business has a 50 day simple moving average of $80.40 and a two-hundred day simple moving average of $77.00. RB Global, Inc. has a 12 month low of $58.85 and a 12 month high of $87.45. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.29 and a quick ratio of 1.20.

RB Global (NYSE:RBA) (TSE:RBA) last posted its quarterly earnings data on Tuesday, August 6th. The business services provider reported $0.94 EPS for the quarter, beating the consensus estimate of $0.88 by $0.06. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.13 billion. RB Global had a return on equity of 7.27% and a net margin of 8.67%. The firm’s revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.42 EPS. As a group, analysts predict that RB Global, Inc. will post 1.96 EPS for the current fiscal year.

RB Global Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, August 28th will be paid a $0.29 dividend. This is an increase from RB Global’s previous quarterly dividend of $0.27. This represents a $1.16 annualized dividend and a dividend yield of 1.40%. The ex-dividend date is Wednesday, August 28th. RB Global’s dividend payout ratio (DPR) is currently 69.88%.

Wall Street Analysts Forecast Growth

RBA has been the topic of several research reports. BMO Capital Markets initiated coverage on shares of RB Global in a report on Thursday. They issued an “outperform” rating and a $105.00 price target on the stock. Raymond James boosted their target price on shares of RB Global from $95.00 to $98.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Royal Bank of Canada increased their price target on RB Global from $93.00 to $99.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. CIBC assumed coverage on RB Global in a report on Tuesday, June 18th. They issued a “sector outperform” rating and a $95.00 price objective for the company. Finally, Bank of America upped their target price on RB Global from $79.00 to $92.50 and gave the stock a “neutral” rating in a research note on Monday, August 26th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $92.19.

Insider Buying and Selling

In other RB Global news, CRO James J. Jeter sold 3,000 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $85.55, for a total value of $256,650.00. Following the completion of the sale, the executive now owns 20,267 shares in the company, valued at approximately $1,733,841.85. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other RB Global news, CRO James J. Jeter sold 3,000 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $85.55, for a total transaction of $256,650.00. Following the transaction, the executive now owns 20,267 shares of the company’s stock, valued at $1,733,841.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Darren Jeffrey Watt sold 3,637 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $80.66, for a total value of $293,360.42. Following the completion of the sale, the insider now directly owns 17,279 shares of the company’s stock, valued at $1,393,724.14. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,472 shares of company stock worth $1,669,216. 4.32% of the stock is owned by insiders.

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.