Hawk Ridge Capital Management LP Purchases Shares of 396,700 RB Global, Inc. $RBA

Hawk Ridge Capital Management LP purchased a new stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the first quarter, HoldingsChannel.com reports. The fund purchased 396,700 shares of the business services provider’s stock, valued at approximately $38,024,000. RB Global accounts for 1.4% of Hawk Ridge Capital Management LP’s holdings, making the stock its 27th biggest holding.

A number of other institutional investors and hedge funds have also modified their holdings of RBA. Massachusetts Financial Services Co. MA grew its stake in RB Global by 1.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 10,892,186 shares of the business services provider’s stock valued at $1,120,479,000 after buying an additional 165,260 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in RB Global by 9.2% during the first quarter. Public Employees Retirement System of Ohio now owns 207,778 shares of the business services provider’s stock valued at $19,873,000 after acquiring an additional 17,489 shares during the period. Oppenheimer Asset Management Inc. grew its position in shares of RB Global by 20.5% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 173,358 shares of the business services provider’s stock valued at $17,833,000 after purchasing an additional 29,530 shares during the last quarter. Wilson Asset Management International PTY Ltd. grew its position in shares of RB Global by 8.5% in the fourth 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. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of RB Global by 13.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 442,528 shares of the business services provider’s stock worth $45,709,000 after purchasing an additional 50,830 shares during the period. 95.37% of the stock is currently owned by institutional investors and hedge funds.

RB Global Stock Up 4.4%

Shares of RBA opened at $116.46 on Tuesday. The business’s fifty day moving average price is $109.09 and its two-hundred day moving average price is $106.43. The firm has a market capitalization of $21.59 billion, a price-to-earnings ratio of 54.17, a PEG ratio of 1.75 and a beta of 0.55. RB Global, Inc. has a 52 week low of $93.58 and a 52 week high of $119.58. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.07 and a current ratio of 1.14.

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

RB Global Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Tuesday, August 25th will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.1%. This is a positive change 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 presently 57.67%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Stephens restated an “equal weight” rating and set a $96.00 target price on shares of RB Global in a research note on Tuesday, May 5th. BMO Capital Markets reissued an “outperform” rating and issued a $135.00 price objective (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. Royal Bank Of Canada raised their price objective on shares of RB Global from $146.00 to $150.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 5th. Zacks Research raised shares of RB Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 3rd. Finally, Barclays cut their target price on shares of RB Global from $124.00 to $121.00 and set an “overweight” rating for the company in a research note on Wednesday, July 22nd. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $127.57.

Insider Buying and Selling at RB Global

In other RB Global news, Director Deborah Stein acquired 425 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The shares were acquired at an average cost of $103.15 per share, for a total transaction of $43,838.75. Following the completion of the acquisition, the director directly owned 1,825 shares of the company’s stock, valued at approximately $188,248.75. This represents a 30.36% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.57% of the stock is currently owned by company 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.