Hsbc Holdings PLC Sells 60,020 Shares of RB Global, Inc. $RBA

Key Points

• Hsbc Holdings PLC has reduced its stake in RB Global, Inc. by 20.8%, now owning 228,748 shares valued at approximately $22.95 million.
• RB Global reported a quarterly earnings per share (EPS) of $1.07, beating estimates, with revenue increasing 8.2% year-over-year to $1.20 billion.
• The company has declared an increase in its quarterly dividend to $0.31 per share, representing a dividend yield of 1.1% and a payout ratio of 57.43%.

Hsbc Holdings PLC reduced its position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 20.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 228,748 shares of the business services provider's stock after selling 60,020 shares during the quarter. Hsbc Holdings PLC owned 0.12% of RB Global worth $22,950,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. CoreCap Advisors LLC grew its stake in shares of RB Global by 74.5% during the 4th quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock valued at $25,000 after purchasing an additional 117 shares during the period. SouthState Corp bought a new stake in shares of RB Global during the 1st quarter valued at about $26,000. MV Capital Management Inc. grew its stake in shares of RB Global by 5,560.0% during the 1st quarter. MV Capital Management Inc. now owns 283 shares of the business services provider's stock valued at $28,000 after purchasing an additional 278 shares during the period. IFP Advisors Inc grew its stake in shares of RB Global by 348.8% during the 1st quarter. IFP Advisors Inc now owns 359 shares of the business services provider's stock valued at $36,000 after purchasing an additional 279 shares during the period. Finally, Nisa Investment Advisors LLC grew its stake in shares of RB Global by 10.9% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,060 shares of the business services provider's stock valued at $106,000 after purchasing an additional 104 shares during the period. 95.37% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on RBA shares. Raymond James Financial boosted their price target on RB Global from $125.00 to $135.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. CIBC lifted their price objective on RB Global from $118.00 to $121.00 and gave the company an "outperformer" rating in a research report on Friday, July 18th. Wall Street Zen raised RB Global from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. National Bank Financial cut RB Global from a "strong-buy" rating to a "hold" rating in a research report on Sunday, May 25th. Finally, BMO Capital Markets lifted their price objective on RB Global from $125.00 to $130.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Four equities research 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 has an average rating of "Moderate Buy" and a consensus target price of $124.33.

RB Global Price Performance

NYSE RBA traded down $1.09 during trading hours on Thursday, reaching $114.30. The company's stock had a trading volume of 571,644 shares, compared to its average volume of 1,071,242. The firm's 50-day moving average price is $109.79 and its 200-day moving average price is $103.91. The company has a quick ratio of 1.22, a current ratio of 1.28 and a debt-to-equity ratio of 0.46. RB Global, Inc. has a 1 year low of $78.08 and a 1 year high of $118.23. The company has a market capitalization of $21.21 billion, a price-to-earnings ratio of 56.62, a PEG ratio of 2.69 and a beta of 0.75.

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

RB Global Increases Dividend

The company also recently disclosed 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. This is a positive change from RB Global's previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Thursday, August 28th. This represents a $1.24 annualized dividend and a dividend yield of 1.1%. RB Global's payout ratio is currently 57.43%.

Insider Activity

In other news, insider Darren Jeffrey Watt sold 7,400 shares of the business's stock in a transaction that occurred 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 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 document filed with the SEC, which can be accessed through the SEC website. Also, Director Adam Dewitt sold 800 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $106.17, for a total value of $84,936.00. Following the transaction, the director directly owned 5,865 shares in the company, valued at approximately $622,687.05. This represents a 12.00% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 57,558 shares of company stock valued at $6,314,145. 4.32% 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.