RB Global, Inc. $RBA Position Reduced by Independent Franchise Partners LLP

Independent Franchise Partners LLP trimmed its stake in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 60.7% during the fourth quarter, HoldingsChannel reports. The fund owned 1,151,798 shares of the business services provider’s stock after selling 1,779,518 shares during the quarter. RB Global comprises approximately 0.8% of Independent Franchise Partners LLP’s holdings, making the stock its 24th largest position. Independent Franchise Partners LLP’s holdings in RB Global were worth $118,485,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Investment Management Corp of Ontario boosted its stake in RB Global by 229.4% during the 4th quarter. Investment Management Corp of Ontario now owns 22,731 shares of the business services provider’s stock valued at $2,338,000 after acquiring an additional 15,831 shares during the last quarter. Janus Henderson Group PLC boosted its stake in RB Global by 16.4% during the 4th quarter. Janus Henderson Group PLC now owns 4,085,897 shares of the business services provider’s stock valued at $420,417,000 after acquiring an additional 576,347 shares during the last quarter. Aristeia Capital L.L.C. acquired a new stake in shares of RB Global during the fourth quarter worth $527,000. Caisse de depot et placement du Quebec raised its holdings in shares of RB Global by 44.2% during the fourth quarter. Caisse de depot et placement du Quebec now owns 1,477,027 shares of the business services provider’s stock worth $152,199,000 after purchasing an additional 452,604 shares during the period. Finally, EdgePoint Investment Group Inc. raised its holdings in shares of RB Global by 11.9% during the fourth quarter. EdgePoint Investment Group Inc. now owns 7,701,648 shares of the business services provider’s stock worth $792,934,000 after purchasing an additional 821,319 shares during the period. 95.37% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

RBA has been the topic of a number of research reports. Stephens reissued an “equal weight” rating and set a $96.00 target price on shares of RB Global in a report on Tuesday, May 5th. Barclays initiated coverage on shares of RB Global in a report on Thursday, May 28th. They set an “overweight” rating and a $124.00 target price on the stock. BMO Capital Markets reissued an “outperform” rating and set a $135.00 target price (up from $130.00) on shares of RB Global in a report on Tuesday, May 5th. Royal Bank Of Canada increased their target price on shares of RB Global from $146.00 to $150.00 and gave the stock an “outperform” rating in a report on Tuesday, May 5th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of RB Global in a report on Tuesday, May 26th. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.13.

RB Global Stock Down 3.2%

RBA stock opened at $107.39 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.40. RB Global, Inc. has a fifty-two week low of $93.58 and a fifty-two week high of $119.58. The firm’s 50-day simple moving average is $104.47 and its 200 day simple moving average is $104.64. The stock has a market cap of $19.97 billion, a PE ratio of 49.95, a price-to-earnings-growth ratio of 1.77 and a beta of 0.57.

RB Global (NYSE:RBA) (TSE:RBA) last released its quarterly earnings data on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates 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 $1.21 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter last year, the company earned $0.89 EPS. The company’s revenue for the quarter was up 11.4% compared to the same quarter last year. As a group, sell-side analysts predict that RB Global, Inc. will post 4.09 EPS for the current year.

RB Global Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Wednesday, May 27th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, May 27th. RB Global’s dividend payout ratio (DPR) is 57.67%.

Insider Buying and Selling at RB Global

In other news, Director Deborah Stein acquired 425 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were acquired at an average price of $103.15 per share, with a total value of $43,838.75. Following the acquisition, the director directly owned 1,825 shares in the company, valued at approximately $188,248.75. The trade was a 30.36% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.57% of the stock is currently owned by company insiders.

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.