Independent Franchise Partners LLP Lowers Stock Position in RB Global, Inc. $RBA

Key Points

• Independent Franchise Partners LLP has reduced its holdings in RB Global, Inc. by 40.5%, now owning approximately 5.74 million shares valued at around $576 million, making it the 13th largest position in their portfolio.
• RB Global recently announced a quarterly dividend increase to $0.31 per share, with the ex-dividend date set for August 28th, resulting in an annualized yield of 1.1%.
• The company's stock price has shown strong performance, reaching a one-year high of $118.23 and reporting a 9.46% net margin with revenue of $1.20 billion in the latest quarter.

Independent Franchise Partners LLP trimmed its stake in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 40.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,745,840 shares of the business services provider's stock after selling 3,918,122 shares during the period. RB Global makes up approximately 4.1% of Independent Franchise Partners LLP's portfolio, making the stock its 13th biggest holding. Independent Franchise Partners LLP owned approximately 3.10% of RB Global worth $576,308,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of RBA. Marshall Wace LLP bought a new position in shares of RB Global in the fourth quarter worth approximately $640,000. First Trust Advisors LP grew its position in RB Global by 15.9% during the fourth quarter. First Trust Advisors LP now owns 30,783 shares of the business services provider's stock valued at $2,777,000 after acquiring an additional 4,224 shares during the last quarter. Dimensional Fund Advisors LP grew its position in RB Global by 14.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 582,178 shares of the business services provider's stock valued at $52,519,000 after acquiring an additional 71,354 shares during the last quarter. MML Investors Services LLC grew its position in RB Global by 28.7% during the fourth quarter. MML Investors Services LLC now owns 13,179 shares of the business services provider's stock valued at $1,189,000 after acquiring an additional 2,938 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its position in RB Global by 183.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,738 shares of the business services provider's stock valued at $969,000 after acquiring an additional 6,954 shares during the last quarter. 95.37% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO James Francis Kessler sold 45,658 shares of the firm's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $110.00, for a total value of $5,022,380.00. Following the completion of the sale, the chief executive officer owned 107,569 shares of the company's stock, valued at $11,832,590. This trade represents a 29.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Adam Dewitt sold 800 shares of the firm's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $106.17, for a total value of $84,936.00. Following the completion of the sale, the director directly owned 5,865 shares of the company's stock, valued at $622,687.05. The trade was a 12.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 57,558 shares of company stock valued at $6,314,145 over the last quarter. 4.32% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

RBA has been the topic of a number of recent research reports. Raymond James Financial increased their price target on shares of RB Global from $125.00 to $135.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Royal Bank Of Canada increased their price target on shares of RB Global from $125.00 to $132.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. National Bank Financial cut shares of RB Global from a "strong-buy" rating to a "hold" rating in a research report on Sunday, May 25th. 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 research report on Friday, July 18th. Finally, National Bankshares increased their price target on shares of RB Global from $112.00 to $113.00 and gave the company a "sector perform" rating in a research report on Thursday, August 7th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $124.33.

RB Global Trading Down 0.4%

Shares of NYSE:RBA traded down $0.48 during trading on Friday, reaching $114.15. 276,651 shares of the company traded hands, compared to its average volume of 1,067,765. The firm has a market capitalization of $21.18 billion, a price-to-earnings ratio of 56.51, a P/E/G ratio of 2.69 and a beta of 0.75. RB Global, Inc. has a 52-week low of $78.08 and a 52-week high of $118.23. 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 business's fifty day moving average is $109.99 and its 200-day moving average is $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 EPS for the quarter, topping analysts' consensus estimates of $0.95 by $0.12. RB Global had a return on equity of 9.42% and a net margin of 9.46%.The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the firm posted $0.94 earnings per share. The firm's revenue was up 8.2% on a year-over-year basis. As a group, analysts forecast that RB Global, Inc. will post 2.5 EPS for the current year.

RB Global Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 28th will be paid a $0.31 dividend. The ex-dividend date of this dividend is Thursday, August 28th. This is a positive change from RB Global's previous quarterly dividend of $0.29. This represents a $1.24 dividend on an annualized basis and a yield of 1.1%. RB Global's payout ratio is 57.43%.

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.