Assetmark Inc. Decreases Stock Position in RB Global, Inc. (NYSE:RBA)

Assetmark Inc. cut its holdings in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 96.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 344 shares of the business services provider’s stock after selling 9,390 shares during the period. Assetmark Inc.’s holdings in RB Global were worth $28,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Hollencrest Capital Management increased its position in shares of RB Global by 99.8% in the 3rd quarter. Hollencrest Capital Management now owns 875 shares of the business services provider’s stock worth $70,000 after purchasing an additional 437 shares during the last quarter. QRG Capital Management Inc. acquired a new stake in RB Global in the 3rd quarter valued at approximately $204,000. Ground Swell Capital LLC bought a new stake in shares of RB Global during the third quarter valued at about $213,000. Chicago Partners Investment Group LLC bought a new stake in shares of RB Global during the 3rd quarter worth about $237,000. Finally, First Trust Direct Indexing L.P. bought a new stake in RB Global during the third quarter worth approximately $340,000. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

RB Global Price Performance

NYSE:RBA opened at $93.60 on Wednesday. The company has a fifty day moving average price of $84.91 and a 200 day moving average price of $80.78. RB Global, Inc. has a one year low of $60.84 and a one year high of $94.85. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.28 and a quick ratio of 1.17. The stock has a market cap of $17.26 billion, a P/E ratio of 50.87, a PEG ratio of 4.55 and a beta of 0.92.

RB Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, November 27th will be paid a dividend of $0.29 per share. The ex-dividend date is Wednesday, November 27th. This represents a $1.16 annualized dividend and a yield of 1.24%. RB Global’s dividend payout ratio is 63.04%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on RBA shares. Royal Bank of Canada upped their price target on shares of RB Global from $99.00 to $107.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Bank of America raised their price target on shares of RB Global from $79.00 to $92.50 and gave the stock a “neutral” rating in a report on Monday, August 26th. Robert W. Baird boosted their target price on RB Global from $86.00 to $100.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. BMO Capital Markets boosted their target price on shares of RB Global from $105.00 to $107.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Finally, Raymond James increased their price objective on RB Global from $95.00 to $98.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $98.36.

Insider Activity

In other RB Global news, CEO James Francis Kessler sold 17,883 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $83.09, for a total transaction of $1,485,898.47. Following the completion of the transaction, the chief executive officer now directly owns 86,247 shares in the company, valued at $7,166,263.23. This represents a 17.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO James J. Jeter sold 3,000 shares of RB Global stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $85.55, for a total transaction of $256,650.00. Following the transaction, the executive now directly owns 20,267 shares of the company’s stock, valued at $1,733,841.85. This represents a 12.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 38,766 shares of company stock worth $3,248,118. Company insiders own 4.10% 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.