Corebridge Financial Inc. Has $20.43 Million Stake in RB Global, Inc. $RBA

Key Points

• Corebridge Financial Inc. reduced its stake in RB Global, selling 4,977 shares, resulting in ownership of approximately 203,685 shares, valued at $20.4 million.
• Insider selling includes CEO James Francis Kessler selling 45,658 shares for over $5 million, which decreased his ownership by nearly 30%.
• RB Global recently reported better-than-expected earnings of $1.07 per share, surpassing analyst estimates and showing an 8.2% revenue increase compared to the prior year.

Corebridge Financial Inc. reduced its position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 2.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 203,685 shares of the business services provider's stock after selling 4,977 shares during the period. Corebridge Financial Inc. owned about 0.11% of RB Global worth $20,430,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of RBA. Fiera Capital Corp lifted its stake in RB Global by 17.3% in the 1st quarter. Fiera Capital Corp now owns 3,773,914 shares of the business services provider's stock valued at $379,150,000 after purchasing an additional 557,407 shares during the last quarter. Nuveen LLC acquired a new stake in shares of RB Global during the 1st quarter worth about $54,584,000. Invesco Ltd. lifted its stake in shares of RB Global by 26.9% during the 1st quarter. Invesco Ltd. now owns 2,436,296 shares of the business services provider's stock worth $244,360,000 after buying an additional 516,865 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new stake in shares of RB Global during the 4th quarter worth about $39,080,000. Finally, Lord Abbett & CO. LLC acquired a new stake in shares of RB Global during the 1st quarter worth about $35,607,000. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at RB Global

In other news, insider Darren Jeffrey Watt sold 7,400 shares of the business's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $110.00, for a total transaction of $814,000.00. Following the completion of the transaction, the insider owned 24,874 shares of the company's stock, valued at approximately $2,736,140. The trade was a 22.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James Francis Kessler sold 45,658 shares of the business's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $110.00, for a total value of $5,022,380.00. Following the transaction, the chief executive officer directly owned 107,569 shares of the company's stock, valued at $11,832,590. This trade represents a 29.80% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 57,558 shares of company stock valued at $6,314,145. Corporate insiders own 4.32% of the company's stock.

RB Global Price Performance

NYSE:RBA traded down $0.06 during trading hours on Friday, reaching $114.57. 805,743 shares of the company were exchanged, compared to its average volume of 1,037,419. The company has a market capitalization of $21.26 billion, a P/E ratio of 56.72, a P/E/G ratio of 2.66 and a beta of 0.75. RB Global, Inc. has a 1-year low of $78.08 and a 1-year high of $118.23. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.28 and a quick ratio of 1.22. The business has a 50 day moving average of $110.19 and a 200 day moving average of $104.27.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued 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 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 business's revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.94 EPS. Research analysts forecast that RB Global, Inc. will post 2.5 EPS for the current year.

RB Global Increases Dividend

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Robert W. Baird raised their target price on shares of RB Global from $110.00 to $115.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. National Bank Financial lowered RB Global from a "strong-buy" rating to a "hold" rating in a report on Sunday, May 25th. Wall Street Zen raised RB Global from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. BMO Capital Markets upped their price objective on RB Global from $125.00 to $130.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Finally, CIBC upped 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. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, RB Global presently has an average rating of "Moderate Buy" and a consensus target price of $124.33.

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.