Jupiter Topco LLC Purchases New Shares in RB Global, Inc. $RBA

Jupiter Topco LLC purchased a new position in RB Global, Inc. (NYSE:RBA) (TSE:RBA) in the 2nd quarter, HoldingsChannel reports. The firm purchased 4,421,743 shares of the business services provider’s stock, valued at approximately $514,871,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Addison Advisors LLC purchased a new position in shares of RB Global in the 2nd quarter worth approximately $26,000. MV Capital Management Inc. purchased a new stake in RB Global during the 4th quarter valued at $29,000. J.Safra Asset Management Corp purchased a new stake in RB Global during the 2nd quarter valued at $32,000. Bayban bought a new stake in RB Global in the fourth quarter worth $34,000. Finally, Cassaday & Co Wealth Management LLC bought a new stake in RB Global in the first quarter worth $43,000. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

RB Global Stock Performance

RBA stock opened at $85.12 on Wednesday. RB Global, Inc. has a twelve month low of $82.03 and a twelve month high of $119.58. The firm 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. The business’s fifty day simple moving average is $104.72 and its two-hundred day simple moving average is $103.74. 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) (TSE:RBA) last issued its earnings results on Tuesday, August 4th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. The firm had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.21 billion. RB Global had a net margin of 9.99% and a return on equity of 12.37%. Analysts predict that RB Global, Inc. will post 4.06 earnings per share for the current year.

RB Global Increases Dividend

The business also recently disclosed 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. This is a positive change from RB Global’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $1.32 annualized dividend and a yield of 1.6%. RB Global’s dividend payout ratio is presently 53.22%.

Analysts Set New Price Targets

A number of research analysts have weighed in on RBA shares. National Bank Financial boosted their price objective on shares of RB Global from $132.00 to $133.00 and gave the company an “outperform” rating in a research report on Wednesday, August 5th. BMO Capital Markets restated an “outperform” rating and issued a $135.00 target price (up from $130.00) on shares of RB Global in a report on Tuesday, May 5th. Zacks Research downgraded shares of RB Global from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of RB Global in a research report on Wednesday, August 5th. Finally, Raymond James Financial raised shares of RB Global from an “outperform” rating to a “strong-buy” rating and set a $145.00 price objective for the company in a research note on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued 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 price target of $128.00.

Insider Buying and Selling

In related news, Director Chloe Harford bought 1,200 shares of the company’s stock in a transaction on Monday, August 24th. The shares were acquired at an average cost of $83.74 per share, for a total transaction of $100,488.00. Following the purchase, the director directly owned 1,200 shares of the company’s stock, valued at approximately $100,488. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.57% of the stock is owned by corporate insiders.

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.