Palisade Capital Management LP Buys Shares of 27,132 RB Global, Inc. $RBA

Key Points

• Palisade Capital Management bought 27,132 shares of RB Global during the second quarter, valued at approximately $3.16 million. Institutional investors collectively own 95.37% of the company.
• RB Global reported quarterly earnings of $1.13 per share, beating estimates of $1.09, while revenue reached $1.66 billion versus the $1.21 billion consensus forecast.
• The company raised its quarterly dividend from $0.31 to $0.33 per share, equating to an annualized dividend of $1.32 and a 1.6% yield. Analysts maintain a “Moderate Buy” consensus rating with a $128 average price target.

Palisade Capital Management LP purchased a new stake in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 27,132 shares of the business services provider's stock, valued at approximately $3,160,000.

Several other institutional investors and hedge funds also recently made changes to their positions in RBA. Personal CFO Solutions LLC raised its stake in shares of RB Global by 0.9% during 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 period. Covestor Ltd grew its holdings in RB Global by 11.6% during the 4th quarter. Covestor Ltd now owns 933 shares of the business services provider's stock valued at $96,000 after buying an additional 97 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in RB Global by 21.9% during 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 in the last quarter. Coldstream Capital Management Inc. increased its position in shares of 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 valued at $221,000 after buying an additional 105 shares during the period. Finally, Sigma Planning Corp lifted its holdings in shares of RB Global by 1.4% in the fourth quarter. Sigma Planning Corp now owns 8,416 shares of the business services provider's stock worth $866,000 after buying an additional 114 shares in the last quarter. Institutional investors own 95.37% of the company's stock.

RB Global Stock Performance

RB Global stock opened at $85.12 on Wednesday. RB Global, Inc. has a fifty-two week low of $82.03 and a fifty-two week high of $119.58. The stock's 50 day simple moving average is $104.72 and its two-hundred day simple moving average is $103.74. 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 cap of $15.76 billion, a price-to-earnings ratio of 36.53, a PEG ratio of 1.44 and a beta of 0.56.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last announced its earnings results 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. The business had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.21 billion. RB Global had a net margin of 9.99% and a return on equity of 12.37%. As a group, analysts expect 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. Shareholders of record on Tuesday, August 25th will be given a $0.33 dividend. The ex-dividend date is Tuesday, August 25th. 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 1.6%. RB Global's payout ratio is 53.22%.

Insider Buying and Selling at RB Global

In related news, Director Chloe Harford acquired 1,200 shares of the firm's stock in a transaction dated Monday, August 24th. The shares were purchased at an average price of $83.74 per share, with a total value of $100,488.00. Following the completion of the purchase, the director directly owned 1,200 shares of the company's stock, valued at $100,488. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.57% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of RB Global in a research report on Wednesday, August 5th. Stephens reaffirmed an "equal weight" rating and set a $96.00 price objective on shares of RB Global in a report on Tuesday, May 5th. Zacks Research cut RB Global from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Barclays dropped their target price on RB Global from $124.00 to $121.00 and set an "overweight" rating for the company in a research report on Wednesday, July 22nd. Finally, Weiss Ratings lowered shares of RB Global from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, RB Global presently has a consensus rating of "Moderate Buy" and a consensus target price of $128.00.

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.

Want to see what other hedge funds are holding RBA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source