Cooke & Bieler LP Cuts Stake in RB Global, Inc. $RBA

Cooke & Bieler LP lessened its position in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 5.0% during the second quarter, Holdings Channel.com reports. The fund owned 2,906,712 shares of the business services provider’s stock after selling 153,712 shares during the period. RB Global accounts for 3.1% of Cooke & Bieler LP’s holdings, making the stock its 2nd largest holding. Cooke & Bieler LP’s holdings in RB Global were worth $308,664,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. SouthState Corp bought a new stake in shares of RB Global in the first quarter worth about $26,000. SVB Wealth LLC bought a new stake in shares of RB Global in the first quarter worth about $28,000. IFP Advisors Inc grew its stake in shares of RB Global by 348.8% in the first quarter. IFP Advisors Inc now owns 359 shares of the business services provider’s stock worth $36,000 after purchasing an additional 279 shares during the last quarter. Rise Advisors LLC bought a new stake in shares of RB Global in the first quarter worth about $38,000. Finally, Whipplewood Advisors LLC grew its position in shares of RB Global by 42.9% in the 2nd quarter. Whipplewood Advisors LLC now owns 456 shares of the business services provider’s stock worth $48,000 after buying an additional 137 shares during the last quarter. Institutional investors own 95.37% of the company’s stock.

RB Global Trading Down 1.3%

NYSE RBA opened at $99.16 on Friday. 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, Inc. has a twelve month low of $84.31 and a twelve month high of $119.58. The firm has a market capitalization of $18.41 billion, a PE ratio of 49.09, a P/E/G ratio of 2.48 and a beta of 0.65. The stock’s 50 day moving average is $109.38 and its 200 day moving average is $107.50.

RB Global (NYSE:RBA) (TSE:RBA) last announced its earnings results on Wednesday, August 6th. The business services provider reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.12. RB Global had a net margin of 9.46% and a return on equity of 9.42%. The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the previous year, the business posted $0.94 EPS. The company’s quarterly revenue was up 8.2% on a year-over-year basis. Research analysts forecast that RB Global, Inc. will post 2.5 earnings per share for the current fiscal year.

RB Global Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 28th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.3%. This is a boost from RB Global’s previous quarterly dividend of $0.29. The ex-dividend date was Thursday, August 28th. RB Global’s dividend payout ratio is currently 61.39%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. BMO Capital Markets lifted their price objective on RB Global from $125.00 to $130.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Weiss Ratings cut shares of RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Raymond James Financial lifted their price target on shares of RB Global from $125.00 to $135.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Royal Bank Of Canada lifted their price target on shares of RB Global from $125.00 to $132.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Finally, CIBC lifted their target price on shares of RB Global from $118.00 to $121.00 and gave the company an “outperformer” rating in a research note on Friday, July 18th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $123.43.

Insiders Place Their Bets

In other RB Global news, insider Michael Thomas Steven Lewis sold 2,151 shares of the company’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $118.15, for a total value of $254,140.65. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 4.32% of the company’s stock.

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.