RB Global, Inc. $RBA Shares Sold by Nitorum Capital L.P.

Key Points

• Nitorum Capital L.P. has reduced its stake in RB Global, selling 46,056 shares to own 328,173 shares, which now represents approximately 4.6% of its holdings.
• RB Global's quarterly earnings report showed earnings of $1.07 per share, exceeding analysts' estimates, with revenue of $1.20 billion—a year-over-year increase of 8.2%.
• The company has announced an increase in its quarterly dividend from $0.29 to $0.31, with a payment date set for September 18th.

Nitorum Capital L.P. decreased its stake in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 12.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 328,173 shares of the business services provider's stock after selling 46,056 shares during the period. RB Global accounts for approximately 4.6% of Nitorum Capital L.P.'s holdings, making the stock its 7th largest position. Nitorum Capital L.P. owned approximately 0.18% of RB Global worth $32,916,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of RBA. CoreCap Advisors LLC grew its holdings in shares of RB Global by 74.5% in the 4th 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. SouthState Corp bought a new position in RB Global during the first quarter worth about $26,000. MV Capital Management Inc. grew its holdings in 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 during the period. SVB Wealth LLC bought a new position in RB Global during the first quarter worth about $28,000. Finally, IFP Advisors Inc boosted 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 worth $36,000 after acquiring an additional 279 shares during the period. Institutional investors own 95.37% of the company's stock.

Insider Buying and Selling at RB Global

In other RB Global news, insider Darren Jeffrey Watt sold 7,400 shares of RB Global stock in a transaction on Monday, July 14th. The stock was sold at an average price of $110.00, for a total value of $814,000.00. Following the completion of the transaction, the insider directly owned 24,874 shares of the company's stock, valued at $2,736,140. The trade was a 22.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Adam Dewitt sold 800 shares of RB Global stock in a transaction 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 completion of the transaction, the director directly owned 5,865 shares of the company's stock, valued at $622,687.05. This represents a 12.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 57,558 shares of company stock valued at $6,314,145 in the last three months. Corporate insiders own 0.28% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on RBA. National Bank Financial downgraded RB Global from a "strong-buy" rating to a "hold" rating in a research note on Sunday, May 25th. Wall Street Zen downgraded RB Global from a "buy" rating to a "hold" rating in a research note on Friday. BMO Capital Markets lifted their target price on RB Global from $125.00 to $130.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. National Bankshares lifted their target price on RB Global from $112.00 to $113.00 and gave the stock a "sector perform" rating in a research note on Thursday, August 7th. Finally, Royal Bank Of Canada lifted their target price on RB Global from $125.00 to $132.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, RB Global has an average rating of "Moderate Buy" and a consensus target price of $124.33.

RB Global Price Performance

Shares of NYSE RBA traded down $1.01 during midday trading on Friday, reaching $115.02. The company's stock had a trading volume of 1,034,494 shares, compared to its average volume of 929,947. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.22 and a current ratio of 1.28. RB Global, Inc. has a fifty-two week low of $78.08 and a fifty-two week high of $118.23. The business's 50 day moving average price is $111.19 and its two-hundred day moving average price is $104.88. The company has a market cap of $21.35 billion, a P/E ratio of 56.94, a P/E/G ratio of 2.68 and a beta of 0.65.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last announced its quarterly earnings data on Wednesday, August 6th. The business services provider reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.12. The firm had revenue of $1.20 billion during 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 quarterly revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.94 EPS. On average, analysts forecast that RB Global, Inc. will post 2.5 EPS for the current fiscal year.

RB Global Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 28th will be issued a $0.31 dividend. The ex-dividend date of this dividend is Thursday, August 28th. 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. RB Global's payout ratio is presently 61.39%.

RB Global 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.