Ameriprise Financial Inc. Has $63.50 Million Stock Holdings in RB Global, Inc. $RBA

Key Points

• Ameriprise Financial Inc. reduced its stake in RB Global, Inc. by 4.7% in the first quarter, now holding about $63.5 million worth of shares.
• Several institutional investors have increased their holdings in RB Global, with CoreCap Advisors lifting their stake by 74.5% and MV Capital Management increasing it by 5,560.0%.
• RB Global recently increased its quarterly dividend to $0.31 from $0.29, representing an annual yield of 1.1%.

Ameriprise Financial Inc. trimmed its stake in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 4.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 629,359 shares of the business services provider's stock after selling 31,362 shares during the quarter. Ameriprise Financial Inc. owned 0.34% of RB Global worth $63,500,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Maven Securities LTD acquired a new stake in RB Global during the first quarter valued at approximately $451,000. Wellington Management Group LLP increased its holdings in shares of RB Global by 1.1% during the first quarter. Wellington Management Group LLP now owns 1,854,476 shares of the business services provider's stock worth $186,098,000 after buying an additional 19,543 shares in the last quarter. Korea Investment CORP increased its holdings in shares of RB Global by 1.1% during the first quarter. Korea Investment CORP now owns 100,762 shares of the business services provider's stock worth $10,112,000 after buying an additional 1,060 shares in the last quarter. Aviso Financial Inc. increased its holdings in shares of RB Global by 15.2% during the first quarter. Aviso Financial Inc. now owns 93,276 shares of the business services provider's stock worth $9,365,000 after buying an additional 12,306 shares in the last quarter. Finally, Northwest & Ethical Investments L.P. increased its holdings in shares of RB Global by 2.6% during the first quarter. Northwest & Ethical Investments L.P. now owns 193,376 shares of the business services provider's stock worth $19,420,000 after buying an additional 4,886 shares in the last quarter. 95.37% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

RBA has been the subject of several recent analyst reports. Wall Street Zen raised shares of RB Global from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. CIBC raised their price objective on shares of RB Global from $118.00 to $121.00 and gave the stock an "outperformer" rating in a report on Friday, July 18th. Raymond James Financial upped their target price on shares of RB Global from $125.00 to $135.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. 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. Finally, National Bankshares upped their target price on shares of RB Global from $112.00 to $113.00 and gave the stock a "sector perform" rating in a research report on Thursday, August 7th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, RB Global presently has an average rating of "Moderate Buy" and an average target price of $124.33.

RB Global Trading Down 0.1%

Shares of NYSE:RBA traded down $0.06 during trading on Monday, hitting $114.57. 805,743 shares of the company's stock were exchanged, compared to its average volume of 1,045,899. RB Global, Inc. has a 1-year low of $78.08 and a 1-year high of $118.23. The firm has a 50-day moving average price of $110.39 and a two-hundred day moving average price of $104.46. The company has a current ratio of 1.28, a quick ratio of 1.22 and a debt-to-equity ratio of 0.46. The firm has a market cap of $21.26 billion, a P/E ratio of 56.72, a PEG ratio of 2.66 and a beta of 0.65.

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

RB Global Increases Dividend

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

Insider Activity at RB Global

In related news, insider Darren Jeffrey Watt sold 7,400 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $110.00, for a total value of $814,000.00. Following the sale, the insider directly owned 24,874 shares in the company, valued at $2,736,140. This trade represents a 22.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Adam Dewitt sold 800 shares of the stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $106.17, for a total transaction of $84,936.00. Following the completion of the sale, the director owned 5,865 shares in the company, valued at $622,687.05. This represents a 12.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 57,558 shares of company stock worth $6,314,145 in the last ninety days. Company insiders own 0.28% of the company's stock.

About RB Global

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.