Gamco Investors INC. ET AL Sells 5,000 Shares of RB Global, Inc. $RBA

Key Points

• Gamco Investors INC. ET AL reduced its stake in RB Global, Inc. by 8.0% during the 1st quarter, now owning 57,500 shares worth approximately $5.77 million.
• CEO James Francis Kessler sold 45,658 shares at an average price of $110.00, resulting in a significant decrease in his ownership.
• RB Global recently announced an increase in its quarterly dividend to $0.31, with an ex-dividend date on August 28th, yielding 1.1% annually.

Gamco Investors INC. ET AL lessened its holdings in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 8.0% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 57,500 shares of the business services provider's stock after selling 5,000 shares during the period. Gamco Investors INC. ET AL's holdings in RB Global were worth $5,767,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Jane Street Group LLC boosted its stake in shares of RB Global by 1,469.4% in the 1st quarter. Jane Street Group LLC now owns 365,071 shares of the business services provider's stock worth $36,617,000 after buying an additional 341,809 shares during the last quarter. Oliver Luxxe Assets LLC boosted its stake in shares of RB Global by 7.0% in the 1st quarter. Oliver Luxxe Assets LLC now owns 28,408 shares of the business services provider's stock worth $2,849,000 after buying an additional 1,855 shares during the last quarter. SVB Wealth LLC purchased a new position in shares of RB Global in the 1st quarter worth approximately $28,000. Maven Securities LTD purchased a new position in shares of RB Global in the 1st quarter worth approximately $451,000. Finally, Wellington Management Group LLP boosted its stake 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 worth $186,098,000 after buying an additional 19,543 shares during the last quarter. Hedge funds and other institutional investors own 95.37% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on RBA shares. National Bank Financial downgraded RB Global from a "strong-buy" rating to a "hold" rating in a research note on Sunday, May 25th. Royal Bank Of Canada boosted their target price on RB Global from $125.00 to $132.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. BMO Capital Markets lifted their price target on shares of RB Global from $125.00 to $130.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Robert W. Baird lifted their price target on shares of RB Global from $110.00 to $115.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Finally, CIBC lifted their price target on shares of RB Global from $118.00 to $121.00 and gave the stock an "outperformer" rating in a report on Friday, July 18th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, RB Global has an average rating of "Moderate Buy" and an average target price of $124.33.

Insiders Place Their Bets

In other RB Global news, CEO James Francis Kessler sold 45,658 shares of the stock in a transaction on 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 sale, the chief executive officer owned 107,569 shares in the company, valued at $11,832,590. This represents a 29.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Adam Dewitt sold 800 shares of the company's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $106.17, for a total transaction of $84,936.00. Following the completion of the transaction, the director directly owned 5,865 shares in the company, valued at approximately $622,687.05. The trade was a 12.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 57,558 shares of company stock worth $6,314,145 over the last 90 days. Corporate insiders own 0.28% of the company's stock.

RB Global Stock Performance

Shares of NYSE:RBA traded up $1.27 during trading on Tuesday, hitting $115.81. 389,329 shares of the company were exchanged, compared to its average volume of 1,066,416. The company has a market cap of $21.49 billion, a PE ratio of 57.33, a P/E/G ratio of 2.66 and a beta of 0.65. The stock has a 50 day moving average of $110.39 and a 200 day moving average of $104.46. RB Global, Inc. has a 52-week low of $78.08 and a 52-week high of $118.23. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.28 and a quick ratio of 1.22.

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 (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.12. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.14 billion. RB Global had a return on equity of 9.42% and a net margin of 9.46%.The business's quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.94 earnings per share. As a group, equities research analysts predict that RB Global, Inc. will post 2.5 EPS for the current year.

RB Global Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 28th will be given a dividend of $0.31 per share. This is an increase from RB Global's previous quarterly dividend of $0.29. This represents a $1.24 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Thursday, August 28th. RB Global's dividend payout ratio (DPR) is currently 61.39%.

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.