Wellington Management Group LLP Invests $201.81 Million in RB Global, Inc. $RBA

Key Points

• Wellington Management acquired 1.73 million RB Global shares worth approximately $201.8 million, representing 0.94% of the company. Institutional investors and hedge funds collectively own 95.37% of the stock.
• 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 to $0.33 per share, or $1.32 annually, for a 1.6% yield. Despite the stock trading near $84.68, analysts maintain a “Moderate Buy” consensus with an average price target of $128.

Wellington Management Group LLP purchased a new position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,734,133 shares of the business services provider's stock, valued at approximately $201,813,000. Wellington Management Group LLP owned 0.94% of RB Global at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of RBA. AQR Capital Management LLC raised its position in RB Global by 94.3% during the 1st quarter. AQR Capital Management LLC now owns 10,489 shares of the business services provider's stock worth $1,031,000 after buying an additional 5,090 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of RB Global by 53.1% in the first quarter. NewEdge Advisors LLC now owns 588 shares of the business services provider's stock valued at $59,000 after acquiring an additional 204 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of RB Global by 857.9% in the first quarter. Jones Financial Companies Lllp now owns 3,736 shares of the business services provider's stock valued at $375,000 after acquiring an additional 3,346 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of RB Global by 35.6% in the first quarter. Goldman Sachs Group Inc. now owns 338,385 shares of the business services provider's stock valued at $33,940,000 after acquiring an additional 88,813 shares in the last quarter. Finally, Woodline Partners LP acquired a new position in shares of RB Global during the first quarter worth about $4,103,000. 95.37% of the stock is owned by institutional investors and hedge funds.

RB Global Stock Down 1.6%

Shares of NYSE RBA opened at $84.68 on Tuesday. The stock 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. RB Global, Inc. has a 52 week low of $82.03 and a 52 week high of $119.58. The firm has a 50-day moving average price of $102.82 and a 200 day moving average price of $102.84. The company has a quick ratio of 1.22, a current ratio of 1.31 and a debt-to-equity ratio of 0.51.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its earnings results on Tuesday, August 4th. The business services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $1.21 billion. Equities research analysts anticipate that RB Global, Inc. will post 4.06 EPS for the current fiscal year.

RB Global Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Tuesday, August 25th will be issued a $0.33 dividend. The ex-dividend date is Tuesday, August 25th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.6%. This is an increase from RB Global's previous quarterly dividend of $0.31. RB Global's payout ratio is currently 56.65%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on RBA. Royal Bank Of Canada raised their price objective on shares of RB Global from $150.00 to $152.00 and gave the company an "outperform" rating in a research report on Wednesday, August 5th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of RB Global in a research report on Wednesday, August 5th. BMO Capital Markets reissued an "outperform" rating and set a $135.00 target price (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Weiss Ratings cut RB Global from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, August 17th. Finally, Wall Street Zen downgraded RB Global from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, RB Global has a consensus rating of "Moderate Buy" and an average target price of $128.00.

Insider Buying and Selling at RB Global

In other news, Director Chloe Harford purchased 1,200 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were acquired at an average price of $83.74 per share, for a total transaction of $100,488.00. Following the acquisition, the director directly owned 1,200 shares in the company, valued at approximately $100,488. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.57% of the stock is currently 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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