RB Global, Inc. (NYSE:RBA) Holdings Lowered by Independent Franchise Partners LLP

Independent Franchise Partners LLP lessened its holdings in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 14.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,770,067 shares of the business services provider’s stock after selling 1,980,187 shares during the quarter. RB Global comprises 8.3% of Independent Franchise Partners LLP’s portfolio, making the stock its biggest holding. Independent Franchise Partners LLP owned 6.44% of RB Global worth $898,762,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in RBA. Private Advisor Group LLC bought a new position in shares of RB Global during the 4th quarter valued at about $260,000. Wells Fargo & Company MN boosted its stake in RB Global by 8.9% during the fourth quarter. Wells Fargo & Company MN now owns 132,663 shares of the business services provider’s stock valued at $8,874,000 after buying an additional 10,867 shares during the last quarter. Corient Private Wealth LLC grew its holdings in RB Global by 8.1% during the 4th quarter. Corient Private Wealth LLC now owns 20,786 shares of the business services provider’s stock valued at $1,390,000 after buying an additional 1,557 shares in the last quarter. Assetmark Inc. increased its stake in RB Global by 36.0% in the 4th quarter. Assetmark Inc. now owns 5,827 shares of the business services provider’s stock worth $390,000 after acquiring an additional 1,542 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of RB Global by 4.8% during the 4th quarter. Franklin Resources Inc. now owns 13,228 shares of the business services provider’s stock worth $885,000 after acquiring an additional 601 shares in the last quarter. 95.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on RBA shares. BMO Capital Markets assumed coverage on shares of RB Global in a report on Thursday, September 5th. They issued an “outperform” rating and a $105.00 target price for the company. CIBC initiated coverage on shares of RB Global in a report on Tuesday, June 18th. They issued a “sector outperform” rating and a $95.00 target price on the stock. Bank of America increased their price target on shares of RB Global from $79.00 to $92.50 and gave the company a “neutral” rating in a report on Monday, August 26th. Robert W. Baird lifted their price target on RB Global from $80.00 to $86.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Finally, Raymond James upped their price objective on RB Global from $95.00 to $98.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $92.19.

Insiders Place Their Bets

In related news, CRO James J. Jeter sold 2,920 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $78.96, for a total value of $230,563.20. Following the completion of the sale, the executive now owns 23,267 shares in the company, valued at $1,837,162.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CRO James J. Jeter sold 3,000 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $85.55, for a total value of $256,650.00. Following the completion of the sale, the executive now owns 20,267 shares in the company, valued at approximately $1,733,841.85. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CRO James J. Jeter sold 2,920 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $78.96, for a total transaction of $230,563.20. Following the completion of the sale, the executive now directly owns 23,267 shares of the company’s stock, valued at approximately $1,837,162.32. The disclosure for this sale can be found here. Insiders have sold 26,718 shares of company stock worth $2,214,474 in the last three months. Corporate insiders own 4.32% of the company’s stock.

RB Global Price Performance

Shares of RBA stock opened at $84.41 on Friday. The stock has a 50 day moving average price of $81.85 and a 200 day moving average price of $77.69. RB Global, Inc. has a 52-week low of $58.85 and a 52-week high of $87.45. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.20 and a current ratio of 1.29. The firm has a market capitalization of $15.43 billion, a P/E ratio of 50.85, a P/E/G ratio of 5.43 and a beta of 0.93.

RB Global (NYSE:RBA) (TSE:RBA) last released its earnings results on Tuesday, August 6th. The business services provider reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.06. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the company earned $0.42 earnings per share. As a group, sell-side analysts predict that RB Global, Inc. will post 1.96 earnings per share for the current year.

RB Global Increases Dividend

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

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.