Moore Capital Management LP Trims Position in RB Global, Inc. $RBA

Key Points

• Moore Capital Management cut its RB Global stake by 77.8% in the second quarter, selling 114,003 shares and retaining 32,517 shares valued at approximately $3.8 million. Institutional investors collectively own 95.37% of the company.
• Analysts maintain a generally positive outlook, with RB Global carrying a consensus “Moderate Buy” rating and an average price target of $128.00, despite the stock opening at $84.68 and trading near its 12-month low.
• RB Global exceeded quarterly earnings and revenue expectations, reporting $1.13 in EPS and $1.66 billion in revenue. The company also raised its quarterly dividend to $0.33 per share, implying a 1.6% annual yield.

Moore Capital Management LP lessened its holdings in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 77.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 32,517 shares of the business services provider's stock after selling 114,003 shares during the quarter. Moore Capital Management LP's holdings in RB Global were worth $3,787,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Personal CFO Solutions LLC boosted its holdings in shares of RB Global by 0.9% in the 1st quarter. Personal CFO Solutions LLC now owns 11,192 shares of the business services provider's stock valued at $1,073,000 after purchasing an additional 96 shares during the last quarter. Covestor Ltd boosted its holdings in RB Global by 11.6% in the fourth quarter. Covestor Ltd now owns 933 shares of the business services provider's stock valued at $96,000 after acquiring an additional 97 shares during the last quarter. Geneos Wealth Management Inc. grew its position in RB Global by 21.9% during the first quarter. Geneos Wealth Management Inc. now owns 540 shares of the business services provider's stock valued at $54,000 after acquiring an additional 97 shares during the period. Coldstream Capital Management Inc. increased its stake in RB Global by 5.4% during the third quarter. Coldstream Capital Management Inc. now owns 2,044 shares of the business services provider's stock worth $221,000 after acquiring an additional 105 shares during the last quarter. Finally, Sigma Planning Corp raised its holdings in shares of RB Global by 1.4% in the 4th quarter. Sigma Planning Corp now owns 8,416 shares of the business services provider's stock worth $866,000 after purchasing an additional 114 shares during the period. Institutional investors and hedge funds own 95.37% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RBA. Barclays reduced their price objective on RB Global from $124.00 to $121.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 22nd. Stephens reaffirmed an "equal weight" rating and set a $96.00 price target on shares of RB Global in a research report on Tuesday, May 5th. BMO Capital Markets reiterated an "outperform" rating and set a $135.00 price objective (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Weiss Ratings lowered shares of RB Global from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, August 17th. Finally, Royal Bank Of Canada raised their target price on shares of RB Global from $150.00 to $152.00 and gave the company an "outperform" rating in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $128.00.

RB Global Stock Performance

RB Global stock opened at $84.68 on Tuesday. RB Global, Inc. has a 12-month low of $82.03 and a 12-month high of $119.58. 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 company has a market capitalization of $15.68 billion, a price-to-earnings ratio of 36.34, a price-to-earnings-growth ratio of 1.47 and a beta of 0.56. The firm's fifty day moving average price is $102.82 and its 200 day moving average price is $102.84.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its quarterly earnings data on Tuesday, August 4th. The business services provider reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.04. RB Global had a net margin of 9.99% and a return on equity of 12.37%. The company had revenue of $1.66 billion during the quarter, compared to analysts' expectations of $1.21 billion. On average, research analysts forecast that RB Global, Inc. will post 4.06 EPS for the current fiscal year.

RB Global Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Tuesday, August 25th will be issued a dividend of $0.33 per share. The ex-dividend date is Tuesday, August 25th. This represents a $1.32 annualized dividend and a yield of 1.6%. This is a boost from RB Global's previous quarterly dividend of $0.31. RB Global's dividend payout ratio (DPR) is presently 56.65%.

Insider Transactions at RB Global

In other RB Global news, Director Chloe Harford bought 1,200 shares of the business's stock in a transaction on Monday, August 24th. The shares were bought at an average cost of $83.74 per share, with a total value of $100,488.00. Following the transaction, the director directly owned 1,200 shares in the company, valued at approximately $100,488. This trade represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.57% of the stock is owned by corporate insiders.

RB Global 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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