AXQ Capital LP Sells 12,449 Shares of RB Global, Inc. $RBA

Key Points

• AXQ Capital reduced its RB Global stake by 66.7% in the second quarter, selling 12,449 shares and retaining 6,210 shares valued at approximately $723,000. Institutional investors collectively own 95.37% of the company.
• 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 forecast.
• The company increased its quarterly dividend from $0.31 to $0.33 per share, equivalent to an annualized $1.32 dividend and a 1.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $128.

AXQ Capital LP lessened its position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 66.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,210 shares of the business services provider's stock after selling 12,449 shares during the quarter. AXQ Capital LP's holdings in RB Global were worth $723,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of RBA. Nykredit A S acquired a new position in RB Global during the 2nd quarter worth approximately $7,435,000. Flputnam Investment Management Co. bought a new position in shares of RB Global in the 2nd quarter valued at about $257,000. Northwestern Mutual Wealth Management Co. increased its position 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 valued at $293,000 after acquiring an additional 841 shares during the last quarter. Wellington Management Group LLP bought a new stake in shares of RB Global during the 2nd quarter worth approximately $201,813,000. Finally, Archer Investment Corp bought a new stake in shares of RB Global during the 2nd quarter worth approximately $284,000. Institutional investors own 95.37% of the company's stock.

RB Global Price Performance

RB Global stock opened at $83.55 on Monday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.22 and a current ratio of 1.31. RB Global, Inc. has a 52 week low of $81.50 and a 52 week high of $119.58. The stock has a market capitalization of $15.47 billion, a P/E ratio of 35.86, a price-to-earnings-growth ratio of 1.43 and a beta of 0.52. The stock has a fifty day moving average of $100.43 and a 200-day moving average of $102.23.

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

RB Global Increases Dividend

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

Insiders Place Their Bets

In other news, Director Chloe Harford purchased 1,200 shares of the company's stock in a transaction dated Monday, August 24th. The stock was bought at an average cost of $83.74 per share, for a total transaction of $100,488.00. Following the purchase, the director owned 1,200 shares of the company's stock, valued at approximately $100,488. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.57% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

RBA has been the topic of a number of recent analyst reports. National Bank Financial boosted their target price on shares of RB Global from $132.00 to $133.00 and gave the stock an "outperform" rating in a report on Wednesday, August 5th. Wall Street Zen cut shares of RB Global from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. Weiss Ratings downgraded RB Global from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, August 17th. Royal Bank Of Canada lifted their price target on RB Global from $150.00 to $152.00 and gave the stock an "outperform" rating in a report on Wednesday, August 5th. Finally, Raymond James Financial upgraded RB Global from an "outperform" rating to a "strong-buy" rating and set a $145.00 price target for the company in a research note on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $128.00.

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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