Third Point LLC Purchases Shares of 950,000 RB Global, Inc. $RBA

Key Points

• Third Point LLC has acquired a new stake in RB Global, Inc. (NYSE:RBA), purchasing 950,000 shares valued at approximately $95.3 million, giving it a 0.51% ownership in the company.
• Recent insider trading saw CEO James Francis Kessler sell 45,658 shares, reducing his stake by 29.80%, while other institutional investors have also made significant adjustments to their holdings.
• RB Global recently reported better-than-expected earnings of $1.07 per share for the quarter, surpassing analyst expectations by $0.12, and announced an increase in quarterly dividend from $0.29 to $0.31.

Third Point LLC acquired a new stake in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 950,000 shares of the business services provider's stock, valued at approximately $95,285,000. Third Point LLC owned 0.51% of RB Global as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. BNP Paribas Financial Markets bought a new stake in shares of RB Global in the 4th quarter valued at $1,578,000. Cetera Investment Advisers increased its holdings in shares of RB Global by 3.6% in the fourth quarter. Cetera Investment Advisers now owns 40,020 shares of the business services provider's stock worth $3,610,000 after acquiring an additional 1,403 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of RB Global during the fourth quarter worth about $569,000. CoreCap Advisors LLC lifted its holdings in shares of RB Global by 74.5% during the 4th quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock valued at $25,000 after purchasing an additional 117 shares in the last quarter. Finally, Deutsche Bank AG grew its position in shares of RB Global by 4.4% in the 4th quarter. Deutsche Bank AG now owns 246,057 shares of the business services provider's stock valued at $22,197,000 after purchasing an additional 10,393 shares during the period. 95.37% of the stock is currently owned by institutional investors and hedge funds.

RB Global Stock Down 1.0%

NYSE RBA traded down $1.20 during trading hours on Friday, hitting $117.51. 411,333 shares of the company traded hands, compared to its average volume of 1,068,507. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.22 and a current ratio of 1.28. The business's 50-day moving average is $112.05 and its 200-day moving average is $105.23. The stock has a market capitalization of $21.81 billion, a price-to-earnings ratio of 58.19, a P/E/G ratio of 2.70 and a beta of 0.65. RB Global, Inc. has a twelve month low of $78.08 and a twelve month high of $118.79.

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

RB Global Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 28th will be paid a $0.31 dividend. This is an increase from RB Global's previous quarterly dividend of $0.29. This represents a $1.24 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Thursday, August 28th. RB Global's dividend payout ratio is 61.39%.

Insider Transactions at RB Global

In other news, CEO James Francis Kessler sold 45,658 shares of the business'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 $11,832,590. The trade was a 29.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Darren Jeffrey Watt sold 7,400 shares of the firm'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 completion of the sale, the insider owned 24,874 shares of the company's stock, valued at $2,736,140. This trade represents a 22.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.32% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. BMO Capital Markets raised their target price on shares of RB Global from $125.00 to $130.00 and gave the stock an "outperform" rating in a 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 stock a "sector perform" rating in a report on Thursday, August 7th. National Bank Financial cut shares of RB Global from a "strong-buy" rating to a "hold" rating in a research report on Sunday, May 25th. Wall Street Zen cut RB Global from a "buy" rating to a "hold" rating in a report on Friday, September 5th. Finally, Raymond James Financial lifted their price target on RB Global from $125.00 to $135.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, RB Global has an average rating of "Moderate Buy" and an average target price of $124.33.

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.