Geode Capital Management LLC Buys 108,188 Shares of RB Global, Inc. (NYSE:RBA)

Geode Capital Management LLC increased its holdings in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 3.0% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 3,702,381 shares of the business services provider’s stock after purchasing an additional 108,188 shares during the period. Geode Capital Management LLC owned 2.01% of RB Global worth $297,400,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. UMB Bank n.a. raised its stake in RB Global by 196.0% during the third quarter. UMB Bank n.a. now owns 586 shares of the business services provider’s stock worth $47,000 after acquiring an additional 388 shares in the last quarter. Quarry LP bought a new stake in shares of RB Global in the 2nd quarter valued at $53,000. Nisa Investment Advisors LLC grew its stake in RB Global by 33.5% in the second quarter. Nisa Investment Advisors LLC now owns 836 shares of the business services provider’s stock valued at $64,000 after acquiring an additional 210 shares during the period. Covestor Ltd lifted its position in RB Global by 533.1% in the 3rd quarter. Covestor Ltd now owns 804 shares of the business services provider’s stock valued at $65,000 after acquiring an additional 677 shares in the last quarter. Finally, Hollencrest Capital Management lifted its position in shares of RB Global by 99.8% during the third quarter. Hollencrest Capital Management now owns 875 shares of the business services provider’s stock valued at $70,000 after purchasing an additional 437 shares in the last quarter. Institutional investors and hedge funds own 95.37% of the company’s stock.

Insider Buying and Selling

In other news, CEO James Francis Kessler sold 17,883 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $84.19, for a total value of $1,505,569.77. Following the transaction, the chief executive officer now owns 86,247 shares of the company’s stock, valued at approximately $7,261,134.93. The trade was a 17.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.32% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on RBA shares. Robert W. Baird increased their target price on RB Global from $86.00 to $100.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Royal Bank of Canada boosted their price objective on shares of RB Global from $99.00 to $107.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. BMO Capital Markets lifted their price target on RB Global from $105.00 to $107.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. CIBC lifted their price target on RB Global from $102.00 to $109.00 and gave the stock an “outperformer” rating in a research report on Thursday. Finally, Bank of America upped their target price on shares of RB Global from $79.00 to $92.50 and gave the company a “neutral” rating in a research note on Monday, August 26th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, RB Global presently has an average rating of “Moderate Buy” and a consensus price target of $100.36.

RB Global Price Performance

NYSE:RBA opened at $94.87 on Friday. The firm has a market cap of $17.50 billion, a P/E ratio of 51.56, a price-to-earnings-growth ratio of 4.61 and a beta of 0.95. The company has a current ratio of 1.28, a quick ratio of 1.17 and a debt-to-equity ratio of 0.52. RB Global, Inc. has a 12 month low of $60.84 and a 12 month high of $99.79. The stock has a 50 day moving average of $89.95 and a two-hundred day moving average of $83.51.

RB Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, November 27th will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 1.22%. The ex-dividend date is Wednesday, November 27th. RB Global’s payout ratio is 63.04%.

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.