Alyeska Investment Group L.P. Decreases Stock Holdings in RB Global, Inc. $RBA

Key Points

• Alyeska Investment Group cut its RB Global stake by 36.2% in the second quarter, selling 119,287 shares and retaining 209,883 shares valued at approximately $24.4 million. Institutional investors collectively own 95.37% of the company.
• Analysts maintain a generally positive outlook, with RB Global receiving a “Moderate Buy” consensus rating and an average price target of $128.00. Target changes included increases from BMO Capital Markets and Royal Bank of Canada, though Zacks downgraded the stock to “Hold.”
• RB Global reported quarterly earnings of $1.13 per share, exceeding estimates of $1.09, while revenue reached $1.66 billion versus the $1.21 billion consensus. The company also raised its quarterly dividend to $0.33 per share, equivalent to a 1.6% annual yield.

Alyeska Investment Group L.P. reduced its position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 36.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 209,883 shares of the business services provider's stock after selling 119,287 shares during the quarter. Alyeska Investment Group L.P. owned approximately 0.11% of RB Global worth $24,441,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in RBA. Flputnam Investment Management Co. bought a new position in shares of RB Global during the second quarter valued at about $257,000. Northwestern Mutual Wealth Management Co. grew its stake in shares of RB Global by 50.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,513 shares of the business services provider's stock worth $293,000 after purchasing an additional 841 shares during the last quarter. Wellington Management Group LLP purchased a new position in RB Global during the 2nd quarter valued at about $201,813,000. Archer Investment Corp purchased a new position in RB Global during the 2nd quarter valued at about $284,000. Finally, United Capital Financial Advisors LLC bought a new position in RB Global during the 2nd quarter valued at approximately $3,619,000. Hedge funds and other institutional investors own 95.37% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. BMO Capital Markets reaffirmed an "outperform" rating and issued a $135.00 price target (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Zacks Research lowered shares of RB Global from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Stephens reaffirmed an "equal weight" rating and issued a $96.00 target price on shares of RB Global in a research report on Tuesday, May 5th. Royal Bank Of Canada lifted their target price on shares of RB Global from $150.00 to $152.00 and gave the company an "outperform" rating in a research note on Wednesday, August 5th. Finally, Barclays reduced their price target on shares of RB Global from $124.00 to $121.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $128.00.

Insiders Place Their Bets

In other RB Global news, Director Chloe Harford bought 1,200 shares of the firm's stock in a transaction on Monday, August 24th. The stock was acquired at an average price of $83.74 per share, with a total value of $100,488.00. Following the completion of the purchase, the director owned 1,200 shares of the company's stock, valued at approximately $100,488. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.57% of the company's stock.

RB Global Stock Performance

Shares of RB Global stock opened at $84.68 on Tuesday. The company has a current ratio of 1.31, a quick ratio of 1.22 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $15.68 billion, a P/E ratio of 36.34, a P/E/G ratio of 1.47 and a beta of 0.56. The business has a fifty day simple moving average of $102.82 and a two-hundred day simple moving average of $102.84. RB Global, Inc. has a 12 month low of $82.03 and a 12 month high of $119.58.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last released its earnings results on Tuesday, August 4th. The business services provider reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.04. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.21 billion. RB Global had a net margin of 9.99% and a return on equity of 12.37%. On average, equities analysts forecast that RB Global, Inc. will post 4.06 earnings per share for the current fiscal year.

RB Global Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Tuesday, August 25th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.6%. This is a boost from RB Global's previous quarterly dividend of $0.31. The ex-dividend date is Tuesday, August 25th. RB Global's dividend payout ratio is currently 56.65%.

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.

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