12th Street Asset Management Company LLC Lowers Stock Holdings in RB Global, Inc. (NYSE:RBA)

Key Points

• 12th Street Asset Management Company LLC has reduced its holdings in RB Global, Inc. by 20%, now owning 268,352 shares worth approximately $26.9 million.
• Several other institutional investors have increased their stakes in RB Global, with up to 95.37% of the stock now owned by institutional investors and hedge funds.
• Research reports show mixed analyst ratings for RB Global, with an average price target of $116.21 and a current average rating of "Moderate Buy".

12th Street Asset Management Company LLC trimmed its holdings in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 20.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 268,352 shares of the business services provider's stock after selling 67,113 shares during the period. RB Global makes up about 4.6% of 12th Street Asset Management Company LLC's investment portfolio, making the stock its 11th largest holding. 12th Street Asset Management Company LLC owned 0.14% of RB Global worth $26,916,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Securian Asset Management Inc. grew its position in shares of RB Global by 0.7% during the 1st quarter. Securian Asset Management Inc. now owns 14,041 shares of the business services provider's stock valued at $1,408,000 after acquiring an additional 100 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of 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. Wealth Alliance LLC raised its position in RB Global by 2.7% in the 1st quarter. Wealth Alliance LLC now owns 3,976 shares of the business services provider's stock worth $399,000 after purchasing an additional 104 shares during the period. CoreCap Advisors LLC increased its stake in RB Global by 74.5% in the 4th quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock worth $25,000 after buying an additional 117 shares during the period. Finally, Fullcircle Wealth LLC increased its holdings in RB Global by 5.5% during the 1st quarter. Fullcircle Wealth LLC now owns 2,382 shares of the business services provider's stock worth $235,000 after purchasing an additional 124 shares during the period. Hedge funds and other institutional investors own 95.37% of the company's stock.

RB Global Stock Up 0.0%

NYSE:RBA traded up $0.04 during midday trading on Friday, reaching $108.30. The company had a trading volume of 636,140 shares, compared to its average volume of 822,204. The company has a current ratio of 1.31, a quick ratio of 1.21 and a debt-to-equity ratio of 0.50. The stock's fifty day simple moving average is $106.58 and its 200-day simple moving average is $100.87. The firm has a market capitalization of $20.09 billion, a price-to-earnings ratio of 53.35, a PEG ratio of 2.50 and a beta of 0.75. RB Global, Inc. has a 12-month low of $70.38 and a 12-month high of $111.71.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last announced its quarterly earnings results on Wednesday, May 7th. The business services provider reported $0.89 EPS for the quarter, hitting the consensus estimate of $0.89. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.02 billion. RB Global had a net margin of 9.68% and a return on equity of 8.03%. RB Global's revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period last year, the business earned $0.90 EPS. On average, sell-side analysts anticipate that RB Global, Inc. will post 2.5 earnings per share for the current fiscal year.

RB Global Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Thursday, May 29th were paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Thursday, May 29th. RB Global's payout ratio is 57.14%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. CIBC raised their target price on shares of RB Global from $118.00 to $121.00 and gave the company an "outperformer" rating in a research note on Friday, July 18th. National Bankshares decreased their price objective on shares of RB Global from $118.00 to $115.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. Royal Bank Of Canada set a $125.00 target price on shares of RB Global and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Wall Street Zen cut shares of RB Global from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Finally, Robert W. Baird lifted their price target on RB Global from $110.00 to $115.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $116.21.

Insider Buying and Selling at RB Global

In other RB Global news, insider Andrew John Fesler sold 9,075 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $104.72, for a total transaction of $950,334.00. Following the sale, the insider directly owned 5,532 shares in the company, valued at approximately $579,311.04. The trade was a 62.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James Francis Kessler sold 45,658 shares of RB Global stock in a transaction dated 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 transaction, the chief executive officer owned 107,569 shares of the company's stock, valued at approximately $11,832,590. The trade was a 29.80% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 72,133 shares of company stock valued at $7,843,729. Insiders own 4.32% of the company's stock.

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.