Lazard Asset Management LLC Makes New Investment in RB Global, Inc. $RBA

by · The Markets Daily

Lazard Asset Management LLC bought a new stake in shares of RB Global, Inc. (NYSE:RBA – Free Report) (TSE:RBA) in the 1st quarter, Holdings Channel reports. The fund bought 2,191,875 shares of the business services provider’s stock, valued at approximately $210,091,000.

Several other institutional investors have also modified their holdings of the business. MV Capital Management Inc. acquired a new stake in RB Global during the 4th quarter valued at approximately $29,000. Bayban acquired a new stake in shares of RB Global during the fourth quarter worth approximately $34,000. State of Wyoming bought a new stake in shares of RB Global in the second quarter worth $46,000. Cassaday & Co Wealth Management LLC acquired a new stake in RB Global in the first quarter valued at $43,000. Finally, Nemes Rush Group LLC acquired a new position in RB Global during the 4th quarter worth $54,000. Institutional investors and hedge funds own 95.37% of the company’s stock.

RB Global Price Performance

Shares of NYSE:RBA opened at $111.68 on Monday. The stock’s 50 day moving average price is $108.82 and its 200 day moving average price is $106.36. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.14 and a quick ratio of 1.07. The stock has a market cap of $20.71 billion, a price-to-earnings ratio of 51.95, a PEG ratio of 1.75 and a beta of 0.55. RB Global, Inc. has a 12 month low of $93.58 and a 12 month high of $119.58.

RB Global (NYSE:RBA – Get Free Report) (TSE:RBA) last announced its quarterly earnings data on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.04. RB Global had a return on equity of 12.33% and a net margin of 9.55%.The business had revenue of $888.01 million during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the prior year, the firm posted $0.89 earnings per share. The company’s revenue was up 11.4% on a year-over-year basis. Equities research analysts anticipate that RB Global, Inc. will post 4.16 earnings per share for the current fiscal year.

RB Global Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Tuesday, August 25th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.2%. This is a positive change from RB Global’s previous quarterly dividend of $0.31. The ex-dividend date is Tuesday, August 25th. RB Global’s dividend payout ratio (DPR) is presently 57.67%.

Insider Activity

In related news, Director Deborah Stein acquired 425 shares of the business’s stock in a transaction dated Tuesday, May 19th. The stock was bought at an average price of $103.15 per share, for a total transaction of $43,838.75. Following 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.57% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on RBA. National Bank Financial boosted their price target on RB Global from $130.00 to $132.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Stephens reaffirmed an “equal weight” rating and set a $96.00 target price on shares of RB Global in a report on Tuesday, May 5th. Barclays lowered their price objective on RB Global from $124.00 to $121.00 and set an “overweight” rating for the company in a research note on Wednesday, July 22nd. Zacks Research upgraded shares of RB Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 3rd. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $135.00 price objective (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $127.57.

View Our Latest Research Report on RB Global

RB Global Company Profile

(Free Report)

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.

See Also

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