Nuveen LLC Invests $54.58 Million in RB Global, Inc. $RBA

Key Points

• Nuveen LLC has acquired a new stake in RB Global, Inc., purchasing 544,145 shares valued at approximately $54.6 million, representing a 0.29% ownership at the end of the last quarter.
• RB Global's stock saw several positive analyst upgrades, with price targets raised by multiple brokerages, including BMO Capital Markets and Robert W. Baird, reflecting a consensus price target of $119.79.
• The company recently announced a dividend increase, with a quarterly payout of $0.31 per share, marking a rise from the previous payment of $0.29, and an annualized yield of 1.1%.

Nuveen LLC acquired a new stake in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 544,145 shares of the business services provider's stock, valued at approximately $54,584,000. Nuveen LLC owned 0.29% of RB Global at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. QRG Capital Management Inc. grew its stake in shares of RB Global by 122.2% during the 1st quarter. QRG Capital Management Inc. now owns 7,678 shares of the business services provider's stock valued at $770,000 after acquiring an additional 4,222 shares during the period. MetLife Investment Management LLC boosted its stake in RB Global by 9.2% in the 4th quarter. MetLife Investment Management LLC now owns 103,934 shares of the business services provider's stock worth $9,376,000 after purchasing an additional 8,723 shares during the period. GAMMA Investing LLC boosted its stake in RB Global by 28.6% in the 1st quarter. GAMMA Investing LLC now owns 1,608 shares of the business services provider's stock worth $161,000 after purchasing an additional 358 shares during the period. Mariner LLC boosted its stake in RB Global by 32.4% in the 4th quarter. Mariner LLC now owns 48,124 shares of the business services provider's stock worth $4,341,000 after purchasing an additional 11,767 shares during the period. Finally, Nisa Investment Advisors LLC boosted its stake in RB Global by 10.9% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,060 shares of the business services provider's stock worth $106,000 after purchasing an additional 104 shares during the period. 95.37% of the stock is currently owned by institutional investors.

RB Global Trading Down 0.2%

NYSE:RBA traded down $0.2250 during midday trading on Tuesday, hitting $115.1450. 145,725 shares of the company traded hands, compared to its average volume of 1,090,324. The firm's fifty day moving average is $108.49 and its 200-day moving average is $102.86. RB Global, Inc. has a 12-month low of $78.08 and a 12-month high of $118.23. The firm has a market capitalization of $21.36 billion, a P/E ratio of 57.00, a P/E/G ratio of 2.66 and a beta of 0.75. The company has a current ratio of 1.28, a quick ratio of 1.22 and a debt-to-equity ratio of 0.46.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last released its quarterly earnings results 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 company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the prior year, the firm posted $0.94 EPS. RB Global's quarterly revenue was up 8.2% compared to the same quarter last year. On average, sell-side analysts predict that RB Global, Inc. will post 2.5 EPS for the current year.

RB Global Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 28th will be paid a $0.31 dividend. The ex-dividend date is Thursday, August 28th. This is a positive change from RB Global's previous quarterly dividend of $0.29. This represents a $1.24 dividend on an annualized basis and a yield of 1.1%. RB Global's payout ratio is 57.43%.

Insiders Place Their Bets

In other RB Global news, Director Adam Dewitt sold 800 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $106.17, for a total value of $84,936.00. Following the sale, the director owned 5,865 shares in the company, valued at $622,687.05. This trade represents a 12.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Darren Jeffrey Watt sold 7,400 shares of the 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 sale, the insider owned 24,874 shares in the company, valued at approximately $2,736,140. The trade was a 22.93% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 57,558 shares of company stock worth $6,314,145 over the last quarter. Company insiders own 0.28% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on RBA. CIBC upped their price target on RB Global from $118.00 to $121.00 and gave the stock an "outperformer" rating in a research note on Friday, July 18th. National Bank Financial downgraded RB Global from a "strong-buy" rating to a "hold" rating in a research note on Sunday, May 25th. Royal Bank Of Canada upped their price target on RB Global from $125.00 to $132.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. National Bankshares upped their price target 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, BMO Capital Markets upped their price target on RB Global from $125.00 to $130.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $119.79.

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.