Jupiter Topco LLC Takes $514.87 Million Position in RB Global, Inc. $RBA

Key Points

• Jupiter Topco LLC acquired 4.42 million shares of RB Global worth approximately $514.9 million, giving it a 2.39% stake. Institutional investors collectively own 95.37% of the company.
• RB Global exceeded quarterly expectations, reporting $1.13 in earnings per share versus the $1.09 consensus and $1.66 billion in revenue versus estimates of $1.21 billion.
• The company raised its quarterly dividend from $0.31 to $0.33 per share, equivalent to $1.32 annually and a 1.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $128.

Jupiter Topco LLC acquired a new position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 4,421,743 shares of the business services provider's stock, valued at approximately $514,871,000. Jupiter Topco LLC owned 2.39% of RB Global as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in RBA. Addison Advisors LLC bought a new stake in shares of RB Global during the 2nd quarter valued at $26,000. MV Capital Management Inc. bought a new position in RB Global in the 4th quarter worth $29,000. J.Safra Asset Management Corp purchased a new position in RB Global during the second quarter valued at $32,000. Bayban purchased a new position in RB Global during the fourth quarter valued at $34,000. Finally, Cassaday & Co Wealth Management LLC bought a new stake in RB Global during the first quarter valued at about $43,000. Hedge funds and other institutional investors own 95.37% of the company's stock.

RB Global Trading Up 1.2%

RB Global stock opened at $85.12 on Wednesday. RB Global, Inc. has a 1 year low of $82.03 and a 1 year high of $119.58. The firm's 50 day moving average price is $104.72 and its 200-day moving average price is $103.74. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.31 and a quick ratio of 1.22. The stock has a market cap of $15.76 billion, a P/E ratio of 36.53, a PEG ratio of 1.44 and a beta of 0.56.

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%. On average, equities analysts predict that RB Global, Inc. will post 4.06 earnings per share for the current fiscal year.

RB Global Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Tuesday, August 25th will be given a dividend of $0.33 per share. The ex-dividend date is Tuesday, August 25th. This is a positive change 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 1.6%. RB Global's dividend payout ratio (DPR) is 53.22%.

Insider Buying and Selling at RB Global

In other news, Director Chloe Harford bought 1,200 shares of RB Global 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 owned 1,200 shares of the company's stock, valued at $100,488. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.57% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on RBA shares. Royal Bank Of Canada boosted their price objective on RB Global from $150.00 to $152.00 and gave the company an "outperform" rating in a research note on Wednesday, August 5th. National Bank Financial upped their price target on shares of RB Global from $132.00 to $133.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 5th. Wall Street Zen downgraded shares of RB Global from a "buy" rating to a "hold" rating in a research report on Saturday, July 18th. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of RB Global in a report on Wednesday, August 5th. Finally, Stephens reissued an "equal weight" rating and set a $96.00 price target on shares of RB Global in a report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company's stock. 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 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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