12th Street Asset Management Company LLC Raises Stock Position in RB Global, Inc. $RBA

Key Points

• 12th Street Asset Management boosted its RB Global stake by 86.4% in the fourth quarter, buying an additional 102,004 shares to bring its total to 220,127 shares worth about $22.6 million.
• RB Global reported better-than-expected Q1 earnings, with EPS of $1.01 versus $0.97 estimated and revenue of $1.21 billion versus $1.13 billion expected, while revenue rose 11.4% year over year.
• The company declared a quarterly dividend of $0.31 per share and also drew positive analyst attention, with several firms maintaining or raising bullish ratings and a consensus Moderate Buy rating.

12th Street Asset Management Company LLC increased its holdings in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 86.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 220,127 shares of the business services provider's stock after purchasing an additional 102,004 shares during the period. RB Global makes up 3.7% of 12th Street Asset Management Company LLC's holdings, making the stock its 13th biggest position. 12th Street Asset Management Company LLC owned approximately 0.12% of RB Global worth $22,644,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Covestor Ltd increased its position in RB Global by 11.6% during the fourth quarter. Covestor Ltd now owns 933 shares of the business services provider's stock worth $96,000 after purchasing an additional 97 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of RB Global by 21.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 540 shares of the business services provider's stock valued at $54,000 after buying an additional 97 shares during the period. Coldstream Capital Management Inc. lifted its holdings in RB Global by 5.4% in the third quarter. Coldstream Capital Management Inc. now owns 2,044 shares of the business services provider's stock valued at $221,000 after acquiring an additional 105 shares during the last quarter. Central Pacific Bank Trust Division lifted its holdings in RB Global by 41.8% in the fourth quarter. Central Pacific Bank Trust Division now owns 363 shares of the business services provider's stock valued at $37,000 after acquiring an additional 107 shares during the last quarter. Finally, Sigma Planning Corp grew its position in RB Global by 1.4% in the fourth quarter. Sigma Planning Corp now owns 8,416 shares of the business services provider's stock worth $866,000 after acquiring an additional 114 shares during the period. Hedge funds and other institutional investors own 95.37% of the company's stock.

RB Global Trading Up 0.1%

RBA opened at $104.79 on Tuesday. RB Global, Inc. has a 52 week low of $93.58 and a 52 week high of $119.58. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.40. The business has a fifty day simple moving average of $101.43 and a 200-day simple moving average of $103.74. The firm has a market cap of $19.48 billion, a P/E ratio of 48.74, a P/E/G ratio of 1.67 and a beta of 0.57.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.04. The firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.13 billion. RB Global had a return on equity of 12.33% and a net margin of 9.55%.RB Global's revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.89 EPS. On average, equities analysts expect that RB Global, Inc. will post 4.09 earnings per share for the current year.

RB Global Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Wednesday, May 27th will be paid a dividend of $0.31 per share. The ex-dividend date is Wednesday, May 27th. This represents a $1.24 dividend on an annualized basis and a yield of 1.2%. RB Global's dividend payout ratio is 57.67%.

Insider Transactions at RB Global

In other RB Global news, Director Deborah Stein purchased 425 shares of the business's stock in a transaction on Tuesday, May 19th. The shares were bought at an average cost of $103.15 per share, for a total transaction of $43,838.75. Following the completion of the purchase, the director directly owned 1,825 shares of the company's stock, valued at approximately $188,248.75. This trade represents a 30.36% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.57% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on RBA shares. Weiss Ratings raised RB Global from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, February 26th. Stephens reissued an "equal weight" rating and set a $96.00 price objective on shares of RB Global in a research report on Tuesday, May 5th. BMO Capital Markets restated an "outperform" rating and issued a $135.00 price objective (up from $130.00) on shares of RB Global in a report on Tuesday, May 5th. Finally, Royal Bank Of Canada upped their target price on shares of RB Global from $146.00 to $150.00 and gave the company an "outperform" rating in a research report on Tuesday, May 5th. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $126.43.

RB Global 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.

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