Burkett Asset Management Ltd Makes New Investment in RB Global, Inc. $RBA

Burkett Asset Management Ltd purchased a new position in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 22,484 shares of the business services provider’s stock, valued at approximately $2,318,000. RB Global accounts for about 2.3% of Burkett Asset Management Ltd’s portfolio, making the stock its 16th biggest position.

Other institutional investors also recently added to or reduced their stakes in the company. Caprock Group LLC acquired a new position in RB Global during the 3rd quarter worth $1,724,000. Cibc World Market Inc. boosted its position in RB Global by 60.7% during the 3rd quarter. Cibc World Market Inc. now owns 179,707 shares of the business services provider’s stock worth $19,461,000 after acquiring an additional 67,860 shares during the period. Fiera Capital Corp boosted its position in RB Global by 4.9% during the 3rd quarter. Fiera Capital Corp now owns 4,067,003 shares of the business services provider’s stock worth $440,353,000 after acquiring an additional 190,408 shares during the period. TD Asset Management Inc boosted its position in RB Global by 1.2% during the 3rd quarter. TD Asset Management Inc now owns 949,779 shares of the business services provider’s stock worth $102,896,000 after acquiring an additional 10,877 shares during the period. Finally, Vanguard Group Inc. boosted its position in RB Global by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 25,330,426 shares of the business services provider’s stock worth $2,744,455,000 after acquiring an additional 124,926 shares during the period. Institutional investors and hedge funds own 95.37% of the company’s stock.

Insider Activity at RB Global

In related news, Director Deborah Stein bought 425 shares of RB Global stock in a transaction dated Tuesday, May 19th. The stock was acquired at an average cost of $103.15 per share, with a total value of $43,838.75. Following the completion of the acquisition, the director directly owned 1,825 shares in the company, valued at approximately $188,248.75. This trade represents a 30.36% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.57% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on RBA. Royal Bank Of Canada boosted their price target on RB Global from $146.00 to $150.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 5th. Stephens reaffirmed 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 RB Global in a report on Thursday, May 28th. They set an “overweight” rating and a $124.00 target price on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of RB Global in a report on Tuesday, May 26th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $135.00 target price (up from $130.00) on shares of RB Global in a report on Tuesday, May 5th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, RB Global has a consensus rating of “Moderate Buy” and a consensus target price of $126.13.

RB Global Price Performance

NYSE:RBA opened at $106.09 on Friday. The business’s 50-day moving average price is $103.57 and its 200 day moving average price is $104.31. The firm has a market cap of $19.73 billion, a P/E ratio of 49.34, a PEG ratio of 1.68 and a beta of 0.57. RB Global, Inc. has a 52-week low of $93.58 and a 52-week high of $119.58. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.40.

RB Global (NYSE:RBA) (TSE:RBA) last announced its earnings results 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. RB Global had a return on equity of 12.33% and a net margin of 9.55%.The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the prior year, the business posted $0.89 earnings per share. RB Global’s revenue was up 11.4% compared to the same quarter last year. As a group, sell-side analysts predict that RB Global, Inc. will post 4.09 earnings per share for the current fiscal year.

RB Global Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Wednesday, May 27th will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, May 27th. RB Global’s dividend payout ratio is currently 57.67%.

RB Global 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.