Millennium Management LLC Has $90.23 Million Holdings in RB Global, Inc. $RBA

Key Points

• Millennium Management LLC has increased its stake in RB Global, Inc. by 79.9% during Q1, now owning 899,006 shares valued at approximately $90 million.
• The company has reported a quarterly earnings per share (EPS) of $1.07, surpassing analysts' expectations and reflecting an 8.2% increase in revenue year-over-year.
• RB Global recently declared a quarterly dividend of $0.31 per share, up from $0.29, resulting in an annualized yield of 1.1%.

Millennium Management LLC lifted its stake in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 79.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 899,006 shares of the business services provider's stock after purchasing an additional 399,414 shares during the quarter. Millennium Management LLC owned 0.49% of RB Global worth $90,228,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Securian Asset Management Inc. lifted its position in shares of RB Global by 0.7% in the first quarter. Securian Asset Management Inc. now owns 14,041 shares of the business services provider's stock worth $1,408,000 after purchasing an additional 100 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of RB Global by 10.9% in the first quarter. Nisa Investment Advisors LLC now owns 1,060 shares of the business services provider's stock worth $106,000 after purchasing an additional 104 shares in the last quarter. Wealth Alliance LLC lifted its position in shares of RB Global by 2.7% in the first quarter. Wealth Alliance LLC now owns 3,976 shares of the business services provider's stock worth $399,000 after purchasing an additional 104 shares in the last quarter. CoreCap Advisors LLC lifted its position in shares of RB Global by 74.5% in the fourth quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock worth $25,000 after purchasing an additional 117 shares in the last quarter. Finally, Fullcircle Wealth LLC lifted its position in shares of RB Global by 5.5% in the first quarter. Fullcircle Wealth LLC now owns 2,382 shares of the business services provider's stock worth $235,000 after purchasing an additional 124 shares in the last quarter. 95.37% of the stock is owned by hedge funds and other institutional investors.

RB Global Price Performance

Shares of RBA traded up $2.28 during trading hours on Thursday, hitting $118.47. The stock had a trading volume of 774,947 shares, compared to its average volume of 1,069,128. The stock has a market capitalization of $21.99 billion, a price-to-earnings ratio of 58.70, a P/E/G ratio of 2.70 and a beta of 0.65. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.28 and a quick ratio of 1.22. The company's fifty day moving average is $111.80 and its two-hundred day moving average is $105.12. RB Global, Inc. has a 52 week low of $78.08 and a 52 week high of $118.79.

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

RB Global Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 28th will be paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.0%. This is an increase from RB Global's previous quarterly dividend of $0.29. The ex-dividend date is Thursday, August 28th. RB Global's dividend payout ratio is presently 61.39%.

Insider Buying and Selling

In other RB Global news, CEO James Francis Kessler sold 45,658 shares of the company's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $110.00, for a total transaction of $5,022,380.00. Following the transaction, the chief executive officer directly owned 107,569 shares in the company, valued at approximately $11,832,590. This represents a 29.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Darren Jeffrey Watt sold 7,400 shares of the company's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $110.00, for a total transaction of $814,000.00. Following the transaction, the insider owned 24,874 shares in the company, valued at approximately $2,736,140. The trade was a 22.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.32% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Wall Street Zen lowered shares of RB Global from a "buy" rating to a "hold" rating in a research report on Friday, September 5th. CIBC raised their price objective on shares of RB Global from $118.00 to $121.00 and gave the company an "outperformer" rating in a research report on Friday, July 18th. Raymond James Financial raised their price objective on shares of RB Global from $125.00 to $135.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. National Bankshares raised their price objective on shares of RB Global from $112.00 to $113.00 and gave the company a "sector perform" rating in a research report on Thursday, August 7th. Finally, BMO Capital Markets raised their price objective on shares of RB Global from $125.00 to $130.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $124.33.

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.