Freestone Grove Partners LP Invests $16.25 Million in RB Global, Inc. $RBA

Key Points

• Freestone Grove Partners acquired 139,583 RB Global shares worth approximately $16.25 million, while institutional investors collectively owned 95.37% of the company.
• Analysts maintain a generally positive view, with RB Global receiving a “Moderate Buy” consensus rating and an average price target of $128, despite some recent rating and target reductions.
• RB Global exceeded quarterly earnings and revenue expectations, reporting $1.13 in EPS and $1.66 billion in revenue, and increased its quarterly dividend from $0.31 to $0.33 per share.

Freestone Grove Partners LP acquired a new stake in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 139,583 shares of the business services provider's stock, valued at approximately $16,254,000. Freestone Grove Partners LP owned approximately 0.08% of RB Global as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of RBA. BlackRock Inc. bought a new stake in RB Global during the 2nd quarter valued at $1,816,059,000. EdgePoint Investment Group Inc. raised its position in shares of RB Global by 14.4% in the 1st quarter. EdgePoint Investment Group Inc. now owns 8,812,865 shares of the business services provider's stock worth $845,337,000 after acquiring an additional 1,111,217 shares in the last quarter. State Street Corp lifted its stake in shares of RB Global by 1.7% during the 4th quarter. State Street Corp now owns 6,290,640 shares of the business services provider's stock worth $647,118,000 after purchasing an additional 104,286 shares during the last quarter. Royal Bank of Canada boosted its position in RB Global by 13.1% during the first quarter. Royal Bank of Canada now owns 5,043,648 shares of the business services provider's stock valued at $483,432,000 after purchasing an additional 585,617 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in RB Global by 5.3% during the fourth quarter. Geode Capital Management LLC now owns 5,000,897 shares of the business services provider's stock valued at $513,930,000 after purchasing an additional 250,887 shares in the last quarter. 95.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Zacks Research lowered shares of RB Global from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 13th. Weiss Ratings downgraded shares of RB Global from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, August 17th. Barclays cut their price target on shares of RB Global from $124.00 to $121.00 and set an "overweight" rating on the stock in a report on Wednesday, July 22nd. Royal Bank Of Canada upped their price target on RB Global from $150.00 to $152.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 5th. Finally, BMO Capital Markets reiterated an "outperform" rating and set a $135.00 price objective (up from $130.00) on shares of RB Global in a report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $128.00.

RB Global Stock Performance

RBA opened at $85.90 on Friday. The company has a market cap of $15.90 billion, a P/E ratio of 36.87, a price-to-earnings-growth ratio of 1.46 and a beta of 0.56. 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 firm's 50-day moving average price is $103.79 and its 200-day moving average price is $103.31. RB Global, Inc. has a 52-week low of $82.03 and a 52-week 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 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.04. The company had revenue of $1.66 billion during the quarter, compared to analysts' expectations of $1.21 billion. RB Global had a net margin of 9.99% and a return on equity of 12.37%. As a group, equities analysts anticipate that RB Global, Inc. will post 4.06 EPS for the current fiscal year.

RB Global Increases Dividend

The business also recently declared 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 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 dividend yield of 1.5%. The ex-dividend date of this dividend is Tuesday, August 25th. RB Global's dividend payout ratio is 56.65%.

Insider Activity at RB Global

In related news, Director Chloe Harford acquired 1,200 shares of the company's stock in a transaction dated Monday, August 24th. The shares were purchased at an average cost of $83.74 per share, with a total value of $100,488.00. Following the completion of the acquisition, the director directly owned 1,200 shares of the company's stock, valued at $100,488. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.57% of the company's stock.

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.

Want to see what other hedge funds are holding RBA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source