Adage Capital Partners GP L.L.C. Boosts Stock 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. increased its stake in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 28.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,000,000 shares of the business services provider's stock after acquiring an additional 223,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.54% of RB Global worth $100,300,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BNP Paribas Financial Markets purchased a new stake in RB Global in the 4th quarter valued at about $1,578,000. Benjamin Edwards Inc. boosted its holdings in shares of RB Global by 25.6% in the fourth quarter. Benjamin Edwards Inc. now owns 16,714 shares of the business services provider's stock valued at $1,508,000 after acquiring an additional 3,405 shares during the period. Cetera Investment Advisers boosted its holdings in shares of RB Global by 3.6% in the fourth quarter. Cetera Investment Advisers now owns 40,020 shares of the business services provider's stock valued at $3,610,000 after acquiring an additional 1,403 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in shares of RB Global during the fourth quarter worth $569,000. Finally, Crestline Management LP acquired a new stake in shares of RB Global during the fourth quarter worth $1,330,000. Institutional investors and hedge funds own 95.37% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on RBA shares. 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 report on Thursday, August 7th. Wall Street Zen cut RB Global from a "buy" rating to a "hold" rating in a research report on Friday. National Bankshares raised their price target on RB Global from $112.00 to $113.00 and gave the company a "sector perform" rating in a research report on Thursday, August 7th. National Bank Financial cut RB Global from a "strong-buy" rating to a "hold" rating in a research report on Sunday, May 25th. Finally, Raymond James Financial raised their price target on RB Global from $125.00 to $135.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $124.33.

RB Global Price Performance

RB Global stock traded down $1.01 during midday trading on Friday, reaching $115.02. 1,034,494 shares of the company were exchanged, compared to its average volume of 969,611. The company has a market capitalization of $21.34 billion, a price-to-earnings ratio of 56.94, a P/E/G ratio of 2.68 and a beta of 0.65. The firm's 50-day simple moving average is $111.19 and its 200-day simple moving average is $104.87. RB Global, Inc. has a 1 year low of $78.08 and a 1 year high of $118.23. 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 posted 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. The company had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.14 billion. RB Global had a return on equity of 9.42% and a net margin of 9.46%.The firm's revenue was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.94 EPS. On average, analysts anticipate that RB Global, Inc. will post 2.5 EPS for the current year.

RB Global Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 28th will be issued a $0.31 dividend. This is a positive change from RB Global's previous quarterly dividend of $0.29. The ex-dividend date is Thursday, August 28th. This represents a $1.24 annualized dividend and a yield of 1.1%. RB Global's dividend payout ratio (DPR) is presently 61.39%.

Insider Buying and Selling at RB Global

In other news, Director Adam Dewitt sold 800 shares of RB Global stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $106.17, for a total value of $84,936.00. Following the transaction, the director directly owned 5,865 shares of the company's stock, valued at $622,687.05. The trade was a 12.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Darren Jeffrey Watt sold 7,400 shares of the business's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $110.00, for a total value of $814,000.00. Following the transaction, the insider directly owned 24,874 shares in the company, valued at $2,736,140. This trade represents a 22.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 57,558 shares of company stock worth $6,314,145 in the last 90 days. 4.32% of the stock is owned by company insiders.

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.