Allspring Global Investments Holdings LLC Raises Stock Position in RB Global, Inc. $RBA

Allspring Global Investments Holdings LLC boosted its stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 5.7% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 467,816 shares of the business services provider’s stock after buying an additional 25,288 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in RB Global were worth $45,191,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of RBA. MV Capital Management Inc. purchased a new position in shares of RB Global in the 4th quarter valued at approximately $29,000. Bayban bought a new stake in shares of RB Global during the fourth quarter valued at approximately $34,000. Central Pacific Bank Trust Division grew its stake in RB Global by 41.8% in the fourth quarter. Central Pacific Bank Trust Division now owns 363 shares of the business services provider’s stock worth $37,000 after purchasing an additional 107 shares during the period. State of Wyoming purchased a new stake in RB Global in the second quarter worth $46,000. Finally, Nemes Rush Group LLC bought a new position in RB Global in the fourth quarter worth $54,000. 95.37% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Stephens restated an “equal weight” rating and set a $96.00 target price on shares of RB Global in a report on Tuesday, May 5th. Barclays started coverage on shares of RB Global in a research note on Thursday, May 28th. They issued an “overweight” rating and a $124.00 price target for the company. Royal Bank Of Canada lifted their price target on shares of RB Global from $146.00 to $150.00 and gave the company an “outperform” rating in a research report on Tuesday, May 5th. Raymond James Financial raised shares of RB Global from an “outperform” rating to a “strong-buy” rating and set a $145.00 price objective on the stock in a research note on Tuesday, June 30th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $135.00 price objective (up from $130.00) on shares of RB Global in a report on Tuesday, May 5th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, RB Global currently has a consensus rating of “Buy” and a consensus target price of $128.00.

Insider Buying and Selling

In other RB Global news, Director Deborah Stein bought 425 shares of the firm’s stock in a transaction on Tuesday, May 19th. The stock was acquired at an average price of $103.15 per share, with a total value of $43,838.75. Following the transaction, the director owned 1,825 shares in the company, valued at $188,248.75. This represents a 30.36% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.57% of the company’s stock.

RB Global Price Performance

RBA opened at $111.76 on Friday. The stock has a 50-day moving average price of $108.04 and a 200-day moving average price of $106.12. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.14 and a quick ratio of 1.07. The firm has a market cap of $20.78 billion, a PE ratio of 51.98, a P/E/G ratio of 1.75 and a beta of 0.55. RB Global, Inc. has a 1 year low of $93.58 and a 1 year high of $119.58.

RB Global (NYSE:RBA) (TSE:RBA) last announced its quarterly earnings data on Monday, May 4th. The business services provider reported $1.01 EPS for the quarter, beating the consensus estimate of $0.97 by $0.04. The company had revenue of $888.01 million for the quarter, compared to the consensus estimate of $1.13 billion. RB Global had a net margin of 9.55% and a return on equity of 12.33%. RB Global’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.89 EPS. Sell-side analysts predict that RB Global, Inc. will post 4.16 earnings per share for the current fiscal year.

RB Global Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Wednesday, May 27th were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 1.1%. The ex-dividend date was Wednesday, May 27th. RB Global’s dividend payout ratio (DPR) is currently 57.67%.

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.