Caisse de depot et placement du Quebec Invests $183.65 Million in RB Global, Inc. $RBA

Key Points

• Caisse de dépôt et placement du Québec acquired 1.58 million RB Global shares worth approximately $183.7 million, giving it a 0.85% stake. Institutional investors and hedge funds collectively own 95.37% of the company.
• RB Global reported quarterly EPS of $1.13, exceeding estimates of $1.09, while revenue reached $1.66 billion versus the $1.21 billion consensus forecast.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $128, and RB Global raised its quarterly dividend to $0.33 per share from $0.31.

Caisse de depot et placement du Quebec purchased a new stake in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,577,664 shares of the business services provider's stock, valued at approximately $183,651,000. Caisse de depot et placement du Quebec owned approximately 0.85% of RB Global at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of RBA. Man Group plc acquired a new stake in RB Global during the 2nd quarter worth about $6,146,000. Invst LLC purchased a new stake in shares of RB Global in the second quarter worth approximately $1,252,000. Polar Asset Management Partners Inc. acquired a new stake in shares of RB Global during the second quarter worth approximately $446,000. Jupiter Topco LLC purchased a new position in RB Global during the second quarter valued at approximately $514,871,000. Finally, Palisade Capital Management LP acquired a new position in RB Global in the 2nd quarter valued at approximately $3,160,000. 95.37% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have commented on the company. Stephens reaffirmed an "equal weight" rating and issued a $96.00 price target on shares of RB Global in a research report on Tuesday, May 5th. Barclays cut their price target on RB Global from $124.00 to $121.00 and set an "overweight" rating for the company in a report on Wednesday, July 22nd. National Bank Financial raised their price objective on RB Global from $132.00 to $133.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 5th. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of RB Global in a report on Wednesday, August 5th. Finally, Wall Street Zen cut RB Global from a "buy" rating to a "hold" rating in a research report on Saturday, July 18th. One research 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 data from MarketBeat.com, RB Global presently has a consensus rating of "Moderate Buy" and an average price target of $128.00.

Insider Activity

In other news, Director Chloe Harford bought 1,200 shares of RB Global stock in a transaction dated Monday, August 24th. The shares were bought at an average price 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. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.57% of the company's stock.

RB Global Stock Up 0.8%

Shares of RBA opened at $85.71 on Thursday. The company has a quick ratio of 1.22, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. The company has a 50-day moving average price of $104.29 and a two-hundred day moving average price of $103.53. The stock has a market cap of $15.87 billion, a price-to-earnings ratio of 36.79, a P/E/G ratio of 1.45 and a beta of 0.56. 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 issued its earnings results on Tuesday, August 4th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.09 by $0.04. The business had revenue of $1.66 billion during the quarter, compared to analysts' expectations of $1.21 billion. RB Global had a return on equity of 12.37% and a net margin of 9.99%. Equities analysts predict that RB Global, Inc. will post 4.06 EPS for the current fiscal year.

RB Global Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Tuesday, August 25th will be paid a dividend of $0.33 per share. This is an increase from RB Global's previous quarterly dividend of $0.31. This represents a $1.32 annualized dividend and a yield of 1.5%. The ex-dividend date is Tuesday, August 25th. RB Global's dividend payout ratio is currently 56.65%.

About RB Global

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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