Gotham Asset Management LLC Grows Stock Holdings in RB Global, Inc. $RBA

Key Points

• Gotham Asset Management LLC increased its stake in RB Global, Inc. by 91.6%, holding 162,294 shares valued at approximately $16.28 million.
• RB Global recently reported earnings per share of $1.07, surpassing analyst expectations, and achieved a revenue of $1.20 billion for the quarter.
• The company is set to pay a quarterly dividend of $0.31, reflecting a positive increase from the previous quarter's dividend of $0.29.

Gotham Asset Management LLC grew its position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 91.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 162,294 shares of the business services provider's stock after acquiring an additional 77,597 shares during the quarter. Gotham Asset Management LLC owned 0.09% of RB Global worth $16,278,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in RBA. BW Gestao de Investimentos Ltda. grew its holdings in shares of RB Global by 27.5% in the first quarter. BW Gestao de Investimentos Ltda. now owns 550,298 shares of the business services provider's stock valued at $55,195,000 after acquiring an additional 118,613 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of RB Global by 94.3% during the 1st quarter. AQR Capital Management LLC now owns 10,489 shares of the business services provider's stock worth $1,031,000 after purchasing an additional 5,090 shares during the period. Alyeska Investment Group L.P. raised its stake in shares of RB Global by 44.4% during the 1st quarter. Alyeska Investment Group L.P. now owns 1,508,784 shares of the business services provider's stock worth $151,331,000 after purchasing an additional 463,844 shares during the period. Ancora Advisors LLC raised its stake in shares of RB Global by 15.2% during the 1st quarter. Ancora Advisors LLC now owns 1,040,608 shares of the business services provider's stock worth $104,373,000 after purchasing an additional 137,223 shares during the period. Finally, Adage Capital Partners GP L.L.C. raised its stake in shares of RB Global by 28.7% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 1,000,000 shares of the business services provider's stock worth $100,300,000 after purchasing an additional 223,000 shares during the period. 95.37% of the stock is owned by institutional investors.

RB Global Stock Performance

Shares of NYSE:RBA traded up $0.68 during trading on Tuesday, hitting $116.27. 703,190 shares of the company were exchanged, compared to its average volume of 1,068,978. The company has a market cap of $21.58 billion, a PE ratio of 57.56, a P/E/G ratio of 2.68 and a beta of 0.65. The stock has a 50 day moving average of $111.58 and a 200 day moving average of $105.05. RB Global, Inc. has a 52-week low of $78.08 and a 52-week high of $118.23. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.28 and a quick ratio of 1.22.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its earnings results on Wednesday, August 6th. The business services provider reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.12. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.14 billion. RB Global had a return on equity of 9.42% and a net margin of 9.46%.The business's quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.94 earnings per share. As a group, equities research analysts predict that RB Global, Inc. will post 2.5 EPS for the current year.

RB Global Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 28th will be given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.1%. This is a boost from RB Global's previous quarterly dividend of $0.29. The ex-dividend date is Thursday, August 28th. RB Global's dividend payout ratio (DPR) is 61.39%.

Insiders Place Their Bets

In related news, CEO James Francis Kessler sold 45,658 shares of the stock in a transaction on Monday, July 14th. The stock was sold at an average price of $110.00, for a total value of $5,022,380.00. Following the sale, the chief executive officer owned 107,569 shares in the company, valued at approximately $11,832,590. This trade represents a 29.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Darren Jeffrey Watt sold 7,400 shares of the stock in a transaction on Monday, July 14th. The stock was sold at an average price of $110.00, for a total value of $814,000.00. Following the completion of the sale, the insider owned 24,874 shares in the company, valued at $2,736,140. This trade represents a 22.93% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.28% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on RBA shares. BMO Capital Markets lifted their target price on RB Global from $125.00 to $130.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. National Bank Financial lowered RB Global from a "strong-buy" rating to a "hold" rating in a report on Sunday, May 25th. Raymond James Financial increased their price objective on RB Global from $125.00 to $135.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. CIBC increased their price objective on RB Global from $118.00 to $121.00 and gave the company an "outperformer" rating in a report on Friday, July 18th. Finally, Wall Street Zen lowered RB Global from a "buy" rating to a "hold" rating in a report on Friday. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, RB Global currently has an average rating of "Moderate Buy" and an average price target of $124.33.

RB Global 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.