RB Global, Inc. $RBA Shares Bought by Millennium Management LLC

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 grew its holdings in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 79.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 899,006 shares of the business services provider's stock after acquiring an additional 399,414 shares during the period. Millennium Management LLC owned about 0.49% of RB Global worth $90,228,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in RBA. Fiera Capital Corp boosted its holdings in RB Global by 17.3% during the first quarter. Fiera Capital Corp now owns 3,773,914 shares of the business services provider's stock worth $379,150,000 after buying an additional 557,407 shares in the last quarter. Nuveen LLC purchased a new stake in RB Global during the first quarter worth $54,584,000. Invesco Ltd. boosted its holdings in RB Global by 26.9% during the first quarter. Invesco Ltd. now owns 2,436,296 shares of the business services provider's stock worth $244,360,000 after buying an additional 516,865 shares in the last quarter. Alyeska Investment Group L.P. boosted its holdings in RB Global by 44.4% during the first quarter. Alyeska Investment Group L.P. now owns 1,508,784 shares of the business services provider's stock worth $151,331,000 after buying an additional 463,844 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new stake in RB Global during the fourth quarter worth $39,080,000. 95.37% of the stock is owned by hedge funds and other institutional investors.

RB Global Trading Down 1.2%

RB Global stock traded down $1.48 during midday trading on Friday, hitting $117.23. 347,932 shares of the stock were exchanged, compared to its average volume of 1,068,298. RB Global, Inc. has a fifty-two week low of $78.08 and a fifty-two week high of $118.79. The stock has a market capitalization of $21.76 billion, a price-to-earnings ratio of 58.00, a PEG ratio of 2.70 and a beta of 0.65. The stock's 50-day simple moving average is $112.05 and its 200 day simple moving average is $105.23. The company has a current ratio of 1.28, a quick ratio of 1.22 and a debt-to-equity ratio of 0.46.

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 for the quarter, beating analysts' consensus estimates of $0.95 by $0.12. RB Global had a net margin of 9.46% and a return on equity of 9.42%. The business had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.14 billion. During the same period last year, the business earned $0.94 earnings per share. The business's revenue for the quarter was up 8.2% on a year-over-year basis. On average, equities analysts anticipate that RB Global, Inc. will post 2.5 EPS for the current year.

RB Global Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 28th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Thursday, August 28th. This is a positive change from RB Global's previous quarterly dividend of $0.29. RB Global's dividend payout ratio is presently 61.39%.

Analyst Ratings Changes

A number of analysts recently issued reports on RBA shares. National Bank Financial downgraded shares of 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 shares of RB Global from $125.00 to $135.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Royal Bank Of Canada increased their price objective on shares of RB Global from $125.00 to $132.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. BMO Capital Markets increased their price objective on shares of RB Global from $125.00 to $130.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Finally, CIBC increased their price objective on shares of RB Global from $118.00 to $121.00 and gave the company an "outperformer" rating in a report on Friday, July 18th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $124.33.

Insiders Place Their Bets

In other news, CEO James Francis Kessler sold 45,658 shares of RB Global stock in a transaction on Monday, July 14th. The shares were sold at an average price of $110.00, for a total value of $5,022,380.00. Following the transaction, the chief executive officer directly owned 107,569 shares of the company's stock, valued at $11,832,590. The trade was a 29.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Darren Jeffrey Watt sold 7,400 shares of RB Global stock in a transaction on Monday, July 14th. The shares were sold at an average price of $110.00, for a total transaction of $814,000.00. Following the completion of the transaction, the insider directly owned 24,874 shares in the company, valued at $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.

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.