RB Global, Inc. $RBA Shares Sold by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

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 lessened its position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 64.2% in the 1st quarter, according to its most recent filing with the SEC. The firm 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 approximately 0.08% of RB Global worth $15,600,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA increased its holdings in shares of RB Global by 3.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,241,186 shares of the business services provider's stock valued at $1,027,191,000 after purchasing an additional 352,530 shares in the last quarter. Fiera Capital Corp increased its holdings in shares of RB Global by 17.3% in the 1st quarter. Fiera Capital Corp now owns 3,773,914 shares of the business services provider's stock valued at $379,150,000 after purchasing an additional 557,407 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of RB Global by 0.6% in the 4th quarter. Janus Henderson Group PLC now owns 3,403,086 shares of the business services provider's stock valued at $307,033,000 after purchasing an additional 19,895 shares in the last quarter. Invesco Ltd. increased its holdings in shares of RB Global by 26.9% in the 1st quarter. Invesco Ltd. now owns 2,436,296 shares of the business services provider's stock valued at $244,360,000 after purchasing an additional 516,865 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of RB Global by 1.1% in the 1st quarter. Wellington Management Group LLP now owns 1,854,476 shares of the business services provider's stock valued at $186,098,000 after purchasing an additional 19,543 shares in the last quarter. Institutional investors and hedge funds own 95.37% of the company's stock.

Insiders Place Their Bets

In other RB Global news, CEO James Francis Kessler sold 45,658 shares of the firm's stock in a transaction dated 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Adam Dewitt sold 800 shares of the firm's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $106.17, for a total transaction of $84,936.00. Following the sale, the director directly owned 5,865 shares in the company, valued at $622,687.05. This represents a 12.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 57,558 shares of company stock valued at $6,314,145 in the last ninety days. Insiders own 4.32% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RBA. BMO Capital Markets increased their price target on shares of RB Global from $125.00 to $130.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Wall Street Zen upgraded shares of RB Global from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Robert W. Baird increased their price target on shares of RB Global from $110.00 to $115.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. National Bank Financial downgraded shares of RB Global from a "strong-buy" rating to a "hold" rating in a report on Sunday, May 25th. Finally, CIBC increased their price target on shares of RB Global from $118.00 to $121.00 and gave the company an "outperformer" rating in a report on Friday, July 18th. Four research 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 a consensus price target of $119.79.

RB Global Stock Performance

NYSE:RBA opened at $116.32 on Friday. 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 50-day moving average price of $109.18 and a two-hundred day moving average price of $103.50. RB Global, Inc. has a twelve month low of $78.08 and a twelve month high of $118.23. The company has a market capitalization of $21.58 billion, a P/E ratio of 57.58, a price-to-earnings-growth ratio of 2.71 and a beta of 0.75.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its 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 net margin of 9.46% and a return on equity of 9.42%. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period last year, the firm posted $0.94 EPS. The firm's revenue for the quarter was up 8.2% on a year-over-year basis. As a group, research analysts expect that RB Global, Inc. will post 2.5 earnings per share for the current fiscal year.

RB Global Increases Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Thursday, August 28th. This represents a $1.24 annualized dividend and a dividend yield of 1.1%. This is an increase from RB Global's previous quarterly dividend of $0.29. RB Global's dividend payout ratio is 57.43%.

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.

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