The Manufacturers Life Insurance Company Sells 900,108 Shares of RB Global, Inc. $RBA

Key Points

• The Manufacturers Life Insurance Company reduced its RB Global stake by 37.3%, selling 900,108 shares in the first quarter while retaining 1.51 million shares valued at approximately $144.7 million.
• Analysts maintain a generally positive view, with a consensus “Buy” rating and average price target of $127.57, despite some target-price reductions and a recent downgrade to “Hold.”
• RB Global reported quarterly EPS of $1.01, beating estimates, while revenue rose 11.4% year over year. The company also increased its quarterly dividend to $0.33 per share, implying a 1.1% annual yield.

The Manufacturers Life Insurance Company trimmed its holdings in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 37.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,510,029 shares of the business services provider's stock after selling 900,108 shares during the period. The Manufacturers Life Insurance Company owned 0.81% of RB Global worth $144,687,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. MV Capital Management Inc. bought a new stake in RB Global in the 4th quarter valued at $29,000. Bayban bought a new position in RB Global during the fourth quarter worth $34,000. Cassaday & Co Wealth Management LLC bought a new position in RB Global during the first quarter worth $43,000. State of Wyoming acquired a new position in shares of RB Global in the second quarter valued at $46,000. Finally, Nemes Rush Group LLC acquired a new position in shares of RB Global in the fourth quarter valued at $54,000. 95.37% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Barclays cut their target price on shares of RB Global from $124.00 to $121.00 and set an "overweight" rating for the company in a research note on Wednesday, July 22nd. Stephens reiterated an "equal weight" rating and issued a $96.00 price target on shares of RB Global in a research note on Tuesday, May 5th. Wall Street Zen cut shares of RB Global from a "buy" rating to a "hold" rating in a report on Saturday, July 18th. Weiss Ratings restated a "buy (b-)" rating on shares of RB Global in a research report on Tuesday, May 26th. Finally, National Bank Financial boosted their price objective on RB Global from $130.00 to $132.00 and gave the stock an "outperform" rating in a report on Monday, July 13th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $127.57.

Insider Activity

In other RB Global news, Director Deborah Stein bought 425 shares of the stock in a transaction dated Tuesday, May 19th. The shares were bought at an average cost of $103.15 per share, with a total value of $43,838.75. Following the completion of the acquisition, the director owned 1,825 shares of the company's stock, valued at $188,248.75. This trade represents a 30.36% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 0.57% of the stock is currently owned by insiders.

RB Global Stock Up 0.3%

RBA opened at $116.70 on Wednesday. The stock has a fifty day moving average of $109.36 and a 200-day moving average of $106.50. The company has a market capitalization of $21.64 billion, a P/E ratio of 54.28, a P/E/G ratio of 1.82 and a beta of 0.55. RB Global, Inc. has a fifty-two week low of $93.58 and a fifty-two week high of $119.58. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.07 and a current ratio of 1.14.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last released its quarterly earnings results 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 $888.01 million for the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the prior year, the company posted $0.89 earnings per share. RB Global's revenue was up 11.4% compared to the same quarter last year. On average, equities analysts expect that RB Global, Inc. will post 4.16 EPS for the current year.

RB Global Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Tuesday, August 25th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Tuesday, August 25th. This is a boost from RB Global's previous quarterly dividend of $0.31. RB Global's dividend payout ratio (DPR) 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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