AXQ Capital LP Takes Position in RB Global, Inc. $RBA

AXQ Capital LP bought a new stake in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 7,876 shares of the business services provider’s stock, valued at approximately $810,000.

Several other hedge funds have also recently made changes to their positions in the business. BW Gestao de Investimentos Ltda. increased its stake in shares of RB Global by 14.6% during the fourth quarter. BW Gestao de Investimentos Ltda. now owns 785,947 shares of the business services provider’s stock valued at $80,850,000 after buying an additional 100,391 shares during the period. Norges Bank purchased a new position in shares of RB Global during the fourth quarter valued at approximately $231,813,000. Coyle Financial Counsel LLC grew its stake in RB Global by 50.7% in the fourth quarter. Coyle Financial Counsel LLC now owns 11,360 shares of the business services provider’s stock worth $1,169,000 after purchasing an additional 3,824 shares during the period. SBI Okasan Asset Management Co.Ltd. purchased a new stake in RB Global in the fourth quarter worth $211,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in RB Global by 14.1% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,821 shares of the business services provider’s stock worth $187,000 after purchasing an additional 225 shares during the period. 95.37% of the stock is owned by hedge funds and other institutional investors.

RB Global Stock Down 0.5%

NYSE:RBA opened at $104.73 on Wednesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.07 and a current ratio of 1.14. The firm has a market cap of $19.47 billion, a P/E ratio of 48.71, a P/E/G ratio of 1.68 and a beta of 0.57. RB Global, Inc. has a fifty-two week low of $93.58 and a fifty-two week high of $119.58. The firm has a 50-day simple moving average of $102.16 and a two-hundred day simple moving average of $103.96.

RB Global (NYSE:RBA) (TSE:RBA) last issued its earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.04. RB Global had a net margin of 9.55% and a return on equity of 12.33%. The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the prior year, the firm posted $0.89 earnings per share. The business’s revenue was up 11.4% on a year-over-year basis. Analysts predict that RB Global, Inc. will post 4.09 earnings per share for the current fiscal year.

RB Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Wednesday, May 27th will be given a $0.31 dividend. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.24 annualized dividend and a yield of 1.2%. RB Global’s dividend payout ratio is 57.67%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on RBA shares. Stephens reaffirmed an “equal weight” rating and issued a $96.00 price target on shares of RB Global in a research note on Tuesday, May 5th. Barclays started coverage on RB Global in a research note on Thursday, May 28th. They issued an “overweight” rating and a $124.00 price target on the stock. Royal Bank Of Canada upped their price target on RB Global from $146.00 to $150.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 5th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of RB Global in a research note on Tuesday, May 26th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $135.00 price target (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $126.13.

Insider Buying and Selling

In other RB Global news, Director Deborah Stein bought 425 shares of RB Global stock in a transaction on Tuesday, May 19th. The stock was acquired at an average price 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 approximately $188,248.75. This trade represents a 30.36% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.57% of the company’s stock.

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.