Granahan Investment Management LLC is seeking new investment opportunities in the business services sector as it acquires a new stake in shares of RB Global, Inc. According to its latest SEC filing on June 11, 2023, Granahan has acquired 530,634 shares of RB Global’s stock worth about $30,687,000. RB Global currently accounts for approximately 0.9% of Granahan’s holdings and is the company’s 27th largest holding.
RB Global recently announced its quarterly dividend payment which will be paid on Tuesday, June 20th. Investors who hold shares as of May 30th are entitled to receive a $0.27 dividend per share. The ex-dividend date is set for Friday, May 26th. This amounts to an annualized dividend payout ratio of $1.08 with a yield of 1.95%.
Several brokers have recently issued their opinions on RB Global with some rating the company positively while others issue sell and hold ratings. National Bankshares upgraded RB Global from a “sector perform” rating to an “outperform” rating and set a price target for the company at $61.00 per share on Thursday, May 18th. However, Baird reduced its price objective on RB Global from $66.00 to $64.00 on Monday, March 20th.
OTR Global has rated RB Global a “positive” outlook in their most recent report dated May 4th, while StockNews.com gave the company a “sell” rating after starting coverage on June 1st with unfavorable findings in their research report.
As we await further updates from Granahan and other investment firms regarding their strategy amidst current market conditions and growing concerns over inflation risks – many eyes remain fixedly focused upon the business services sector going forward into Q2-Q4 of this year as earnings reports roll out and investors seek out profitable long-term growth opportunities.
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Institutional Investors and Insiders Show Interest in RB Global Inc. with Recent Surge in Stock Activity
RB Global, Inc. has recently witnessed a flurry of activity from institutional investors and insider buying. Hollencrest Capital Management acquired a new position in the fourth quarter of 2022 worth approximately $48,000. Ronald Blue Trust Inc. lifted its stake by 176.7% during the same period and now owns over 800 shares valued at $53,000. BNP Paribas Arbitrage SA raised its holdings by 41.2% in the second quarter and Signaturefd LLC grew its stake by 28.6% during the third quarter, while Gulf International Bank UK Ltd increased its holdings by 46% in the fourth quarter.
The market capitalization of RB Global stands at an impressive $10.05 billion as compared to a P/E ratio of 56.31, a P/E/G ratio of 5.18 and beta of 0.89, indicating that the company may be slightly overvalued within this category – despite these factors however it is notable that hedge funds and other institutional investors hold up to 81% of the company’s stock highlighting its potential for growth in future years.
In addition to institutional investments, insider buying was also witnessed recently as directors Adam Dewitt and Robert George Elton both bought shares in May this year totalling 2000 and approximately 1500 shares respectively earning a combined value of over $184k.
RB Global’s stocks traded down on June 11th by $0.18 to close at $55.27 with an average volume of just under one million shares per day meaning that the recent surge in investment interest led to even more activity than usual which could further encourage potential shareholders considering investing in RB Global’s stock.
Overall RB Global Inc.’s strong financial health driven in part by its heavy backing from institutional investors makes it an attractive possibility for those seeking long-term capital gains; yet it should also be noted that insiders have reported purchases in recent months – further adding to the already existing hype around the stock.
