Envestnet Asset Management Inc. Lowers Position in RB Global, Inc. (NYSE:RBA)

Envestnet Asset Management Inc. trimmed its position in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 11.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 452,647 shares of the business services provider’s stock after selling 57,837 shares during the quarter. Envestnet Asset Management Inc. owned 0.25% of RB Global worth $34,564,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in RBA. Vontobel Asset Management Inc. boosted its holdings in RB Global by 66.5% during the fourth quarter. Vontobel Asset Management Inc. now owns 6,649,251 shares of the business services provider’s stock worth $467,920,000 after purchasing an additional 2,655,388 shares during the last quarter. Norges Bank bought a new position in shares of RB Global during the 4th quarter worth approximately $141,970,000. Vanguard Group Inc. grew its holdings in shares of RB Global by 5.1% in the first quarter. Vanguard Group Inc. now owns 23,992,759 shares of the business services provider’s stock valued at $1,827,528,000 after acquiring an additional 1,153,497 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of RB Global by 142.9% in the second quarter. Bank of New York Mellon Corp now owns 1,337,790 shares of the business services provider’s stock valued at $102,154,000 after acquiring an additional 787,042 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in RB Global by 1,879.0% during the second quarter. CIBC Asset Management Inc now owns 626,603 shares of the business services provider’s stock worth $47,761,000 after acquiring an additional 594,941 shares during the period. Institutional investors own 95.37% of the company’s stock.

Wall Street Analysts Forecast Growth

RBA has been the subject of a number of recent analyst reports. Robert W. Baird upped their price objective on RB Global from $80.00 to $86.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. CIBC began coverage on shares of RB Global in a report on Tuesday, June 18th. They set a “sector outperform” rating and a $95.00 price objective for the company. Bank of America lifted their price objective on shares of RB Global from $79.00 to $92.50 and gave the stock a “neutral” rating in a research report on Monday, August 26th. Royal Bank of Canada increased their target price on shares of RB Global from $93.00 to $99.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Finally, Raymond James lifted their price target on shares of RB Global from $95.00 to $98.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $92.19.

RB Global Stock Down 1.1 %

RBA opened at $84.40 on Friday. RB Global, Inc. has a 12 month low of $58.85 and a 12 month high of $87.45. The company has a market cap of $15.43 billion, a PE ratio of 50.84, a price-to-earnings-growth ratio of 5.43 and a beta of 0.93. The company has a current ratio of 1.29, a quick ratio of 1.20 and a debt-to-equity ratio of 0.55. The company has a 50 day moving average of $81.85 and a 200 day moving average of $77.68.

RB Global (NYSE:RBA) (TSE:RBA) last posted its quarterly earnings results on Tuesday, August 6th. The business services provider reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.06. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.13 billion. RB Global had a return on equity of 7.27% and a net margin of 8.67%. The business’s revenue for the quarter was down .9% on a year-over-year basis. During the same period last year, the company earned $0.42 earnings per share. On average, sell-side analysts expect that RB Global, Inc. will post 1.96 EPS for the current year.

RB Global Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Wednesday, August 28th were issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date of this dividend was Wednesday, August 28th. This is a positive change from RB Global’s previous quarterly dividend of $0.27. RB Global’s payout ratio is presently 69.88%.

Insider Activity

In other news, insider Darren Jeffrey Watt sold 2,915 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $82.80, for a total value of $241,362.00. Following the completion of the transaction, the insider now directly owns 19,271 shares in the company, valued at $1,595,638.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other RB Global news, CRO James J. Jeter sold 2,920 shares of the company’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $78.96, for a total value of $230,563.20. Following the transaction, the executive now directly owns 23,267 shares in the company, valued at approximately $1,837,162.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Darren Jeffrey Watt sold 2,915 shares of RB Global stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $82.80, for a total value of $241,362.00. Following the sale, the insider now owns 19,271 shares of the company’s stock, valued at approximately $1,595,638.80. The disclosure for this sale can be found here. Insiders have sold a total of 26,718 shares of company stock worth $2,214,474 over the last ninety days. Company insiders own 4.32% of the company’s stock.

RB Global Company 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.