BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Trims Stake in RB Global, Inc. $RBA

Key Points

• BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its stake in RB Global by 64.2%, selling 278,133 shares and now holding around 0.08% of the company worth $15.6 million.
• CEO James Kessler sold 45,658 shares at an average price of $110.00, resulting in a 29.8% decrease in his position, and insiders collectively sold shares valued at $6.3 million in the last 90 days.
• RB Global recently declared a quarterly dividend of $0.31 per share, an increase from the previous dividend of $0.29, reflecting a growing commitment to return capital to shareholders.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its stake in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 64.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 155,407 shares of the business services provider's stock after selling 278,133 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.08% of RB Global worth $15,600,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of RBA. CoreCap Advisors LLC increased 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. SouthState Corp acquired a new position in shares of RB Global during the first quarter worth $26,000. MV Capital Management Inc. increased its holdings in shares of 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 buying an additional 278 shares in the last quarter. IFP Advisors Inc increased its holdings in shares of RB Global by 348.8% during the first quarter. IFP Advisors Inc now owns 359 shares of the business services provider's stock worth $36,000 after buying an additional 279 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings 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. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. National Bank Financial downgraded RB Global from a "strong-buy" rating to a "hold" rating in a report on Sunday, May 25th. Royal Bank Of Canada increased their price objective on RB Global from $125.00 to $132.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Raymond James Financial increased their price objective on RB Global from $125.00 to $135.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. CIBC upped their price target on shares of RB Global from $118.00 to $121.00 and gave the company an "outperformer" rating in a research report on Friday, July 18th. Finally, Wall Street Zen raised shares of RB Global from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, RB Global presently has a consensus rating of "Moderate Buy" and an average target price of $124.33.

RB Global Stock Down 0.4%

Shares of RBA stock traded down $0.49 on Friday, reaching $114.15. 231,044 shares of the company were exchanged, compared to its average volume of 1,067,553. 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 $21.18 billion, a price-to-earnings ratio of 56.50, a PEG ratio of 2.69 and a beta of 0.75. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.28 and a quick ratio of 1.22. The company has a 50-day moving average of $109.99 and a 200-day moving average of $104.05.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last announced 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. The business had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.14 billion. RB Global had a net margin of 9.46% and a return on equity of 9.42%. The firm's revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.94 EPS. Analysts anticipate that RB Global, Inc. will post 2.5 earnings per share for the current year.

RB Global Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 28th will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Thursday, August 28th. This is an increase from RB Global's previous quarterly dividend of $0.29. RB Global's dividend payout ratio (DPR) is 57.43%.

Insider Transactions at RB Global

In other news, Director Adam Dewitt sold 800 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $106.17, for a total transaction of $84,936.00. Following the completion of 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 position. The sale 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 firm's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $110.00, for a total transaction of $814,000.00. Following the completion of the transaction, the insider directly owned 24,874 shares of the company's stock, valued at approximately $2,736,140. This trade represents a 22.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 57,558 shares of company stock worth $6,314,145 in the last quarter. Insiders own 4.32% of the company's stock.

RB Global Company 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.