Y Intercept Hong Kong Ltd Takes Position in RB Global, Inc. $RBA

Key Points

• Y Intercept Hong Kong Ltd opened a new position in RB Global, buying 18,957 shares worth about $1.82 million in the first quarter.
• RB Global reported Q1 earnings of $1.01 per share, beating estimates, while revenue came in below expectations at $888.01 million. Revenue still rose 11.4% year over year.
• The stock has drawn mostly positive sentiment from analysts, with a Buy consensus rating and an average price target of $126.12; Raymond James recently upgraded it to Strong Buy.

Y Intercept Hong Kong Ltd acquired a new position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 18,957 shares of the business services provider's stock, valued at approximately $1,817,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Massachusetts Financial Services Co. MA lifted its stake in RB Global by 1.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 10,892,186 shares of the business services provider's stock valued at $1,120,479,000 after acquiring an additional 165,260 shares in the last quarter. EdgePoint Investment Group Inc. grew its stake in shares of RB Global by 11.9% during the 4th quarter. EdgePoint Investment Group Inc. now owns 7,701,648 shares of the business services provider's stock worth $792,934,000 after acquiring an additional 821,319 shares in the last quarter. State Street Corp raised its holdings in shares of RB Global by 1.7% in the fourth quarter. State Street Corp now owns 6,290,640 shares of the business services provider's stock valued at $647,118,000 after purchasing an additional 104,286 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of RB Global by 5.3% in the fourth quarter. Geode Capital Management LLC now owns 5,000,897 shares of the business services provider's stock valued at $513,930,000 after purchasing an additional 250,887 shares during the last quarter. Finally, Fiera Capital Corp lifted its position in shares of RB Global by 2.2% in the fourth quarter. Fiera Capital Corp now owns 4,157,985 shares of the business services provider's stock worth $428,223,000 after purchasing an additional 90,982 shares in the last quarter. Institutional investors and hedge funds own 95.37% of the company's stock.

RB Global Trading Up 0.3%

NYSE RBA opened at $111.41 on Friday. RB Global, Inc. has a 12 month low of $93.58 and a 12 month high of $119.58. The company has a current ratio of 1.14, a quick ratio of 1.07 and a debt-to-equity ratio of 0.40. The stock has a 50 day moving average of $107.37 and a 200-day moving average of $105.91. The company has a market cap of $20.71 billion, a PE ratio of 51.82, a PEG ratio of 1.74 and a beta of 0.55.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, topping analysts' consensus estimates of $0.97 by $0.04. The business had revenue of $888.01 million for the quarter, compared to the consensus estimate of $1.13 billion. RB Global had a net margin of 9.55% and a return on equity of 12.33%. The firm's revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.89 earnings per share. On average, equities research analysts anticipate that RB Global, Inc. will post 4.16 EPS for the current fiscal year.

RB Global Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Wednesday, May 27th were paid a dividend of $0.31 per share. The ex-dividend date was Wednesday, May 27th. This represents a $1.24 annualized dividend and a dividend yield of 1.1%. RB Global's payout ratio is currently 57.67%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on RBA shares. Raymond James Financial upgraded shares of RB Global from an "outperform" rating to a "strong-buy" rating and set a $145.00 target price for the company in a report on Tuesday, June 30th. Weiss Ratings reiterated a "buy (b-)" rating on shares of RB Global in a research note on Tuesday, May 26th. BMO Capital Markets reissued an "outperform" rating and set a $135.00 price target (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. Stephens restated an "equal weight" rating and set a $96.00 price objective on shares of RB Global in a research note on Tuesday, May 5th. Finally, Wall Street Zen upgraded RB Global from a "hold" rating to a "buy" rating in a report on Saturday, July 4th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $126.12.

Insider Activity

In other news, Director Deborah Stein bought 425 shares of the company's stock in a transaction dated Tuesday, May 19th. The shares were bought at an average cost of $103.15 per share, with a total value of $43,838.75. Following the acquisition, the director owned 1,825 shares in the company, valued at $188,248.75. This trade represents a 30.36% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.57% of the company's stock.

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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