The Manufacturers Life Insurance Company Invests $171.34 Million in RB Global, Inc. $RBA

The Manufacturers Life Insurance Company purchased a new position in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the second quarter, HoldingsChannel reports. The firm purchased 1,474,464 shares of the business services provider’s stock, valued at approximately $171,335,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in RBA. Public Employees Retirement System of Ohio grew its position in RB Global by 9.2% in the 1st 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 purchasing an additional 17,489 shares during the period. Wilson Asset Management International PTY Ltd. increased its stake in RB Global by 8.5% during the 4th 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 in the last quarter. Bank of America Corp DE raised its holdings in RB Global by 7.8% during the first quarter. Bank of America Corp DE now owns 1,452,438 shares of the business services provider’s stock worth $139,216,000 after buying an additional 104,560 shares during the last quarter. Oppenheimer Asset Management Inc. raised its holdings in RB Global by 20.5% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 173,358 shares of the business services provider’s stock worth $17,833,000 after buying an additional 29,530 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC lifted its stake in shares of RB Global by 127.3% in the second quarter. Legacy Wealth Asset Management LLC now owns 26,343 shares of the business services provider’s stock valued at $3,068,000 after buying an additional 14,755 shares in the last quarter. Institutional investors own 95.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RBA. Barclays reduced their price objective on shares of RB Global from $124.00 to $121.00 and set an “overweight” rating for the company in a report on Wednesday, July 22nd. Royal Bank Of Canada upped their target price on shares of RB Global from $150.00 to $152.00 and gave the stock an “outperform” rating in a report on Wednesday, August 5th. Stephens reaffirmed an “equal weight” rating and issued a $96.00 price target on shares of RB Global in a research report on Tuesday, May 5th. BMO Capital Markets reiterated an “outperform” rating and set a $135.00 price target (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Finally, Raymond James Financial raised RB Global from an “outperform” rating to a “strong-buy” rating and set a $145.00 price objective for the company in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, RB Global currently has a consensus rating of “Moderate Buy” and an average price target of $128.00.

RB Global Stock Down 3.4%

RB Global stock opened at $84.06 on Tuesday. RB Global, Inc. has a fifty-two week low of $82.03 and a fifty-two week high of $119.58. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.22 and a current ratio of 1.31. The firm’s 50-day simple moving average is $105.23 and its 200 day simple moving average is $103.96. The stock has a market cap of $15.56 billion, a PE ratio of 36.08, a price-to-earnings-growth ratio of 1.49 and a beta of 0.56.

RB Global (NYSE:RBA) (TSE:RBA) last posted its quarterly earnings data on Tuesday, August 4th. The business services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.09 by $0.04. RB Global had a net margin of 9.99% and a return on equity of 12.37%. The firm had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.21 billion. Research analysts predict that RB Global, Inc. will post 4.06 EPS for the current fiscal year.

RB Global Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Tuesday, August 25th will be issued a $0.33 dividend. This is a boost from RB Global’s previous quarterly dividend of $0.31. This represents a $1.32 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Tuesday, August 25th. RB Global’s dividend payout ratio is currently 53.22%.

RB Global Company 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.