BlackRock Inc. Acquires Shares of 15,595,183 RB Global, Inc. $RBA

Key Points

• BlackRock acquired 15.6 million shares of RB Global during the second quarter, worth approximately $1.82 billion, giving it an 8.42% stake. Institutional investors collectively own 95.37% of the company.
• RB Global reported quarterly adjusted earnings of $1.13 per share, exceeding estimates by $0.04, 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. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $128, above the reported share price of $86.30.

BlackRock Inc. bought a new position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 15,595,183 shares of the business services provider's stock, valued at approximately $1,816,059,000. BlackRock Inc. owned approximately 8.42% of RB Global as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Personal CFO Solutions LLC increased its position in shares of RB Global by 0.9% during the first quarter. Personal CFO Solutions LLC now owns 11,192 shares of the business services provider's stock valued at $1,073,000 after acquiring an additional 96 shares during the last quarter. Covestor Ltd grew its stake in RB Global by 11.6% in the 4th quarter. Covestor Ltd now owns 933 shares of the business services provider's stock valued at $96,000 after purchasing an additional 97 shares during the period. Geneos Wealth Management Inc. increased its position in shares of RB Global by 21.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 540 shares of the business services provider's stock valued at $54,000 after purchasing an additional 97 shares during the last quarter. Coldstream Capital Management Inc. raised its stake in shares of RB Global by 5.4% during the 3rd quarter. Coldstream Capital Management Inc. now owns 2,044 shares of the business services provider's stock worth $221,000 after purchasing an additional 105 shares during the period. Finally, Sigma Planning Corp boosted its holdings in shares of RB Global by 1.4% in the 4th quarter. Sigma Planning Corp now owns 8,416 shares of the business services provider's stock worth $866,000 after buying an additional 114 shares during the last quarter. Hedge funds and other institutional investors own 95.37% of the company's stock.

RB Global Trading Up 0.6%

Shares of RB Global stock opened at $86.30 on Thursday. The stock has a market capitalization of $15.98 billion, a P/E ratio of 37.04, a P/E/G ratio of 1.46 and a beta of 0.56. RB Global, Inc. has a 52-week low of $82.03 and a 52-week high of $119.58. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.22 and a current ratio of 1.31. The stock's 50-day simple moving average is $106.55 and its 200 day simple moving average is $104.55.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued 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 during the quarter, compared to analyst estimates of $1.21 billion. RB Global had a net margin of 9.99% and a return on equity of 12.37%. As a group, research analysts anticipate that RB Global, Inc. will post 4.06 EPS for the current year.

RB Global Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Tuesday, August 25th will be issued a $0.33 dividend. This is a boost from RB Global's previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $1.32 annualized dividend and a yield of 1.5%. RB Global's payout ratio is 53.22%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Stephens reaffirmed an "equal weight" rating and issued a $96.00 price objective on shares of RB Global in a research report on Tuesday, May 5th. Barclays reduced their target price on shares of RB Global from $124.00 to $121.00 and set an "overweight" rating for the company in a research report on Wednesday, July 22nd. BMO Capital Markets restated an "outperform" rating and set a $135.00 price target (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Zacks Research cut shares of RB Global from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Finally, Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of RB Global in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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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