RB Global, Inc. $RBA Shares Sold by Principal Financial Group Inc.

Key Points

• Principal Financial Group trimmed its RB Global stake by 3.1% in the fourth quarter, though it still held 399,277 shares valued at about $41.1 million.
• RB Global recently posted strong quarterly results, with earnings of $1.01 per share and revenue of $1.21 billion, both ahead of analyst expectations. Revenue rose 11.4% year over year.
• The company also declared a quarterly dividend of $0.31 per share, while analysts maintain a Moderate Buy consensus with an average price target of $126.43.

Principal Financial Group Inc. lessened its stake in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 3.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 399,277 shares of the business services provider's stock after selling 12,845 shares during the period. Principal Financial Group Inc. owned 0.21% of RB Global worth $41,074,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of RBA. AQR Capital Management LLC raised its position in shares of RB Global by 94.3% during the 1st quarter. AQR Capital Management LLC now owns 10,489 shares of the business services provider's stock worth $1,031,000 after purchasing an additional 5,090 shares during the last quarter. NewEdge Advisors LLC raised its position in shares of RB Global by 53.1% during the 1st quarter. NewEdge Advisors LLC now owns 588 shares of the business services provider's stock worth $59,000 after purchasing an additional 204 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of RB Global by 857.9% during the 1st quarter. Jones Financial Companies Lllp now owns 3,736 shares of the business services provider's stock worth $375,000 after purchasing an additional 3,346 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of RB Global by 35.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 338,385 shares of the business services provider's stock worth $33,940,000 after purchasing an additional 88,813 shares during the last quarter. Finally, Woodline Partners LP acquired a new position in shares of RB Global during the 1st quarter worth about $4,103,000. Institutional investors and hedge funds own 95.37% of the company's stock.

Insider Buying and Selling at RB Global

In other news, Director Deborah Stein purchased 400 shares of the company's stock in a transaction dated Wednesday, March 18th. The stock was acquired at an average price of $98.74 per share, with a total value of $39,496.00. Following the purchase, the director directly owned 1,400 shares in the company, valued at approximately $138,236. This represents a 40.00% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 0.57% of the stock is currently owned by company insiders.

RB Global Stock Down 0.2%

RBA stock opened at $103.18 on Friday. The company has a market cap of $19.18 billion, a price-to-earnings ratio of 47.99, a PEG ratio of 1.67 and a beta of 0.57. The company has a current ratio of 1.14, a quick ratio of 1.02 and a debt-to-equity ratio of 0.40. RB Global, Inc. has a 12 month low of $93.58 and a 12 month high of $119.58. The firm has a 50-day moving average of $101.15 and a two-hundred day moving average of $103.49.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last released its quarterly earnings data on Monday, May 4th. The business services provider reported $1.01 EPS for the quarter, beating analysts' consensus estimates of $0.97 by $0.04. The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.13 billion. RB Global had a net margin of 9.55% and a return on equity of 12.33%. RB Global's quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.89 EPS. As a group, analysts forecast that RB Global, Inc. will post 4.04 earnings per share for the current fiscal year.

RB Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders 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 annualized dividend and a dividend yield of 1.2%. RB Global's dividend payout ratio is 57.67%.

Wall Street Analyst Weigh In

RBA has been the subject of several research analyst reports. Weiss Ratings upgraded shares of RB Global from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, February 26th. Stephens restated an "equal weight" rating and set a $96.00 price target on shares of RB Global in a research report on Tuesday. Royal Bank Of Canada increased their price objective on shares of RB Global from $146.00 to $150.00 and gave the company an "outperform" rating in a report on Tuesday. BMO Capital Markets reiterated an "outperform" rating and issued a $135.00 price objective (up from $130.00) on shares of RB Global in a report on Tuesday. Finally, Raymond James Financial increased their price objective on shares of RB Global from $135.00 to $145.00 and gave the company an "outperform" rating in a report on Tuesday, January 20th. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, RB Global has a consensus rating of "Moderate Buy" and an average target price of $126.43.

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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