Independent Franchise Partners LLP Decreases Stock Holdings in RB Global, Inc. $RBA

Key Points

• Independent Franchise Partners LLP cut its RB Global stake by 60.7% in the fourth quarter, selling 1.78 million shares and leaving it with 1.15 million shares valued at about $118.5 million.
• RB Global reported better-than-expected quarterly results, with EPS of $1.01 versus $0.97 expected and revenue of $1.21 billion versus $1.13 billion expected; revenue rose 11.4% year over year.
• The company also declared a quarterly dividend of $0.31 per share, while analysts remain broadly positive with a consensus rating of “Moderate Buy” and an average price target of $126.13.

Independent Franchise Partners LLP reduced its holdings in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 60.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,151,798 shares of the business services provider's stock after selling 1,779,518 shares during the quarter. RB Global accounts for 0.8% of Independent Franchise Partners LLP's portfolio, making the stock its 24th largest position. Independent Franchise Partners LLP owned about 0.62% of RB Global worth $118,485,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Central Pacific Bank Trust Division grew its stake in RB Global by 41.8% during the fourth quarter. Central Pacific Bank Trust Division now owns 363 shares of the business services provider's stock worth $37,000 after buying an additional 107 shares during the period. State of Wyoming purchased a new stake in RB Global during the second quarter worth approximately $46,000. Nemes Rush Group LLC purchased a new stake in RB Global during the fourth quarter worth approximately $54,000. Geneos Wealth Management Inc. grew its stake in RB Global by 21.9% during the first quarter. Geneos Wealth Management Inc. now owns 540 shares of the business services provider's stock worth $54,000 after buying an additional 97 shares during the period. Finally, NewEdge Advisors LLC grew its stake in RB Global by 53.1% during the first quarter. NewEdge Advisors LLC now owns 588 shares of the business services provider's stock worth $59,000 after buying an additional 204 shares during the period. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at RB Global

In other news, Director Deborah Stein bought 425 shares of the firm's stock in a transaction dated Tuesday, May 19th. The stock was acquired at an average cost of $103.15 per share, for a total transaction of $43,838.75. Following the completion of the purchase, the director owned 1,825 shares of the company's stock, valued at $188,248.75. This trade represents a 30.36% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.57% of the company's stock.

RB Global Price Performance

Shares of RBA stock opened at $107.39 on Thursday. The company has a market capitalization of $19.97 billion, a PE ratio of 49.95, a price-to-earnings-growth ratio of 1.77 and a beta of 0.57. The firm has a fifty day simple moving average of $104.47 and a 200-day simple moving average of $104.64. The company has a current ratio of 1.14, a quick ratio of 1.07 and a debt-to-equity ratio of 0.40. RB Global, Inc. has a twelve month low of $93.58 and a twelve month high of $119.58.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last announced its earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.04. The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.13 billion. RB Global had a net margin of 9.55% and a return on equity of 12.33%. The business's quarterly revenue was up 11.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.89 earnings per share. Equities research analysts anticipate that RB Global, Inc. will post 4.09 earnings per share for the current fiscal year.

RB Global Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Wednesday, May 27th will be paid a $0.31 dividend. The ex-dividend date is Wednesday, May 27th. This represents a $1.24 annualized dividend and a dividend yield of 1.2%. RB Global's dividend payout ratio is 57.67%.

Wall Street Analyst Weigh In

Several research firms have issued reports on RBA. Stephens reiterated an "equal weight" rating and set a $96.00 price objective on shares of RB Global in a research note on Tuesday, May 5th. BMO Capital Markets reiterated an "outperform" rating and set a $135.00 price objective (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Barclays began coverage on shares of RB Global in a research note on Thursday, May 28th. They set an "overweight" rating and a $124.00 price objective for the company. Weiss Ratings reiterated a "buy (b-)" rating on shares of RB Global in a research note on Tuesday, May 26th. Finally, Royal Bank Of Canada upped their target price on shares of RB Global from $146.00 to $150.00 and gave the company an "outperform" rating in a research note on Tuesday, May 5th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, RB Global has an average rating of "Moderate Buy" and an average price target of $126.13.

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.

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