Man Group plc Invests $6.15 Million in RB Global, Inc. $RBA

Key Points

• Man Group initiated a $6.15 million position in RB Global during the second quarter, purchasing 52,776 shares. Institutional investors collectively own approximately 95.37% of the company.
• RB Global reported quarterly earnings of $1.13 per share, exceeding estimates by $0.04, while revenue reached $1.66 billion versus the $1.21 billion consensus forecast.
• The company raised its quarterly dividend to $0.33 per share, or $1.32 annually, representing a 1.5% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $128, despite the stock opening at $85.94.

Man Group plc bought a new position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA during the second quarter, according to its most recent disclosure with the SEC. The firm bought 52,776 shares of the business services provider's stock, valued at approximately $6,146,000.

Several other institutional investors and hedge funds also recently bought and sold shares of RBA. AQR Capital Management LLC raised its stake in 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 acquiring an additional 5,090 shares during the period. NewEdge Advisors LLC boosted its position in shares of RB Global by 53.1% in the first quarter. NewEdge Advisors LLC now owns 588 shares of the business services provider's stock worth $59,000 after purchasing an additional 204 shares during the period. Jones Financial Companies Lllp increased its stake in shares of RB Global by 857.9% in the first quarter. Jones Financial Companies Lllp now owns 3,736 shares of the business services provider's stock worth $375,000 after purchasing an additional 3,346 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of RB Global by 35.6% in the first quarter. Goldman Sachs Group Inc. now owns 338,385 shares of the business services provider's stock worth $33,940,000 after purchasing an additional 88,813 shares in the last quarter. Finally, Woodline Partners LP bought a new stake in shares of RB Global during the 1st quarter valued at $4,103,000. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

RB Global Stock Performance

RBA opened at $85.94 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.22 and a current ratio of 1.31. The stock has a market capitalization of $15.91 billion, a price-to-earnings ratio of 36.88, a PEG ratio of 1.47 and a beta of 0.56. The company has a fifty day moving average of $103.30 and a 200 day moving average of $103.19. RB Global, Inc. has a fifty-two week low of $82.03 and a fifty-two week high of $119.58.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last announced its quarterly earnings results on Tuesday, August 4th. The business services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.09 by $0.04. The business had revenue of $1.66 billion for 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, sell-side analysts forecast that RB Global, Inc. will post 4.06 earnings per share 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. Investors of record on Tuesday, August 25th will be given a $0.33 dividend. This is a boost 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 (DPR) is presently 56.65%.

Analyst Ratings Changes

RBA has been the topic of a number of analyst reports. Stephens restated an "equal weight" rating and set a $96.00 target price on shares of RB Global in a research note on Tuesday, May 5th. National Bank Financial increased their price target on RB Global from $132.00 to $133.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 5th. Royal Bank Of Canada raised their price target on RB Global from $150.00 to $152.00 and gave the company an "outperform" rating in a report on Wednesday, August 5th. Wall Street Zen downgraded RB Global from a "buy" rating to a "hold" rating in a research report on Saturday, July 18th. Finally, Barclays dropped their price objective on RB Global from $124.00 to $121.00 and set an "overweight" rating for the company in a research note on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $128.00.

Insider Transactions at RB Global

In other RB Global news, Director Chloe Harford acquired 1,200 shares of the stock in a transaction on Monday, August 24th. The stock was acquired at an average price of $83.74 per share, for a total transaction of $100,488.00. Following the completion of the transaction, the director directly owned 1,200 shares of the company's stock, valued at $100,488. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.57% of the stock is currently owned by insiders.

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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