Janus Henderson Group PLC Boosts Stake in RB Global, Inc. $RBA

Key Points

• Janus Henderson increased its RB Global stake by 7% in the first quarter, adding 285,713 shares to own 4.37 million shares worth approximately $418.9 million. Institutional investors collectively hold 95.37% of the company.
• Analyst sentiment remains broadly positive, with RB Global carrying a consensus “Buy” rating and an average price target of $127.57. Raymond James upgraded the stock to “strong buy” with a $145 target, while other analysts adjusted targets between $121 and $135.
• RB Global reported quarterly EPS of $1.01, beating estimates, while revenue rose 11.4% year over year. The company also raised its quarterly dividend from $0.31 to $0.33 per share, implying a 1.2% annualized yield.

Janus Henderson Group PLC grew its holdings in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 7.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,371,610 shares of the business services provider's stock after purchasing an additional 285,713 shares during the period. Janus Henderson Group PLC owned approximately 2.35% of RB Global worth $418,876,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. MV Capital Management Inc. acquired a new position in RB Global in the fourth quarter valued at about $29,000. Bayban acquired a new stake in shares of RB Global during the fourth quarter valued at about $34,000. Cassaday & Co Wealth Management LLC acquired a new stake in shares of RB Global during the first quarter valued at about $43,000. State of Wyoming purchased a new stake in shares of RB Global in the 2nd quarter valued at approximately $46,000. Finally, Geneos Wealth Management Inc. raised its stake in shares of RB Global by 21.9% in the 1st quarter. Geneos Wealth Management Inc. now owns 540 shares of the business services provider's stock valued at $54,000 after acquiring an additional 97 shares during the period. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at RB Global

In related news, Director Deborah Stein acquired 425 shares of the business's stock in a transaction dated Tuesday, May 19th. The shares were acquired at an average price of $103.15 per share, with a total value of $43,838.75. Following the completion of the transaction, the director owned 1,825 shares of the company's stock, valued at $188,248.75. The trade was a 30.36% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.57% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Raymond James Financial raised shares of RB Global from an "outperform" rating to a "strong-buy" rating and set a $145.00 price objective for the company in a research report on Tuesday, June 30th. BMO Capital Markets reissued an "outperform" rating and issued a $135.00 target price (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. Barclays decreased their price target on RB Global from $124.00 to $121.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 22nd. Wall Street Zen lowered RB Global from a "buy" rating to a "hold" rating in a research report on Saturday, July 18th. Finally, National Bank Financial lifted their price objective on RB Global from $130.00 to $132.00 and gave the company an "outperform" rating in a research note on Monday, July 13th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $127.57.

RB Global Trading Down 4.5%

NYSE RBA opened at $109.97 on Friday. The firm has a 50 day simple moving average of $109.72 and a 200-day simple moving average of $106.55. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.07 and a current ratio of 1.14. RB Global, Inc. has a one year low of $93.58 and a one year high of $119.58. The firm has a market cap of $20.36 billion, a price-to-earnings ratio of 51.15, a PEG ratio of 2.36 and a beta of 0.55.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last announced its earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.04. The firm had revenue of $888.01 million for the quarter, compared to the consensus estimate of $1.13 billion. RB Global had a net margin of 9.55% and a return on equity of 12.33%. The firm's revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.89 EPS. Equities research analysts anticipate that RB Global, Inc. will post 4.16 EPS for the current fiscal year.

RB Global Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Tuesday, August 25th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.2%. This is a positive change from RB Global's previous quarterly dividend of $0.31. The ex-dividend date is Tuesday, August 25th. RB Global's payout ratio is presently 57.67%.

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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