The Manufacturers Life Insurance Company Sells 77,659 Shares of RB Global, Inc. $RBA

Key Points

• The Manufacturers Life Insurance Company has reduced its stake in RB Global, selling 77,659 shares, and now owns approximately 1.706 million shares worth about $172 million.
• Several analysts have recently upgraded their ratings on RB Global, with BMO Capital Markets raising the target price from $125 to $130 and maintaining an "outperform" rating.
• RB Global has announced a dividend increase from $0.29 to $0.31 per share, with a payout ratio of 61.39% and a dividend yield of 1.1%.

The Manufacturers Life Insurance Company decreased its position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 4.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,706,370 shares of the business services provider's stock after selling 77,659 shares during the period. The Manufacturers Life Insurance Company owned about 0.92% of RB Global worth $172,038,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. QRG Capital Management Inc. lifted its stake in RB Global by 122.2% during the first quarter. QRG Capital Management Inc. now owns 7,678 shares of the business services provider's stock worth $770,000 after purchasing an additional 4,222 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of RB Global by 28.6% during the 1st quarter. GAMMA Investing LLC now owns 1,608 shares of the business services provider's stock worth $161,000 after buying an additional 358 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of RB Global by 10.9% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,060 shares of the business services provider's stock worth $106,000 after buying an additional 104 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in RB Global in the fourth quarter valued at about $1,578,000. Finally, Vident Advisory LLC boosted its stake in RB Global by 24.0% in the fourth quarter. Vident Advisory LLC now owns 3,585 shares of the business services provider's stock valued at $323,000 after buying an additional 693 shares in the last quarter. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have commented on RBA shares. BMO Capital Markets boosted their target price on RB Global from $125.00 to $130.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. National Bankshares upped their price objective on shares of RB Global from $112.00 to $113.00 and gave the stock a "sector perform" rating in a research report on Thursday, August 7th. National Bank Financial downgraded shares of RB Global from a "strong-buy" rating to a "hold" rating in a research note on Sunday, May 25th. Robert W. Baird boosted their target price on shares of RB Global from $110.00 to $115.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. Finally, Wall Street Zen upgraded RB Global from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $124.33.

RB Global Stock Performance

NYSE RBA opened at $114.57 on Friday. The company has a market capitalization of $21.26 billion, a price-to-earnings ratio of 56.72, a PEG ratio of 2.67 and a beta of 0.75. RB Global, Inc. has a twelve month low of $78.08 and a twelve month high of $118.23. The stock has a fifty day simple moving average of $110.19 and a 200 day simple moving average of $104.20. The company has a quick ratio of 1.22, a current ratio of 1.28 and a debt-to-equity ratio of 0.46.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last announced its earnings results on Wednesday, August 6th. The business services provider reported $1.07 EPS for the quarter, topping the consensus estimate of $0.95 by $0.12. RB Global had a return on equity of 9.42% and a net margin of 9.46%.The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the business earned $0.94 EPS. The business's quarterly revenue was up 8.2% compared to the same quarter last year. Sell-side analysts expect that RB Global, Inc. will post 2.5 EPS for the current year.

RB Global Increases Dividend

The business also recently disclosed 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. This is an increase from RB Global's previous quarterly dividend of $0.29. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Thursday, August 28th. RB Global's payout ratio is presently 61.39%.

Insider Activity at RB Global

In other news, CEO James Francis Kessler sold 45,658 shares of the business's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $110.00, for a total value of $5,022,380.00. Following the transaction, the chief executive officer owned 107,569 shares in the company, valued at approximately $11,832,590. The trade was a 29.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Adam Dewitt sold 800 shares of the 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 sale, the director owned 5,865 shares of the company's stock, valued at approximately $622,687.05. This trade represents a 12.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 57,558 shares of company stock worth $6,314,145 over the last ninety days. Insiders own 4.32% of the company's stock.

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.

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