Norges Bank Makes New $209.93 Million Investment in RB Global, Inc. (NYSE:RBA)

Norges Bank acquired a new stake in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the 4th quarter, HoldingsChannel reports. The institutional investor acquired 2,328,125 shares of the business services provider’s stock, valued at approximately $209,931,000.

Other hedge funds have also recently modified their holdings of the company. Central Pacific Bank Trust Division purchased a new stake in RB Global during the 4th quarter worth approximately $27,000. Versant Capital Management Inc lifted its stake in shares of RB Global by 136.4% during the fourth quarter. Versant Capital Management Inc now owns 305 shares of the business services provider’s stock worth $28,000 after buying an additional 176 shares during the period. Jones Financial Companies Lllp grew its holdings in shares of RB Global by 49.4% during the fourth quarter. Jones Financial Companies Lllp now owns 390 shares of the business services provider’s stock valued at $35,000 after buying an additional 129 shares during the last quarter. Whipplewood Advisors LLC acquired a new position in shares of RB Global in the 4th quarter valued at $37,000. Finally, Geneos Wealth Management Inc. purchased a new position in RB Global in the 4th quarter worth $40,000. Institutional investors and hedge funds own 95.37% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on RBA. CIBC cut their price objective on RB Global from $109.00 to $108.00 and set an “outperformer” rating on the stock in a report on Monday, February 3rd. Robert W. Baird increased their price target on shares of RB Global from $105.00 to $110.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Royal Bank of Canada lifted their price objective on shares of RB Global from $107.00 to $116.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. BMO Capital Markets upped their price objective on shares of RB Global from $116.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Finally, Raymond James raised their target price on shares of RB Global from $110.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $107.64.

Insiders Place Their Bets

In related news, CRO James J. Jeter sold 600 shares of the company’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $98.63, for a total transaction of $59,178.00. Following the completion of the transaction, the executive now owns 19,667 shares in the company, valued at $1,939,756.21. This represents a 2.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James Francis Kessler sold 15,700 shares of RB Global stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $97.81, for a total value of $1,535,617.00. Following the completion of the sale, the chief executive officer now owns 107,569 shares in the company, valued at approximately $10,521,323.89. The trade was a 12.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,897 shares of company stock worth $2,338,161. 4.32% of the stock is owned by corporate insiders.

RB Global Trading Down 2.4 %

RB Global stock opened at $97.90 on Monday. The firm has a market cap of $18.09 billion, a PE ratio of 48.70, a P/E/G ratio of 4.95 and a beta of 0.94. RB Global, Inc. has a 12 month low of $69.83 and a 12 month high of $106.90. The stock’s 50 day simple moving average is $96.38 and its two-hundred day simple moving average is $91.48. The company has a current ratio of 1.29, a quick ratio of 1.17 and a debt-to-equity ratio of 0.50.

RB Global (NYSE:RBA) (TSE:RBA) last announced its quarterly earnings results on Tuesday, February 18th. The business services provider reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.23). RB Global had a return on equity of 8.00% and a net margin of 9.64%. The firm had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same period last year, the company posted $0.82 earnings per share. Analysts anticipate that RB Global, Inc. will post 2.5 earnings per share for the current year.

RB Global Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were paid a $0.29 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.16 annualized dividend and a dividend yield of 1.18%. RB Global’s dividend payout ratio is presently 57.71%.

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.