Alliancebernstein L.P. Lowers Stock Position in RB Global, Inc. $RBA

Key Points

• Alliancebernstein L.P. reduced its stake in RB Global, Inc. by 1.4%, selling 3,434 shares and now owning approximately 0.13% of the company valued at $24.8 million.
• Research analysts have mixed views on RB Global, with four analysts rating it as a Buy and two as Hold, while the average price target is set at $124.33.
• RB Global announced a quarterly dividend increase to $0.31 per share, reflecting a boost from the previous quarter's dividend of $0.29.

Alliancebernstein L.P. cut its position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 1.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 246,912 shares of the business services provider's stock after selling 3,434 shares during the period. Alliancebernstein L.P. owned approximately 0.13% of RB Global worth $24,765,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of RBA. CoreCap Advisors LLC raised its holdings in shares of RB Global by 74.5% during the fourth quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock valued at $25,000 after purchasing an additional 117 shares during the last quarter. SouthState Corp bought a new position in shares of RB Global in the first quarter worth approximately $26,000. MV Capital Management Inc. boosted its position in shares of RB Global by 5,560.0% in the first quarter. MV Capital Management Inc. now owns 283 shares of the business services provider's stock worth $28,000 after purchasing an additional 278 shares during the period. SVB Wealth LLC bought a new position in shares of RB Global in the first quarter worth approximately $28,000. Finally, IFP Advisors Inc boosted its position in shares of RB Global by 348.8% during the first quarter. IFP Advisors Inc now owns 359 shares of the business services provider's stock worth $36,000 after acquiring an additional 279 shares during the last quarter. 95.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. BMO Capital Markets upped their target price on shares of RB Global from $125.00 to $130.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. National Bankshares raised their target price on shares of RB Global from $112.00 to $113.00 and gave the stock a "sector perform" rating in a report on Thursday, August 7th. CIBC raised their price target on shares of RB Global from $118.00 to $121.00 and gave the stock an "outperformer" rating in a research note on Friday, July 18th. National Bank Financial downgraded shares of RB Global from a "strong-buy" rating to a "hold" rating in a research report on Sunday, May 25th. Finally, Wall Street Zen downgraded shares of RB Global from a "buy" rating to a "hold" rating in a research report on Friday, September 5th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $124.33.

Insider Transactions at RB Global

In related news, insider Darren Jeffrey Watt sold 7,400 shares of the company's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $110.00, for a total value of $814,000.00. Following the completion of the sale, the insider owned 24,874 shares of the company's stock, valued at approximately $2,736,140. This represents a 22.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO James Francis Kessler sold 45,658 shares of the stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $110.00, for a total transaction of $5,022,380.00. Following the transaction, the chief executive officer directly owned 107,569 shares of the company's stock, valued at approximately $11,832,590. This trade represents a 29.80% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.32% of the company's stock.

RB Global Stock Performance

Shares of NYSE:RBA traded down $1.50 during trading on Friday, hitting $117.21. 949,227 shares of the stock traded hands, compared to its average volume of 856,475. The company has a quick ratio of 1.22, a current ratio of 1.28 and a debt-to-equity ratio of 0.46. The company has a fifty day moving average price of $112.28 and a two-hundred day moving average price of $105.34. The company has a market cap of $21.75 billion, a price-to-earnings ratio of 58.03, a P/E/G ratio of 2.76 and a beta of 0.65. RB Global, Inc. has a 52-week low of $78.08 and a 52-week high of $118.79.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its quarterly earnings data on Wednesday, August 6th. The business services provider reported $1.07 earnings per share for the quarter, topping analysts' consensus estimates of $0.95 by $0.12. The company had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.14 billion. RB Global had a net margin of 9.46% and a return on equity of 9.42%. The firm's revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.94 earnings per share. As a group, equities analysts predict that RB Global, Inc. will post 2.5 EPS for the current year.

RB Global Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 28th will be issued a $0.31 dividend. This is an increase from RB Global's previous quarterly dividend of $0.29. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Thursday, August 28th. RB Global's payout ratio is currently 61.39%.

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.