355,000 Shares in RB Global, Inc. $RBA Bought by Lord Abbett & CO. LLC

Key Points

• Lord Abbett & CO. LLC has acquired 355,000 shares of RB Global, Inc., valued at approximately $35.6 million, increasing their stake to 0.19% of the company.
• RB Global announced a quarterly dividend increase from $0.29 to $0.31 per share, with the payment date set for September 18th.
• The company reported a quarterly revenue increase of 8.2% year-over-year, totaling $1.20 billion, and earnings per share of $1.07, surpassing analysts' expectations.

Lord Abbett & CO. LLC acquired a new position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 355,000 shares of the business services provider's stock, valued at approximately $35,607,000. Lord Abbett & CO. LLC owned about 0.19% of RB Global at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. QRG Capital Management Inc. boosted its holdings in RB Global by 122.2% during the first quarter. QRG Capital Management Inc. now owns 7,678 shares of the business services provider's stock worth $770,000 after purchasing an additional 4,222 shares during the last quarter. MetLife Investment Management LLC lifted its position in shares of RB Global by 9.2% during the 4th quarter. MetLife Investment Management LLC now owns 103,934 shares of the business services provider's stock worth $9,376,000 after buying an additional 8,723 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of RB Global by 28.6% during the 1st quarter. GAMMA Investing LLC now owns 1,608 shares of the business services provider's stock worth $161,000 after buying an additional 358 shares in the last quarter. Mariner LLC boosted its stake in shares of RB Global by 32.4% in the 4th quarter. Mariner LLC now owns 48,124 shares of the business services provider's stock worth $4,341,000 after buying an additional 11,767 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in shares of RB Global by 10.9% in the first quarter. Nisa Investment Advisors LLC now owns 1,060 shares of the business services provider's stock valued at $106,000 after acquiring an additional 104 shares in the last quarter. Institutional investors own 95.37% of the company's stock.

RB Global Stock Performance

Shares of NYSE RBA traded up $0.2590 during trading on Wednesday, reaching $115.1390. 643,052 shares of the stock traded hands, compared to its average volume of 1,076,543. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.28 and a quick ratio of 1.22. The stock has a market capitalization of $21.36 billion, a P/E ratio of 57.00, a price-to-earnings-growth ratio of 2.67 and a beta of 0.75. RB Global, Inc. has a 52-week low of $78.08 and a 52-week high of $118.23. The company has a 50-day moving average of $108.81 and a 200-day moving average of $103.02.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last announced its quarterly earnings data on Wednesday, August 6th. The business services provider reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.12. RB Global had a return on equity of 9.42% and a net margin of 9.46%.The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the firm posted $0.94 EPS. The firm's revenue for the quarter was up 8.2% on a year-over-year basis. Analysts forecast that RB Global, Inc. will post 2.5 EPS for the current fiscal year.

RB Global Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 28th will be given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.1%. This is an increase from RB Global's previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Thursday, August 28th. RB Global's payout ratio is presently 57.43%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RBA. Robert W. Baird increased their price target on RB Global from $110.00 to $115.00 and gave the company an "outperform" rating in a research report on Thursday, May 8th. Royal Bank Of Canada raised their target price on RB Global from $125.00 to $132.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Wall Street Zen upgraded RB Global from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. National Bankshares boosted their price target on shares of RB Global from $112.00 to $113.00 and gave the stock a "sector perform" rating in a report on Thursday, August 7th. Finally, BMO Capital Markets raised their price objective on shares of RB Global from $125.00 to $130.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $119.79.

Insider Activity at RB Global

In related news, insider Darren Jeffrey Watt sold 7,400 shares of the company's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $110.00, for a total transaction of $814,000.00. Following the sale, the insider directly owned 24,874 shares in the company, valued at approximately $2,736,140. This represents a 22.93% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Adam Dewitt sold 800 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $106.17, for a total value of $84,936.00. Following the sale, the director owned 5,865 shares in the company, valued at approximately $622,687.05. This represents a 12.00% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 57,558 shares of company stock worth $6,314,145. 4.32% of the stock is owned by corporate insiders.

About RB Global

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.