Moore Capital Management LP Buys 169,755 Shares of RB Global, Inc. $RBA

Key Points

• Moore Capital Management increased its RB Global stake by 125% in the fourth quarter, buying 169,755 additional shares and bringing its total holding to 305,557 shares worth about $31.4 million.
• RB Global reported better-than-expected quarterly results, with EPS of $1.01 versus $0.97 expected and revenue of $1.21 billion, up 11.4% year over year.
• The company declared a quarterly dividend of $0.31 per share, while analysts remain largely positive with seven Buy ratings and an average price target of $126.13.

Moore Capital Management LP boosted its stake in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 125.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 305,557 shares of the business services provider's stock after acquiring an additional 169,755 shares during the quarter. Moore Capital Management LP owned 0.16% of RB Global worth $31,433,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RBA. Central Pacific Bank Trust Division lifted its position in RB Global by 41.8% during the 4th quarter. Central Pacific Bank Trust Division now owns 363 shares of the business services provider's stock worth $37,000 after buying an additional 107 shares in the last quarter. State of Wyoming acquired a new position in RB Global in the 2nd quarter valued at about $46,000. Geneos Wealth Management Inc. grew its stake in 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 buying an additional 97 shares during the last quarter. Nemes Rush Group LLC acquired a new position in RB Global in the 4th quarter valued at about $54,000. Finally, NewEdge Advisors LLC grew its stake in RB Global by 53.1% in the 1st quarter. NewEdge Advisors LLC now owns 588 shares of the business services provider's stock valued at $59,000 after buying an additional 204 shares during the last quarter. 95.37% of the stock is owned by institutional investors.

Insider Buying and Selling at RB Global

In other news, Director Deborah Stein purchased 425 shares of the business's stock in a transaction dated Tuesday, May 19th. The stock was bought at an average price of $103.15 per share, with a total value of $43,838.75. Following the acquisition, the director owned 1,825 shares in the company, valued at approximately $188,248.75. The trade was a 30.36% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.57% of the company's stock.

RB Global Stock Performance

NYSE RBA opened at $107.39 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $19.97 billion, a P/E ratio of 49.95, a P/E/G ratio of 1.77 and a beta of 0.57. RB Global, Inc. has a 12-month low of $93.58 and a 12-month high of $119.58. The firm has a 50-day moving average price of $104.47 and a two-hundred day moving average price of $104.64.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its quarterly earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, topping analysts' consensus estimates of $0.97 by $0.04. RB Global had a net margin of 9.55% and a return on equity of 12.33%. The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the prior year, the firm posted $0.89 EPS. The firm's quarterly revenue was up 11.4% on a year-over-year basis. Analysts anticipate that RB Global, Inc. will post 4.09 earnings per share for the current year.

RB Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Wednesday, May 27th will be issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, May 27th. RB Global's dividend payout ratio is 57.67%.

Analysts Set New Price Targets

RBA has been the topic of a number of research reports. Weiss Ratings reiterated a "buy (b-)" rating on shares of RB Global in a research note on Tuesday, May 26th. Stephens reiterated an "equal weight" rating and issued a $96.00 price target on shares of RB Global in a research note on Tuesday, May 5th. Barclays initiated coverage on shares of RB Global in a research note on Thursday, May 28th. They issued an "overweight" rating and a $124.00 price target on the stock. BMO Capital Markets reiterated an "outperform" rating and issued a $135.00 price target (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Finally, Royal Bank Of Canada boosted their price objective on shares of RB Global from $146.00 to $150.00 and gave the company an "outperform" rating in a report on Tuesday, May 5th. Seven analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, RB Global currently has an average rating of "Moderate Buy" and an average price target of $126.13.

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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