Third Point LLC Has $73.80 Million Stock Holdings in RB Global, Inc. $RBA

by · The Cerbat Gem

Third Point LLC lowered its holdings in shares of RB Global, Inc. (NYSE:RBA – Free Report) (TSE:RBA) by 26.8% in the second quarter, Holdings Channel.com reports. The institutional investor owned 695,000 shares of the business services provider’s stock after selling 255,000 shares during the period. RB Global comprises about 1.0% of Third Point LLC’s holdings, making the stock its 29th biggest position. Third Point LLC’s holdings in RB Global were worth $73,802,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Occudo Quantitative Strategies LP boosted its stake in RB Global by 54.2% in the second quarter. Occudo Quantitative Strategies LP now owns 28,646 shares of the business services provider’s stock valued at $3,042,000 after buying an additional 10,069 shares in the last quarter. Quantinno Capital Management LP raised its stake in RB Global by 33.4% during the second quarter. Quantinno Capital Management LP now owns 48,117 shares of the business services provider’s stock worth $5,110,000 after acquiring an additional 12,037 shares in the last quarter. Treasurer of the State of North Carolina lifted its holdings in shares of RB Global by 3.3% in the second quarter. Treasurer of the State of North Carolina now owns 86,586 shares of the business services provider’s stock worth $9,195,000 after acquiring an additional 2,801 shares during the last quarter. Squarepoint Ops LLC lifted its holdings in shares of RB Global by 3.3% in the second quarter. Squarepoint Ops LLC now owns 10,878 shares of the business services provider’s stock worth $1,155,000 after acquiring an additional 348 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its stake in shares of RB Global by 37.4% in the 2nd quarter. CIBC Asset Management Inc now owns 1,124,664 shares of the business services provider’s stock valued at $120,533,000 after purchasing an additional 305,874 shares in the last quarter. 95.37% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on RBA shares. National Bank Financial upgraded shares of RB Global from a “sector perform” rating to an “outperform” rating and set a $124.00 price objective for the company in a research report on Monday, November 24th. Wall Street Zen cut shares of RB Global from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. National Bankshares dropped their price target on RB Global from $113.00 to $111.00 and set a “sector perform” rating for the company in a research note on Thursday, October 9th. Weiss Ratings downgraded RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Finally, Royal Bank Of Canada upped their target price on RB Global from $132.00 to $133.00 and gave the stock an “outperform” rating in a report on Friday, November 7th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $122.88.

Read Our Latest Stock Report on RBA

RB Global Stock Performance

Shares of RB Global stock opened at $105.16 on Friday. The stock has a market cap of $19.55 billion, a price-to-earnings ratio of 50.32, a P/E/G ratio of 2.24 and a beta of 0.56. RB Global, Inc. has a twelve month low of $86.68 and a twelve month high of $119.58. The company’s fifty day moving average is $100.50 and its 200 day moving average is $106.81. The company has a quick ratio of 1.15, a current ratio of 1.23 and a debt-to-equity ratio of 0.46.

RB Global (NYSE:RBA – Get Free Report) (TSE:RBA) last announced its earnings results on Thursday, November 6th. The business services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.83 by $0.10. RB Global had a return on equity of 9.66% and a net margin of 9.65%.The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.05 billion. During the same period in the previous year, the business earned $0.71 EPS. The business’s quarterly revenue was up 12.0% compared to the same quarter last year. Sell-side analysts forecast that RB Global, Inc. will post 2.5 EPS for the current year.

RB Global Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 17th. Stockholders of record on Wednesday, November 26th will be paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, November 26th. RB Global’s dividend payout ratio is currently 59.33%.

Insider Activity at RB Global

In other news, Director Deborah Stein acquired 1,000 shares of the firm’s stock in a transaction dated Thursday, November 13th. The stock was bought at an average cost of $101.26 per share, for a total transaction of $101,260.00. Following the completion of the transaction, the director directly owned 1,000 shares in the company, valued at $101,260. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.32% of the company’s stock.

About RB Global

(Free Report)

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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