HITE Hedge Asset Management LLC Invests $909,000 in RB Global, Inc. $RBA

HITE Hedge Asset Management LLC bought a new position in RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the 4th quarter, HoldingsChannel reports. The fund bought 8,838 shares of the business services provider’s stock, valued at approximately $909,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RBA. Norges Bank bought a new position in shares of RB Global in the fourth quarter worth approximately $231,813,000. Kensico Capital Management Corp lifted its stake in shares of RB Global by 152.0% in the third quarter. Kensico Capital Management Corp now owns 1,044,000 shares of the business services provider’s stock worth $113,128,000 after buying an additional 629,700 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of RB Global by 58.7% in the third quarter. Bank of America Corp DE now owns 1,533,783 shares of the business services provider’s stock worth $166,201,000 after buying an additional 567,431 shares in the last quarter. Holocene Advisors LP bought a new position in shares of RB Global in the third quarter worth approximately $53,111,000. Finally, Invesco Ltd. lifted its stake in shares of RB Global by 17.7% in the third quarter. Invesco Ltd. now owns 2,863,540 shares of the business services provider’s stock worth $310,293,000 after buying an additional 430,729 shares in the last quarter. Institutional investors own 95.37% of the company’s stock.

RB Global Stock Up 1.5%

Shares of RB Global stock opened at $107.74 on Friday. The company has a market cap of $20.03 billion, a price-to-earnings ratio of 50.11, a price-to-earnings-growth ratio of 1.69 and a beta of 0.57. The company’s 50 day moving average is $103.79 and its 200 day moving average is $104.33. RB Global, Inc. has a twelve month low of $93.58 and a twelve month 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 issued its quarterly earnings data on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.04. The company had revenue of $1.21 billion 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%. 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 earned $0.89 earnings per share. Research analysts anticipate that RB Global, Inc. will post 4.09 EPS for the current year.

RB Global Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Wednesday, May 27th will be given a $0.31 dividend. The ex-dividend date is Wednesday, May 27th. This represents a $1.24 annualized dividend and a yield of 1.2%. RB Global’s dividend payout ratio (DPR) is presently 57.67%.

Insiders Place Their Bets

In other RB Global news, Director Deborah Stein purchased 425 shares of the firm’s stock in a transaction 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 transaction, the director owned 1,825 shares of the company’s stock, valued at approximately $188,248.75. The trade was a 30.36% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.57% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RBA. Royal Bank Of Canada upped their target price 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. BMO Capital Markets reiterated an “outperform” rating and issued a $135.00 target price (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Barclays began coverage on shares of RB Global in a research note on Thursday, May 28th. They issued an “overweight” rating and a $124.00 target price on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of RB Global in a research report on Tuesday, May 26th. Finally, Stephens restated an “equal weight” rating and set a $96.00 price objective on shares of RB Global in a research report on Tuesday, May 5th. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $126.13.

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.