Wellington Management Group LLP Buys 19,543 Shares of RB Global, Inc. $RBA

Key Points

• Wellington Management Group LLP increased its stake in RB Global, Inc. by 1.1%, owning approximately 1.00% of the company, valued at $186 million.
• RB Global reported a quarterly revenue increase of 8.2%, posting earnings per share of $1.07, exceeding analysts' expectations of $0.95.
• The company has announced a dividend increase from $0.29 to $0.31, with a 1.1% dividend yield and a payout ratio of 57.43%.

Wellington Management Group LLP lifted its position in RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 1.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,854,476 shares of the business services provider's stock after acquiring an additional 19,543 shares during the period. Wellington Management Group LLP owned approximately 1.00% of RB Global worth $186,098,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Massachusetts Financial Services Co. MA raised its position in shares of RB Global by 3.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,241,186 shares of the business services provider's stock valued at $1,027,191,000 after acquiring an additional 352,530 shares during the period. Fiera Capital Corp raised its holdings in RB Global by 17.3% during the 1st quarter. Fiera Capital Corp now owns 3,773,914 shares of the business services provider's stock worth $379,150,000 after buying an additional 557,407 shares during the period. Janus Henderson Group PLC raised its holdings in RB Global by 0.6% during the 4th quarter. Janus Henderson Group PLC now owns 3,403,086 shares of the business services provider's stock worth $307,033,000 after buying an additional 19,895 shares during the period. Invesco Ltd. raised its holdings in RB Global by 26.9% during the 1st quarter. Invesco Ltd. now owns 2,436,296 shares of the business services provider's stock worth $244,360,000 after buying an additional 516,865 shares during the period. Finally, Northern Trust Corp raised its holdings in RB Global by 13.3% during the 4th quarter. Northern Trust Corp now owns 1,399,401 shares of the business services provider's stock worth $126,240,000 after buying an additional 163,820 shares during the period. 95.37% of the stock is currently owned by institutional investors and hedge funds.

RB Global Stock Up 0.5%

Shares of RBA traded up $0.63 during mid-day trading on Friday, hitting $116.32. 484,658 shares of the company's stock were exchanged, compared to its average volume of 1,062,590. The company has a market cap of $21.58 billion, a PE ratio of 57.58, a P/E/G ratio of 2.71 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 50-day simple moving average of $109.18 and a 200 day simple moving average of $103.50. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.28 and a quick ratio of 1.22.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last released its earnings results on Wednesday, August 6th. The business services provider reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.12. RB Global had a net margin of 9.46% and a return on equity of 9.42%. The business had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.14 billion. During the same period last year, the business earned $0.94 earnings per share. The firm's revenue was up 8.2% on a year-over-year basis. On average, research analysts forecast that RB Global, Inc. will post 2.5 earnings per share for the current fiscal year.

RB Global Increases Dividend

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

Insider Activity

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

Analyst Ratings Changes

Several analysts have commented on the stock. National Bankshares raised their target price on shares of RB Global from $112.00 to $113.00 and gave the stock a "sector perform" rating in a report on Thursday, August 7th. CIBC raised their target price on shares of RB Global from $118.00 to $121.00 and gave the stock an "outperformer" rating in a report on Friday, July 18th. Robert W. Baird raised their target price on shares of RB Global from $110.00 to $115.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Wall Street Zen upgraded shares of RB Global from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Finally, Raymond James Financial raised their target price on shares of RB Global from $125.00 to $135.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, RB Global has an average rating of "Moderate Buy" and an average price target of $119.79.

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.