Sunpointe LLC Invests $2.33 Million in RB Global, Inc. (NYSE:RBA)

Sunpointe LLC purchased a new stake in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 25,774 shares of the business services provider's stock, valued at approximately $2,325,000. RB Global comprises 1.2% of Sunpointe LLC's portfolio, making the stock its 22nd largest holding.

Several other hedge funds have also added to or reduced their stakes in the company. Vontobel Holding Ltd. lifted its stake in RB Global by 9.8% in the fourth quarter. Vontobel Holding Ltd. now owns 8,451,146 shares of the business services provider's stock valued at $762,378,000 after buying an additional 753,700 shares during the period. State Street Corp lifted its stake in RB Global by 2.1% in the third quarter. State Street Corp now owns 5,045,188 shares of the business services provider's stock valued at $406,087,000 after buying an additional 103,080 shares during the period. Geode Capital Management LLC lifted its stake in RB Global by 3.0% in the third quarter. Geode Capital Management LLC now owns 3,702,381 shares of the business services provider's stock valued at $297,400,000 after buying an additional 108,188 shares during the period. Janus Henderson Group PLC lifted its stake in RB Global by 0.7% in the third quarter. Janus Henderson Group PLC now owns 3,383,191 shares of the business services provider's stock valued at $272,293,000 after buying an additional 24,101 shares during the period. Finally, Fiera Capital Corp raised its position in shares of RB Global by 4.1% during the fourth quarter. Fiera Capital Corp now owns 3,216,507 shares of the business services provider's stock worth $290,000,000 after purchasing an additional 125,275 shares during the period. Institutional investors own 95.37% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on RBA shares. BMO Capital Markets raised their price target on RB Global from $116.00 to $120.00 and gave the stock an "outperform" rating in a research report on Wednesday. CIBC decreased their price objective on RB Global from $109.00 to $108.00 and set an "outperformer" rating for the company in a report on Monday, February 3rd. Robert W. Baird increased their price objective on RB Global from $105.00 to $110.00 and gave the stock an "outperform" rating in a report on Wednesday. StockNews.com upgraded RB Global from a "hold" rating to a "buy" rating in a report on Monday, January 27th. Finally, Royal Bank of Canada increased their price objective on RB Global from $107.00 to $116.00 and gave the stock an "outperform" rating in a report on Wednesday. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $107.64.

RB Global Stock Performance

NYSE:RBA traded down $0.92 during mid-day trading on Friday, hitting $102.61. 1,260,994 shares of the stock were exchanged, compared to its average volume of 1,047,941. The stock has a market capitalization of $18.95 billion, a price-to-earnings ratio of 51.05, a price-to-earnings-growth ratio of 4.36 and a beta of 0.96. The firm's 50-day simple moving average is $91.94 and its 200 day simple moving average is $88.46. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.17 and a current ratio of 1.29. RB Global, Inc. has a fifty-two week low of $67.15 and a fifty-two week high of $106.90.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last released its quarterly earnings results on Tuesday, February 18th. The business services provider reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.23). The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.06 billion. RB Global had a return on equity of 8.00% and a net margin of 9.64%. During the same period in the previous year, the business posted $0.82 earnings per share. As a group, equities analysts anticipate that RB Global, Inc. will post 2.5 EPS for the current fiscal year.

RB Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be issued a $0.29 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.16 annualized dividend and a yield of 1.13%. RB Global's dividend payout ratio is presently 57.71%.

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.