Allspring Global Investments Holdings LLC Boosts Stock Holdings in RB Global, Inc. $RBA

Key Points

• Allspring Global Investments increased its RB Global stake by 5.7% in the first quarter, ending with 467,816 shares valued at about $45.2 million.
• RB Global reported Q1 EPS of $1.01, beating analyst estimates, while revenue rose 11.4% year over year to $888.01 million, though that was below expectations.
• Analyst sentiment remains positive, with a Buy consensus and an average price target of $128; recent targets have ranged as high as $150.

Allspring Global Investments Holdings LLC lifted its position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 5.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 467,816 shares of the business services provider's stock after purchasing an additional 25,288 shares during the period. Allspring Global Investments Holdings LLC owned 0.25% of RB Global worth $45,191,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in RBA. MV Capital Management Inc. bought a new stake in RB Global in the fourth quarter worth about $29,000. Bayban purchased a new position in RB Global in the fourth quarter valued at approximately $34,000. Central Pacific Bank Trust Division grew its holdings in RB Global by 41.8% during the fourth quarter. Central Pacific Bank Trust Division now owns 363 shares of the business services provider's stock valued at $37,000 after purchasing an additional 107 shares during the period. State of Wyoming purchased a new stake in RB Global in the second quarter worth $46,000. Finally, Nemes Rush Group LLC purchased a new stake in RB Global in the fourth quarter worth $54,000. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

RB Global Price Performance

RBA stock opened at $111.76 on Friday. The firm has a 50 day simple moving average of $108.04 and a two-hundred day simple moving average of $106.12. The stock has a market cap of $20.78 billion, a PE ratio of 51.98, a P/E/G ratio of 1.75 and a beta of 0.55. RB Global, Inc. has a one year low of $93.58 and a one year high of $119.58. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.14 and a quick ratio of 1.07.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its quarterly earnings data on Monday, May 4th. The business services provider reported $1.01 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.97 by $0.04. RB Global had a net margin of 9.55% and a return on equity of 12.33%. The company had revenue of $888.01 million during the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the previous year, the firm posted $0.89 EPS. The firm's revenue was up 11.4% compared to the same quarter last year. On average, analysts predict that RB Global, Inc. will post 4.16 EPS for the current fiscal year.

RB Global Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Wednesday, May 27th were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 1.1%. The ex-dividend date was Wednesday, May 27th. RB Global's dividend payout ratio is presently 57.67%.

Analysts Set New Price Targets

RBA has been the topic of a number of research reports. Barclays initiated coverage on RB Global in a research note on Thursday, May 28th. They issued an "overweight" rating and a $124.00 price objective on the stock. Raymond James Financial upgraded shares of RB Global from an "outperform" rating to a "strong-buy" rating and set a $145.00 target price for the company in a research note on Tuesday, June 30th. Royal Bank Of Canada upped their price target on shares of RB Global from $146.00 to $150.00 and gave the company an "outperform" rating in a research note on Tuesday, May 5th. Stephens reaffirmed an "equal weight" rating and issued a $96.00 price objective on shares of RB Global in a report on Tuesday, May 5th. Finally, Zacks Research raised shares of RB Global from a "hold" rating to a "strong-buy" rating in a report on Friday, July 3rd. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $128.00.

Insider Transactions at RB Global

In related news, Director Deborah Stein acquired 425 shares of RB Global stock in a transaction dated Tuesday, May 19th. The shares were purchased at an average cost of $103.15 per share, with a total value of $43,838.75. Following the completion of the purchase, the director owned 1,825 shares of the company's stock, valued at $188,248.75. This represents a 30.36% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.57% of the stock is currently owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.