Norges Bank Invests $141.97 Million in RB Global, Inc. (NYSE:RBA)

Norges Bank bought a new stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,121,866 shares of the business services provider’s stock, valued at approximately $141,970,000. Norges Bank owned about 1.16% of RB Global at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its stake in RB Global by 144.9% in the 3rd quarter. Vanguard Group Inc. now owns 22,647,288 shares of the business services provider’s stock valued at $1,415,456,000 after buying an additional 13,400,942 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in RB Global by 10.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 10,320,114 shares of the business services provider’s stock worth $645,007,000 after purchasing an additional 977,171 shares in the last quarter. Legal & General Group Plc acquired a new stake in RB Global in the third quarter valued at about $49,791,000. Cidel Asset Management Inc. boosted its holdings in RB Global by 50.4% in the 3rd quarter. Cidel Asset Management Inc. now owns 1,375,673 shares of the business services provider’s stock valued at $86,528,000 after purchasing an additional 460,858 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in RB Global by 24.2% during the 3rd quarter. Wellington Management Group LLP now owns 933,652 shares of the business services provider’s stock worth $58,726,000 after purchasing an additional 182,028 shares during the period. Hedge funds and other institutional investors own 95.37% of the company’s stock.

RB Global Stock Down 1.5 %

RBA stock opened at $74.88 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.29 and a quick ratio of 1.17. RB Global, Inc. has a 12 month low of $51.41 and a 12 month high of $80.67. The firm has a market capitalization of $13.70 billion, a PE ratio of 45.11, a P/E/G ratio of 3.70 and a beta of 0.88. The company’s 50 day simple moving average is $74.45 and its 200-day simple moving average is $69.29.

RB Global (NYSE:RBA) (TSE:RBA) last released its quarterly earnings results on Friday, February 23rd. The business services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.14. RB Global had a return on equity of 6.87% and a net margin of 8.08%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter last year, the business posted $0.40 earnings per share. RB Global’s revenue was up 134.5% compared to the same quarter last year. Equities analysts expect that RB Global, Inc. will post 1.9 earnings per share for the current fiscal year.

RB Global Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Wednesday, May 29th will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend is Wednesday, May 29th. RB Global’s payout ratio is 65.06%.

Analyst Ratings Changes

A number of research analysts recently weighed in on RBA shares. StockNews.com raised RB Global from a “sell” rating to a “hold” rating in a report on Friday, February 9th. Scotiabank upped their target price on shares of RB Global from $88.00 to $89.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, April 24th. Raymond James lifted their price target on shares of RB Global from $78.00 to $90.00 and gave the company an “outperform” rating in a research report on Monday, February 26th. Finally, Royal Bank of Canada upped their price target on RB Global from $75.00 to $93.00 and gave the stock an “outperform” rating in a report on Monday, February 26th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $83.00.

Insiders Place Their Bets

In related news, CRO James J. Jeter sold 11,416 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $76.32, for a total transaction of $871,269.12. Following the sale, the executive now owns 30,915 shares in the company, valued at $2,359,432.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other RB Global news, CRO James J. Jeter sold 11,416 shares of RB Global stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $76.32, for a total value of $871,269.12. Following the completion of the sale, the executive now owns 30,915 shares in the company, valued at approximately $2,359,432.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Baron Concors sold 13,230 shares of the stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $75.05, for a total transaction of $992,911.50. Following the transaction, the insider now owns 15,487 shares in the company, valued at $1,162,299.35. The disclosure for this sale can be found here. Insiders have sold 42,046 shares of company stock valued at $3,181,987 in the last ninety days. Insiders own 4.32% of the company’s stock.

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.