Nitorum Capital L.P. Has $32.92 Million Holdings in RB Global, Inc. $RBA

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. lowered its position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 12.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 328,173 shares of the business services provider's stock after selling 46,056 shares during the quarter. RB Global accounts for 4.6% of Nitorum Capital L.P.'s holdings, making the stock its 7th biggest position. Nitorum Capital L.P. owned approximately 0.18% of RB Global worth $32,916,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. SouthState Corp acquired a new stake in shares of RB Global in the 1st quarter valued at approximately $26,000. CoreCap Advisors LLC lifted its holdings in shares of RB Global by 74.5% during the fourth quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock worth $25,000 after buying an additional 117 shares in the last quarter. SVB Wealth LLC acquired a new stake in shares of RB Global during the first quarter worth $28,000. MV Capital Management Inc. increased its position in shares of RB Global by 5,560.0% in 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. Finally, IFP Advisors Inc increased its position in shares of RB Global by 348.8% in the first quarter. IFP Advisors Inc now owns 359 shares of the business services provider's stock worth $36,000 after purchasing an additional 279 shares during the period. Institutional investors and hedge funds own 95.37% of the company's stock.

Insider Buying and Selling at RB Global

In other news, CEO James Francis Kessler sold 45,658 shares of the firm'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 $5,022,380.00. Following the completion of the sale, 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Darren Jeffrey Watt sold 7,400 shares of the firm'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 sale, the insider directly owned 24,874 shares of the company's stock, valued at approximately $2,736,140. This represents a 22.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.28% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have commented on RBA shares. Royal Bank Of Canada boosted 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. Raymond James Financial upped their price objective 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 upped their target price on RB Global from $118.00 to $121.00 and gave the company an "outperformer" rating in a report on Friday, July 18th. BMO Capital Markets increased their price target on RB Global from $125.00 to $130.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Finally, Wall Street Zen cut RB Global from a "buy" rating to a "hold" rating in a report on Friday, September 5th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $124.33.

RB Global Stock Down 0.2%

NYSE:RBA traded down $0.23 during trading hours on Wednesday, hitting $116.08. 399,952 shares of the company traded hands, compared to its average volume of 1,064,924. The company has a quick ratio of 1.22, a current ratio of 1.28 and a debt-to-equity ratio of 0.46. The firm's 50-day simple moving average is $111.58 and its 200-day simple moving average is $105.05. RB Global, Inc. has a one year low of $78.08 and a one year high of $118.23. The company has a market cap of $21.54 billion, a PE ratio of 57.49, a PEG ratio of 2.69 and a beta of 0.65.

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 for the quarter, beating the consensus estimate of $0.95 by $0.12. RB Global had a return on equity of 9.42% and a net margin of 9.46%.The business had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.14 billion. During the same period last year, the business earned $0.94 EPS. The business's revenue was up 8.2% on a year-over-year basis. Equities analysts predict that RB Global, Inc. will post 2.5 earnings per share for the current 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 paid a dividend of $0.31 per share. This is a boost from RB Global's previous quarterly dividend of $0.29. The ex-dividend date is Thursday, August 28th. This represents a $1.24 annualized dividend and a yield of 1.1%. RB Global's dividend payout ratio (DPR) is 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.