683,581 RB Global, Inc. $RBA Shares Sold by Bahl & Gaynor LLC

Key Points

• Bahl & Gaynor cut its RB Global stake by 64.5% in the third quarter, selling 683,581 shares and retaining 376,735 shares valued at about $30.7 million.
• RB Global beat quarterly estimates, reporting EPS of $1.03 versus $0.99 expected and revenue of $1.27 billion versus $1.16 billion. Analysts’ consensus rating is “Moderate Buy,” with a $125.67 average price target.
• The company declared a quarterly dividend of $0.33 per share and authorized a $500 million share-repurchase plan, permitting buybacks of up to 3.3% of outstanding shares.

Bahl & Gaynor LLC lessened its stake in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 64.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 376,735 shares of the business services provider's stock after selling 683,581 shares during the period. Bahl & Gaynor LLC owned 0.21% of RB Global worth $30,662,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Addison Advisors LLC bought a new position in shares of RB Global in the second quarter valued at approximately $26,000. J.Safra Asset Management Corp bought a new stake in RB Global during the second quarter worth approximately $32,000. Integrated Wealth Concepts LLC bought a new stake in RB Global during the second quarter worth approximately $35,000. Cassaday & Co Wealth Management LLC bought a new stake in RB Global during the first quarter worth approximately $43,000. Finally, Axiom Investment Management LLC acquired a new stake in RB Global in the first quarter worth approximately $76,000. Institutional investors own 95.37% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on RBA shares. Royal Bank Of Canada decreased their price target on RB Global from $152.00 to $134.00 and set an "outperform" rating for the company in a research note on Tuesday. Barclays boosted their price objective on RB Global from $110.00 to $112.00 and gave the stock an "overweight" rating in a research note on Wednesday. Zacks Research lowered RB Global from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Wall Street Zen cut RB Global from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. Finally, National Bank Financial raised their target price on RB Global from $130.00 to $132.00 and gave the company an "outperform" rating in a research note on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have 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 $125.67.

Insider Buying and Selling

In other RB Global news, Director Chloe Harford acquired 1,200 shares of RB Global stock in a transaction that occurred on Monday, August 24th. The stock was purchased at an average cost of $83.74 per share, with a total value of $100,488.00. Following the purchase, the director owned 1,200 shares in the company, valued at approximately $100,488. The trade was a ∞ increase 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, Director Deborah Stein acquired 500 shares of the firm's stock in a transaction on Wednesday, September 9th. The shares were acquired at an average price of $80.91 per share, with a total value of $40,455.00. Following the completion of the transaction, the director directly owned 2,325 shares in the company, valued at approximately $188,115.75. This trade represents a 27.40% increase in their position. The disclosure for this purchase is available in the SEC filing. 0.57% of the stock is owned by insiders.

RB Global Trading Down 0.5%

Shares of NYSE RBA opened at $95.62 on Thursday. The company has a quick ratio of 1.22, a current ratio of 1.31 and a debt-to-equity ratio of 0.59. RB Global, Inc. has a 12 month low of $78.05 and a 12 month high of $119.33. The company has a market cap of $17.33 billion, a price-to-earnings ratio of 23.74, a P/E/G ratio of 1.64 and a beta of 0.48. The business has a fifty day simple moving average of $85.42 and a 200-day simple moving average of $99.11.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its quarterly earnings results on Monday, November 9th. The business services provider reported $1.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.99 by $0.04. RB Global had a return on equity of 13.97% and a net margin of 10.29%. The firm had revenue of $1.27 billion for the quarter, compared to analysts' expectations of $1.16 billion. Sell-side analysts predict that RB Global, Inc. will post 4.06 EPS for the current year.

RB Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders of record on Wednesday, November 25th will be issued a dividend of $0.33 per share. The ex-dividend date is Wednesday, November 25th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.4%. RB Global's payout ratio is currently 56.65%.

RB Global declared that its Board of Directors has authorized a share repurchase plan on Tuesday, September 15th that allows the company to buy back $500 million in outstanding shares. This repurchase authorization allows the business services provider to purchase up to 3.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its stock is undervalued.

About RB Global

RB Global operates a global marketplace for commercial assets and vehicles, connecting sellers with buyers through live auctions, online platforms and other sales channels. Its offerings include asset marketing and disposition services, along with support such as inspections and transaction services. The company serves businesses, governments and other organizations across industries including construction, transportation, agriculture, mining and energy. Through its IAA business, it also facilitates sales of salvage and used vehicles to buyers such as licensed dealers and vehicle rebuilders.

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