RB Global, Inc. $RBA Shares Sold by Cooke & Bieler LP

Key Points

• Cooke & Bieler LP reduced its RB Global stake by 3.5% in the fourth quarter, selling 87,764 shares but still holding 2.46 million shares valued at about $252.6 million.
• Wall Street sentiment remains constructive, with six analysts rating RBA a Buy and the consensus at “Moderate Buy”; the average price target is $126.43 after recent bullish updates from BMO Capital Markets and RBC.
• RB Global posted solid quarterly results and maintained a dividend, beating EPS and revenue estimates in its latest earnings report and declaring a $0.31 quarterly dividend, or $1.24 annualized, for a 1.2% yield.

Cooke & Bieler LP lessened its stake in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 3.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,455,953 shares of the business services provider's stock after selling 87,764 shares during the quarter. RB Global comprises approximately 2.6% of Cooke & Bieler LP's investment portfolio, making the stock its 6th biggest holding. Cooke & Bieler LP owned approximately 1.32% of RB Global worth $252,644,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Clearstead Advisors LLC increased its position in RB Global by 29.3% in the 4th quarter. Clearstead Advisors LLC now owns 1,072 shares of the business services provider's stock valued at $110,000 after acquiring an additional 243 shares in the last quarter. Legal & General Group Plc increased its position in RB Global by 3.0% in the 4th quarter. Legal & General Group Plc now owns 1,007,640 shares of the business services provider's stock valued at $103,845,000 after acquiring an additional 29,368 shares in the last quarter. Hantz Financial Services Inc. increased its position in RB Global by 81.8% in the 4th quarter. Hantz Financial Services Inc. now owns 2,859 shares of the business services provider's stock valued at $294,000 after acquiring an additional 1,286 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in RB Global by 0.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 67,669 shares of the business services provider's stock valued at $6,961,000 after acquiring an additional 216 shares in the last quarter. Finally, Cumberland Partners Ltd bought a new position in shares of RB Global in the 4th quarter valued at about $381,000. Institutional investors and hedge funds own 95.37% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RBA. BMO Capital Markets reaffirmed an "outperform" rating and issued a $135.00 target price (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Weiss Ratings raised shares of RB Global from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, February 26th. Stephens reaffirmed an "equal weight" rating and issued a $96.00 target price on shares of RB Global in a research note on Tuesday, May 5th. Finally, Royal Bank Of Canada raised their target price on shares of RB Global from $146.00 to $150.00 and gave the company an "outperform" rating in a research note on Tuesday, May 5th. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $126.43.

Insider Activity

In other RB Global news, Director Deborah Stein acquired 425 shares of the stock in a transaction dated Tuesday, May 19th. The shares were bought at an average cost of $103.15 per share, for a total transaction of $43,838.75. Following the completion of the acquisition, the director directly owned 1,825 shares of the company's stock, valued at approximately $188,248.75. This trade represents a 30.36% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.57% of the stock is owned by company insiders.

RB Global Stock Performance

Shares of RBA opened at $104.79 on Monday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.07 and a current ratio of 1.14. RB Global, Inc. has a twelve month low of $93.58 and a twelve month high of $119.58. The firm's 50 day moving average price is $101.30 and its two-hundred day moving average price is $103.70. The firm has a market cap of $19.48 billion, a P/E ratio of 48.74, a PEG ratio of 1.67 and a beta of 0.57.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last announced its quarterly earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, beating analysts' consensus estimates of $0.97 by $0.04. RB Global had a net margin of 9.55% and a return on equity of 12.33%. The firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the previous year, the firm posted $0.89 earnings per share. The business's revenue was up 11.4% on a year-over-year basis. On average, analysts forecast that RB Global, Inc. will post 4.09 EPS for the current fiscal year.

RB Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Wednesday, May 27th will be paid a $0.31 dividend. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.24 dividend on an annualized basis and a yield of 1.2%. RB Global's payout ratio is presently 57.67%.

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.

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