RB Global, Inc. $RBA Position Cut by Riverbridge Partners LLC

Key Points

• Riverbridge Partners LLC cut its position in RB Global, Inc. by 13.9%, selling 284,868 shares and owning approximately 1,767,608 shares as of the latest disclosure.
• RB Global reported $1.07 EPS for the quarter, exceeding expectations, with revenue increasing 8.2% compared to the same period last year.
• The company announced an increase in its quarterly dividend to $0.31 from the previous $0.29, resulting in a 1.1% yield.

Riverbridge Partners LLC decreased its position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 13.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,767,608 shares of the business services provider's stock after selling 284,868 shares during the quarter. RB Global accounts for approximately 3.0% of Riverbridge Partners LLC's portfolio, making the stock its 5th largest position. Riverbridge Partners LLC owned about 0.95% of RB Global worth $187,702,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. QRG Capital Management Inc. raised its position in RB Global by 122.2% in the first quarter. QRG Capital Management Inc. now owns 7,678 shares of the business services provider's stock valued at $770,000 after purchasing an additional 4,222 shares during the period. GAMMA Investing LLC raised its position in RB Global by 28.6% in the first quarter. GAMMA Investing LLC now owns 1,608 shares of the business services provider's stock valued at $161,000 after purchasing an additional 358 shares during the period. Voya Investment Management LLC raised its position in RB Global by 12.8% in the first quarter. Voya Investment Management LLC now owns 33,785 shares of the business services provider's stock valued at $3,389,000 after purchasing an additional 3,847 shares during the period. Nisa Investment Advisors LLC raised its position in RB Global by 10.9% in the first quarter. Nisa Investment Advisors LLC now owns 1,060 shares of the business services provider's stock valued at $106,000 after purchasing an additional 104 shares during the period. Finally, Vident Advisory LLC raised its position in RB Global by 24.0% in the fourth quarter. Vident Advisory LLC now owns 3,585 shares of the business services provider's stock valued at $323,000 after purchasing an additional 693 shares during the period. Hedge funds and other institutional investors own 95.37% of the company's stock.

RB Global Stock Performance

Shares of RBA stock opened at $110.64 on Thursday. The company has a current ratio of 1.28, a quick ratio of 1.22 and a debt-to-equity ratio of 0.46. The firm has a fifty day moving average price of $113.66 and a 200 day moving average price of $106.17. The company has a market cap of $20.53 billion, a P/E ratio of 54.77, a PEG ratio of 2.62 and a beta of 0.65. RB Global, Inc. has a 12 month low of $78.08 and a 12 month high of $119.58.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its earnings results on Wednesday, August 6th. The business services provider reported $1.07 EPS for the quarter, topping analysts' consensus estimates of $0.95 by $0.12. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.14 billion. RB Global had a net margin of 9.46% and a return on equity of 9.42%. The company's revenue was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.94 earnings per share. Sell-side analysts predict that RB Global, Inc. will post 2.5 earnings per share for the current fiscal year.

RB Global Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 28th were paid a $0.31 dividend. This is a boost from RB Global's previous quarterly dividend of $0.29. This represents a $1.24 annualized dividend and a yield of 1.1%. The ex-dividend date was Thursday, August 28th. RB Global's payout ratio is currently 61.39%.

Insider Buying and Selling at RB Global

In other RB Global news, insider Darren Jeffrey Watt sold 7,400 shares of the company'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 completion of the transaction, the insider owned 24,874 shares in the company, valued at $2,736,140. This represents a 22.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO James Francis Kessler sold 45,658 shares of the company's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $110.00, for a total transaction of $5,022,380.00. Following the completion of the transaction, the chief executive officer owned 107,569 shares of the company's stock, valued at $11,832,590. This represents a 29.80% decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,209 shares of company stock worth $6,090,521 over the last 90 days. Corporate insiders own 4.32% of the company's stock.

Wall Street Analysts Forecast Growth

RBA has been the subject of several research reports. Royal Bank Of Canada boosted their price target on shares of 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 boosted their price target on shares of RB Global from $112.00 to $113.00 and gave the stock a "sector perform" rating in a research note on Thursday, August 7th. BMO Capital Markets boosted their price target on shares of RB Global from $125.00 to $130.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Raymond James Financial boosted their price target on shares of RB Global from $125.00 to $135.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Finally, CIBC boosted their price target on shares of RB Global from $118.00 to $121.00 and gave the stock an "outperformer" rating in a research note on Friday, July 18th. 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.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $124.33.

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.

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