Adage Capital Partners GP L.L.C. Has $100.30 Million Position in RB Global, Inc. $RBA

Key Points

• Adage Capital Partners GP L.L.C. increased its holdings in RB Global, Inc. by 28.7% during the first quarter, owning approximately $100.3 million worth of shares.
• RB Global recently declared a quarterly dividend of $0.31, an increase from the previous $0.29, with a yield of 1.1%.
• Several analysts have upgraded their ratings on RB Global, with BMO Capital Markets raising their price target from $125.00 to $130.00 and giving an "outperform" rating.

Adage Capital Partners GP L.L.C. boosted its position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 28.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,000,000 shares of the business services provider's stock after purchasing an additional 223,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.54% of RB Global worth $100,300,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. QRG Capital Management Inc. raised its position in shares of RB Global by 122.2% during the 1st quarter. QRG Capital Management Inc. now owns 7,678 shares of the business services provider's stock worth $770,000 after buying an additional 4,222 shares in the last quarter. GAMMA Investing LLC grew its position in RB Global by 28.6% in the first quarter. GAMMA Investing LLC now owns 1,608 shares of the business services provider's stock worth $161,000 after acquiring an additional 358 shares in the last quarter. Nisa Investment Advisors LLC grew its position in 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 worth $106,000 after acquiring an additional 104 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in RB Global in the fourth quarter worth approximately $1,578,000. Finally, Vident Advisory LLC boosted its holdings in shares of RB Global by 24.0% during the 4th quarter. Vident Advisory LLC now owns 3,585 shares of the business services provider's stock worth $323,000 after buying an additional 693 shares during the period. 95.37% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other RB Global news, CEO James Francis Kessler sold 45,658 shares of the stock in a transaction dated 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 sale, the chief executive officer directly owned 107,569 shares in the company, valued at $11,832,590. This represents a 29.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Darren Jeffrey Watt sold 7,400 shares of the firm'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 completion of the sale, the insider owned 24,874 shares in the company, valued at approximately $2,736,140. The trade was a 22.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 57,558 shares of company stock worth $6,314,145 over the last ninety days. Corporate insiders own 0.28% of the company's stock.

RB Global Stock Performance

Shares of RBA traded down $0.84 during trading hours on Monday, hitting $114.21. The company had a trading volume of 272,324 shares, compared to its average volume of 1,066,263. The firm has a market cap of $21.20 billion, a price-to-earnings ratio of 56.56, a PEG ratio of 2.68 and a beta of 0.65. The business has a fifty day moving average of $111.19 and a 200-day moving average of $104.88. RB Global, Inc. has a 12 month low of $78.08 and a 12 month high of $118.23. The company has a quick ratio of 1.22, a current ratio of 1.28 and a debt-to-equity ratio of 0.46.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last released its quarterly earnings results on Wednesday, August 6th. The business services provider reported $1.07 EPS for the quarter, beating the consensus estimate of $0.95 by $0.12. RB Global had a net margin of 9.46% and a return on equity of 9.42%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the prior year, the company posted $0.94 earnings per share. RB Global's revenue was up 8.2% compared to the same quarter last year. Equities analysts anticipate 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. Investors of record on Thursday, August 28th will be paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.1%. This is a boost from RB Global's previous quarterly dividend of $0.29. The ex-dividend date is Thursday, August 28th. RB Global's dividend payout ratio is currently 61.39%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on RBA shares. CIBC increased their price target on shares of RB Global from $118.00 to $121.00 and gave the company an "outperformer" rating in a report on Friday, July 18th. Wall Street Zen cut shares of RB Global from a "buy" rating to a "hold" rating in a research report on Friday. BMO Capital Markets raised their price objective on shares of RB Global from $125.00 to $130.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. National Bank Financial lowered shares of RB Global from a "strong-buy" rating to a "hold" rating in a research note on Sunday, May 25th. Finally, Royal Bank Of Canada boosted their price objective on shares of RB Global from $125.00 to $132.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, RB Global has an average rating of "Moderate Buy" and an average price target of $124.33.

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.