Zurcher Kantonalbank Zurich Cantonalbank Cuts Stock Position in RB Global, Inc. (NYSE:RBA)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank has reduced its holdings in RB Global, Inc. by 4.5%, now owning 63,537 shares valued at approximately $6.38 million.
• Several hedge funds have increased their positions in RB Global, with CoreCap Advisors LLC boosting its stake by 74.5% during the fourth quarter.
• Wall Street analysts have shown positive sentiment towards RB Global, with a consensus rating of "Moderate Buy" and a target price averaging $116.21.

Zurcher Kantonalbank Zurich Cantonalbank lessened its position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 4.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 63,537 shares of the business services provider's stock after selling 2,967 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in RB Global were worth $6,376,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. CoreCap Advisors LLC raised its position in shares of RB Global by 74.5% in the fourth quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock worth $25,000 after buying an additional 117 shares in the last quarter. MV Capital Management Inc. increased its stake in RB Global by 5,560.0% in the 1st quarter. MV Capital Management Inc. now owns 283 shares of the business services provider's stock worth $28,000 after acquiring an additional 278 shares during the last quarter. IFP Advisors Inc raised its holdings in shares of RB Global by 348.8% in the 1st quarter. IFP Advisors Inc now owns 359 shares of the business services provider's stock valued at $36,000 after acquiring an additional 279 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of RB Global by 10.9% during the first quarter. Nisa Investment Advisors LLC now owns 1,060 shares of the business services provider's stock worth $106,000 after purchasing an additional 104 shares in the last quarter. Finally, Allworth Financial LP increased its position in shares of RB Global by 1,870.9% in the first quarter. Allworth Financial LP now owns 1,084 shares of the business services provider's stock worth $107,000 after purchasing an additional 1,029 shares during the last quarter. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at RB Global

In other news, insider Darren Jeffrey Watt sold 7,400 shares of the firm's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $110.00, for a total value of $814,000.00. Following the transaction, the insider owned 24,874 shares of the company's stock, valued at $2,736,140. This trade represents a 22.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO James J. Jeter sold 3,500 shares of RB Global stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $104.38, for a total value of $365,330.00. Following the transaction, the executive directly owned 16,167 shares in the company, valued at approximately $1,687,511.46. The trade was a 17.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 72,133 shares of company stock worth $7,843,729. Insiders own 4.32% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on RBA. Robert W. Baird lifted their target price on shares of RB Global from $110.00 to $115.00 and gave the company an "outperform" rating in a research report on Thursday, May 8th. Wall Street Zen downgraded shares of RB Global from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Raymond James Financial raised their price target on RB Global from $118.00 to $125.00 and gave the company an "outperform" rating in a research report on Thursday, May 8th. CIBC upped their price objective on RB Global from $118.00 to $121.00 and gave the stock an "outperformer" rating in a report on Friday, July 18th. Finally, National Bankshares decreased their price objective on RB Global from $118.00 to $115.00 and set an "outperform" rating on the stock in a report on Wednesday, April 9th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, RB Global presently has a consensus rating of "Moderate Buy" and an average price target of $116.21.

RB Global Stock Performance

RBA traded up $0.04 during mid-day trading on Friday, reaching $108.30. 636,140 shares of the company traded hands, compared to its average volume of 822,204. The company's fifty day moving average price is $106.58 and its 200-day moving average price is $100.87. The stock has a market capitalization of $20.09 billion, a P/E ratio of 53.35, a P/E/G ratio of 2.50 and a beta of 0.75. The company has a quick ratio of 1.21, a current ratio of 1.31 and a debt-to-equity ratio of 0.50. RB Global, Inc. has a 52-week low of $70.38 and a 52-week high of $111.71.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last released its quarterly earnings results on Wednesday, May 7th. The business services provider reported $0.89 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.89. RB Global had a return on equity of 8.03% and a net margin of 9.68%. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the previous year, the company posted $0.90 EPS. The business's quarterly revenue was up 4.1% compared to the same quarter last year. On average, sell-side analysts expect that RB Global, Inc. will post 2.5 EPS for the current year.

RB Global Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Thursday, May 29th were paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Thursday, May 29th. RB Global's dividend payout ratio (DPR) is currently 57.14%.

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.