RB Global, Inc. (NYSE:RBA) Shares Sold by Citigroup Inc.

Key Points

• Citigroup Inc. has reduced its stake in RB Global, Inc. by 25% in the first quarter, selling 78,123 shares and now owning approximately 0.13% of the company, valued at $23.48 million.
• RB Global recently announced a quarterly dividend increase from $0.29 to $0.31 per share, with a dividend yield of 1.1% and a payout ratio of 57.43%.
• Analysts have mixed opinions on RB Global, with recent reports showing price targets ranging from $115.00 to $130.00 and ratings varying from "hold" to "outperform".

Citigroup Inc. lowered its holdings in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 25.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 233,977 shares of the business services provider's stock after selling 78,123 shares during the quarter. Citigroup Inc. owned 0.13% of RB Global worth $23,480,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. QRG Capital Management Inc. lifted its stake in RB Global by 122.2% during the first quarter. QRG Capital Management Inc. now owns 7,678 shares of the business services provider's stock worth $770,000 after purchasing an additional 4,222 shares in the last quarter. MetLife Investment Management LLC lifted its stake in RB Global by 9.2% during the fourth quarter. MetLife Investment Management LLC now owns 103,934 shares of the business services provider's stock worth $9,376,000 after purchasing an additional 8,723 shares in the last quarter. GAMMA Investing LLC lifted its stake in RB Global by 28.6% during the first quarter. GAMMA Investing LLC now owns 1,608 shares of the business services provider's stock worth $161,000 after purchasing an additional 358 shares in the last quarter. Mariner LLC lifted its stake in RB Global by 32.4% during the fourth quarter. Mariner LLC now owns 48,124 shares of the business services provider's stock worth $4,341,000 after purchasing an additional 11,767 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in RB Global by 10.9% during the first quarter. Nisa Investment Advisors LLC now owns 1,060 shares of the business services provider's stock worth $106,000 after purchasing an additional 104 shares in the last quarter. Hedge funds and other institutional investors own 95.37% of the company's stock.

RB Global Stock Down 2.0%

NYSE:RBA traded down $2.30 during trading hours on Friday, hitting $115.13. The company's stock had a trading volume of 1,221,840 shares, compared to its average volume of 1,055,790. The stock has a market capitalization of $21.36 billion, a P/E ratio of 57.00, a price-to-earnings-growth ratio of 2.72 and a beta of 0.75. The stock has a fifty day moving average of $108.31 and a 200-day moving average of $102.51. The company has a current ratio of 1.28, a quick ratio of 1.22 and a debt-to-equity ratio of 0.46. RB Global, Inc. has a 52-week low of $78.08 and a 52-week high of $118.23.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its 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 return on equity of 9.42% and a net margin of 9.46%. RB Global's revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.94 earnings per share. On average, equities 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 announced 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 represents a $1.24 annualized dividend and a yield of 1.1%. This is a boost from RB Global's previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Thursday, August 28th. RB Global's dividend payout ratio is currently 57.43%.

Insider Activity at RB Global

In other RB Global news, insider Darren Jeffrey Watt sold 7,400 shares of the company's stock in a transaction 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 completion of the transaction, the insider owned 24,874 shares in the company, valued at $2,736,140. This represents a 22.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Adam Dewitt sold 800 shares of the company's stock in a transaction 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 transaction, the director owned 5,865 shares of the company's stock, valued at $622,687.05. This represents a 12.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 57,558 shares of company stock valued at $6,314,145 over the last quarter. 4.32% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on RBA shares. BMO Capital Markets upped their price objective on RB Global from $125.00 to $130.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Robert W. Baird upped their price objective on RB Global from $110.00 to $115.00 and gave the stock an "outperform" rating in a research report on Thursday, May 8th. Wall Street Zen raised RB Global from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. CIBC upped their price objective on RB Global from $118.00 to $121.00 and gave the stock an "outperformer" rating in a research report on Friday, July 18th. Finally, Raymond James Financial upped their price objective on RB Global from $125.00 to $135.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $119.79.

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.