RB Global, Inc. $RBA Stake Raised by State of Wyoming

State of Wyoming raised its holdings in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 366.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,483 shares of the business services provider’s stock after acquiring an additional 8,234 shares during the quarter. State of Wyoming’s holdings in RB Global were worth $853,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of RB Global during the 2nd quarter valued at about $1,816,059,000. Jupiter Topco LLC bought a new stake in shares of RB Global in the 2nd quarter worth approximately $514,871,000. Lazard Asset Management LLC bought a new stake in shares of RB Global in the 1st quarter worth approximately $210,091,000. Wellington Management Group LLP bought a new stake in shares of RB Global in the 2nd quarter worth approximately $201,813,000. Finally, Caisse de depot et placement du Quebec acquired a new stake in RB Global during the second quarter valued at approximately $183,651,000. Institutional investors own 95.37% of the company’s stock.

Wall Street Analyst Weigh In

RBA has been the subject of a number of research reports. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of RB Global in a report on Wednesday, August 5th. Wall Street Zen cut RB Global from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. National Bank Financial upped their price target on RB Global from $130.00 to $132.00 and gave the company an “outperform” rating in a report on Thursday, October 15th. Barclays cut their price objective on RB Global from $121.00 to $110.00 and set an “overweight” rating for the company in a research report on Tuesday, October 6th. Finally, Weiss Ratings lowered RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, September 18th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $126.29.

Insider Activity at RB Global

In other news, Director Deborah Stein purchased 500 shares of RB Global stock in a transaction that occurred on Wednesday, September 9th. The stock was acquired at an average price of $80.91 per share, for a total transaction of $40,455.00. Following the transaction, the director owned 2,325 shares in the company, valued at $188,115.75. The trade was a 27.40% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Chloe Harford acquired 1,200 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The stock was purchased at an average cost of $83.74 per share, with a total value of $100,488.00. Following the purchase, the director directly owned 1,200 shares in the company, valued at approximately $100,488. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 0.57% of the company’s stock.

RB Global Price Performance

NYSE RBA opened at $89.66 on Friday. The stock’s 50-day moving average price is $83.89 and its two-hundred day moving average price is $99.86. The company has a current ratio of 1.31, a quick ratio of 1.22 and a debt-to-equity ratio of 0.51. The company has a market cap of $16.25 billion, a PE ratio of 38.48, a PEG ratio of 1.53 and a beta of 0.53. RB Global, Inc. has a 1 year low of $78.05 and a 1 year high of $119.33.

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 analysts’ consensus estimates of $1.09 by $0.04. RB Global had a net margin of 9.99% and a return on equity of 12.37%. The company had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.21 billion. On average, analysts predict that RB Global, Inc. will post 4.06 EPS for the current year.

RB Global announced that its board has initiated a share buyback plan on Tuesday, September 15th that allows the company to repurchase $500 million in outstanding shares. This repurchase authorization allows the business services provider to repurchase up to 3.3% of its shares through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

RB Global Profile

RB Global, Inc is a global marketplace and provider of asset management and disposition services for commercial and industrial equipment, vehicles and other durable assets. The company connects buyers and sellers through live and online auctions, negotiated sales and digital marketplaces, serving industries such as construction, transportation, agriculture, energy, government and automotive.

Its portfolio includes Ritchie Bros., a major auction and marketplace brand for heavy equipment; IAA, which specializes in salvage and repairable vehicle auctions; and Mascus, an online marketplace for used equipment.