Lord Abbett & CO. LLC Takes $35.61 Million Position in RB Global, Inc. $RBA

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 purchased a new stake in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 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.

A number of other institutional investors and hedge funds also recently modified their holdings of RBA. Securian Asset Management Inc. lifted its stake in RB Global by 0.7% in the first quarter. Securian Asset Management Inc. now owns 14,041 shares of the business services provider's stock valued at $1,408,000 after buying an additional 100 shares during the period. Nisa Investment Advisors LLC lifted its holdings in RB Global by 10.9% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,060 shares of the business services provider's stock worth $106,000 after purchasing an additional 104 shares in the last quarter. Wealth Alliance LLC raised its holdings in shares of RB Global by 2.7% in the 1st quarter. Wealth Alliance LLC now owns 3,976 shares of the business services provider's stock valued at $399,000 after acquiring an additional 104 shares in the last quarter. CoreCap Advisors LLC increased its position in shares of RB Global by 74.5% during the 4th quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock valued at $25,000 after purchasing an additional 117 shares during the last quarter. Finally, Fullcircle Wealth LLC grew its position in RB Global by 5.5% during the 1st quarter. Fullcircle Wealth LLC now owns 2,382 shares of the business services provider's stock worth $235,000 after acquiring an additional 124 shares during the last quarter. 95.37% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. 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 note on Thursday, August 7th. National Bankshares boosted their price target on RB Global from $112.00 to $113.00 and gave the company a "sector perform" rating in a report on Thursday, August 7th. Robert W. Baird boosted their price objective on RB Global from $110.00 to $115.00 and gave the company an "outperform" rating in a research report on Thursday, May 8th. National Bank Financial downgraded RB Global from a "strong-buy" rating to a "hold" rating in a research report on Sunday, May 25th. Finally, Wall Street Zen raised RB Global from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Three investment 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 an average target price of $119.79.

RB Global Stock Performance

Shares of NYSE:RBA traded down $2.30 during trading hours on Friday, hitting $115.13. The stock had a trading volume of 1,221,840 shares, compared to its average volume of 1,064,822. The stock's fifty day simple moving average is $108.31 and its 200 day simple moving average is $102.68. RB Global, Inc. has a 1-year low of $78.08 and a 1-year high of $118.23. The firm has a market capitalization of $21.36 billion, a price-to-earnings ratio of 57.00, a PEG ratio of 2.66 and a beta of 0.75. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.22 and a current ratio of 1.28.

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

RB Global Increases Dividend

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

Insider Activity at RB Global

In related news, CEO James Francis Kessler sold 45,658 shares of the business'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 $5,022,380.00. Following the completion of the sale, the chief executive officer directly owned 107,569 shares of the company's stock, valued at $11,832,590. The trade was a 29.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Adam Dewitt sold 800 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $106.17, for a total transaction of $84,936.00. Following the completion of the transaction, the director owned 5,865 shares of the company's stock, valued at $622,687.05. This trade represents a 12.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 57,558 shares of company stock valued at $6,314,145 in the last ninety days. Insiders own 0.28% of the company's stock.

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.