Ashton Thomas Private Wealth LLC Cuts Stock Position in RB Global, Inc. $RBA

Key Points

• Ashton Thomas Private Wealth LLC significantly reduced its stake in RB Global, Inc. by 77.4%, selling 26,319 shares and holding only 7,690 shares valued at $771,000 following the sale.
• Insider trading activity includes the sale of shares by CEO James Francis Kessler and insider Darren Jeffrey Watt, with Kessler selling 45,658 shares for approximately $5.02 million.
• Analysts are optimistic about RB Global's growth, with BMO Capital Markets and Royal Bank Of Canada increasing their price targets to $130.00 and $132.00, respectively, maintaining an overall rating of "Moderate Buy."

Ashton Thomas Private Wealth LLC lowered its stake in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 77.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,690 shares of the business services provider's stock after selling 26,319 shares during the period. Ashton Thomas Private Wealth LLC's holdings in RB Global were worth $771,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. SouthState Corp purchased a new stake in RB Global during the 1st quarter worth approximately $26,000. CoreCap Advisors LLC lifted its position in shares of RB Global by 74.5% in the fourth quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock valued at $25,000 after acquiring an additional 117 shares in the last quarter. SVB Wealth LLC acquired a new stake in shares of RB Global in the first quarter worth approximately $28,000. MV Capital Management Inc. increased its position in shares of RB Global by 5,560.0% during 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 in the last quarter. Finally, IFP Advisors Inc increased 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 purchasing an additional 279 shares in the last quarter. 95.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. CIBC raised their price objective on RB Global from $118.00 to $121.00 and gave the company an "outperformer" rating in a report on Friday, July 18th. BMO Capital Markets boosted their price target 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. Wall Street Zen cut shares of RB Global from a "buy" rating to a "hold" rating in a research note on Friday, September 5th. National Bank Financial lowered shares of RB Global from a "strong-buy" rating to a "hold" rating in a research note on Sunday, May 25th. Finally, Raymond James Financial upped their price target on RB Global from $125.00 to $135.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $124.33.

RB Global Trading Up 0.7%

Shares of RB Global stock traded up $0.76 during mid-day trading on Tuesday, hitting $117.50. The stock had a trading volume of 1,204,866 shares, compared to its average volume of 820,283. The firm has a 50-day moving average of $112.76 and a two-hundred day moving average of $105.60. RB Global, Inc. has a 12-month low of $78.08 and a 12-month high of $118.79. 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 firm has a market cap of $21.81 billion, a P/E ratio of 58.17, a price-to-earnings-growth ratio of 2.71 and a beta of 0.65.

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

RB Global Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 28th will be issued a dividend of $0.31 per share. 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 boost from RB Global's previous quarterly dividend of $0.29. RB Global's dividend payout ratio (DPR) is currently 61.39%.

Insider Buying and Selling

In related news, insider Darren Jeffrey Watt sold 7,400 shares of the business'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 sale, the insider directly owned 24,874 shares in the company, valued at approximately $2,736,140. The trade was a 22.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO James Francis Kessler sold 45,658 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 transaction of $5,022,380.00. Following the completion of the transaction, the chief executive officer directly owned 107,569 shares in the company, valued at $11,832,590. The trade was a 29.80% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,209 shares of company stock valued at $6,090,521. 0.28% of the stock is currently owned by insiders.

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.