Royce & Associates LP Cuts Stake in RB Global, Inc. $RBA

Key Points

• Royce & Associates LP trimmed its RB Global stake by 5.4% in the fourth quarter, selling 23,820 shares and ending with 420,705 shares valued at about $43.3 million.
• RB Global’s latest quarterly results beat expectations, with EPS of $1.01 versus $0.97 expected and revenue of $1.21 billion, up 11.4% year over year.
• The company also announced a quarterly dividend of $0.31 per share, while analysts maintain a generally positive outlook with a consensus rating of Moderate Buy and an average price target of $126.43.

Royce & Associates LP reduced its stake in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 5.4% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 420,705 shares of the business services provider's stock after selling 23,820 shares during the quarter. Royce & Associates LP owned 0.23% of RB Global worth $43,278,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of RB Global by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 25,330,426 shares of the business services provider's stock worth $2,744,455,000 after buying an additional 124,926 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of RB Global by 1.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 10,892,186 shares of the business services provider's stock worth $1,120,479,000 after buying an additional 165,260 shares during the last quarter. Fiera Capital Corp boosted its holdings in shares of RB Global by 4.9% in the 3rd quarter. Fiera Capital Corp now owns 4,067,003 shares of the business services provider's stock worth $440,353,000 after buying an additional 190,408 shares during the last quarter. Invesco Ltd. lifted its holdings in RB Global by 17.7% during the third quarter. Invesco Ltd. now owns 2,863,540 shares of the business services provider's stock valued at $310,293,000 after purchasing an additional 430,729 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in RB Global by 58.7% during the third quarter. Bank of America Corp DE now owns 1,533,783 shares of the business services provider's stock valued at $166,201,000 after purchasing an additional 567,431 shares during the last quarter. 95.37% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at RB Global

In related news, Director Deborah Stein purchased 425 shares of the firm's stock in a transaction dated Tuesday, May 19th. The shares were purchased at an average cost of $103.15 per share, for a total transaction of $43,838.75. Following the completion of the transaction, the director directly owned 1,825 shares in the company, valued at approximately $188,248.75. This represents a 30.36% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 0.57% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on RBA shares. BMO Capital Markets reaffirmed an "outperform" rating and set a $135.00 price objective (up from $130.00) on shares of RB Global in a report on Tuesday, May 5th. Royal Bank Of Canada upped 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, May 5th. Stephens reaffirmed an "equal weight" rating and set a $96.00 price objective on shares of RB Global in a report on Tuesday, May 5th. Finally, Weiss Ratings raised shares of RB Global from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, February 26th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, RB Global has a consensus rating of "Moderate Buy" and an average target price of $126.43.

RB Global Price Performance

NYSE RBA opened at $104.79 on Tuesday. The company has a market cap of $19.48 billion, a PE ratio of 48.74, a price-to-earnings-growth ratio of 1.67 and a beta of 0.57. RB Global, Inc. has a 52 week low of $93.58 and a 52 week high of $119.58. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.40. The firm's 50-day simple moving average is $101.43 and its two-hundred day simple moving average is $103.74.

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 the consensus estimate of $0.97 by $0.04. RB Global had a net margin of 9.55% and a return on equity of 12.33%. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the prior year, the firm earned $0.89 earnings per share. The company's revenue was up 11.4% compared to the same quarter last year. Research analysts predict that RB Global, Inc. will post 4.09 earnings per share for the current year.

RB Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Stockholders of record on Wednesday, May 27th will be given a dividend of $0.31 per share. The ex-dividend date 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 currently 57.67%.

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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