Virtu Financial LLC Makes New Investment in RB Global, Inc. (NYSE:RBA)

Key Points

• Virtu Financial LLC invested approximately $763,000 by acquiring 7,605 shares of RB Global, Inc. during the first quarter.
• RB Global recently announced a quarterly dividend increase to $0.31, up from $0.29, reflecting a positive shift in shareholder returns.
• Analysts have upgraded their ratings for RB Global, with a consensus rating of "Moderate Buy" and price targets raised to between $125 and $132.

Virtu Financial LLC bought a new position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 7,605 shares of the business services provider's stock, valued at approximately $763,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA raised its holdings in shares of RB Global by 3.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,241,186 shares of the business services provider's stock worth $1,027,191,000 after purchasing an additional 352,530 shares during the period. Fiera Capital Corp raised its holdings in shares of RB Global by 17.3% in the 1st quarter. Fiera Capital Corp now owns 3,773,914 shares of the business services provider's stock worth $379,150,000 after purchasing an additional 557,407 shares during the period. Janus Henderson Group PLC raised its holdings in shares of RB Global by 0.6% in the 4th quarter. Janus Henderson Group PLC now owns 3,403,086 shares of the business services provider's stock worth $307,033,000 after purchasing an additional 19,895 shares during the period. Invesco Ltd. raised its holdings in RB Global by 26.9% during the 1st quarter. Invesco Ltd. now owns 2,436,296 shares of the business services provider's stock valued at $244,360,000 after acquiring an additional 516,865 shares during the period. Finally, Northern Trust Corp raised its holdings in RB Global by 13.3% during the 4th quarter. Northern Trust Corp now owns 1,399,401 shares of the business services provider's stock valued at $126,240,000 after acquiring an additional 163,820 shares during the period. Hedge funds and other institutional investors own 95.37% of the company's stock.

Insider Activity

In other news, CEO James Francis Kessler sold 45,658 shares of the firm's stock in a transaction on 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 sale, the chief executive officer directly owned 107,569 shares in the company, valued at $11,832,590. This trade represents a 29.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Adam Dewitt sold 800 shares of the firm's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $106.17, for a total transaction of $84,936.00. Following the sale, the director owned 5,865 shares in the company, valued at $622,687.05. The trade was a 12.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 57,558 shares of company stock worth $6,314,145 in the last three months. Company insiders own 4.32% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. National Bank Financial cut shares of RB Global from a "strong-buy" rating to a "hold" rating in a report on Sunday, May 25th. Raymond James Financial boosted their target price 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. Wall Street Zen upgraded shares of RB Global from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. CIBC boosted their price target on shares of RB Global from $118.00 to $121.00 and gave the company an "outperformer" rating in a research report on Friday, July 18th. Finally, BMO Capital Markets boosted their price target on shares of RB Global from $125.00 to $130.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $119.79.

RB Global Stock Performance

RBA stock traded down $2.30 on Friday, hitting $115.13. The company had a trading volume of 1,221,840 shares, compared to its average volume of 1,055,790. RB Global, Inc. has a 12-month low of $78.08 and a 12-month high of $118.23. The company has a current ratio of 1.28, a quick ratio of 1.22 and a debt-to-equity ratio of 0.46. The stock's 50-day simple moving average is $108.31 and its 200 day simple moving average is $102.51. The stock has a market cap of $21.36 billion, a price-to-earnings ratio of 57.00, a P/E/G ratio of 2.72 and a beta of 0.75.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its earnings results on Wednesday, August 6th. The business services provider reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.12. RB Global had a net margin of 9.46% and a return on equity of 9.42%. The company had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.14 billion. During the same quarter last year, the company posted $0.94 earnings per share. The firm's quarterly revenue was up 8.2% on a year-over-year basis. As a group, equities research analysts expect that RB Global, Inc. will post 2.5 earnings per share for the current fiscal year.

RB Global Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 28th will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Thursday, August 28th. This is a positive change from RB Global's previous quarterly dividend of $0.29. RB Global's payout ratio is 57.43%.

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.