Allspring Global Investments Holdings LLC Cuts Stake in RB Global, Inc. (NYSE:RBA)

Allspring Global Investments Holdings LLC lessened its holdings in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 7.3% during the third quarter, Holdings Channel.com reports. The firm owned 617,607 shares of the business services provider’s stock after selling 48,769 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in RB Global were worth $49,711,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Advisor OS LLC boosted its stake in shares of RB Global by 1.9% during the second quarter. Advisor OS LLC now owns 8,352 shares of the business services provider’s stock valued at $638,000 after purchasing an additional 156 shares during the period. Blue Trust Inc. boosted its position in RB Global by 11.9% during the 3rd quarter. Blue Trust Inc. now owns 1,478 shares of the business services provider’s stock valued at $113,000 after buying an additional 157 shares during the period. Massmutual Trust Co. FSB ADV grew its holdings in RB Global by 58.7% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 446 shares of the business services provider’s stock worth $34,000 after acquiring an additional 165 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of RB Global by 33.5% during the second quarter. Nisa Investment Advisors LLC now owns 836 shares of the business services provider’s stock valued at $64,000 after acquiring an additional 210 shares during the last quarter. Finally, Cigna Investments Inc. New raised its stake in shares of RB Global by 6.6% during the second quarter. Cigna Investments Inc. New now owns 3,440 shares of the business services provider’s stock valued at $262,000 after acquiring an additional 212 shares during the last quarter. 95.37% of the stock is owned by institutional investors.

Insider Buying and Selling at RB Global

In other news, CEO James Francis Kessler sold 17,883 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $83.09, for a total value of $1,485,898.47. Following the sale, the chief executive officer now directly owns 86,247 shares of the company’s stock, valued at approximately $7,166,263.23. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO James Francis Kessler sold 17,883 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $83.09, for a total value of $1,485,898.47. Following the transaction, the chief executive officer now owns 86,247 shares in the company, valued at approximately $7,166,263.23. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CRO James J. Jeter sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $85.55, for a total transaction of $256,650.00. Following the sale, the executive now directly owns 20,267 shares of the company’s stock, valued at $1,733,841.85. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,601 shares of company stock worth $3,720,043. 4.32% of the stock is owned by insiders.

RB Global Price Performance

NYSE:RBA opened at $86.29 on Wednesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.29 and a quick ratio of 1.20. The firm’s 50-day moving average price is $83.03 and its 200-day moving average price is $78.55. The company has a market capitalization of $15.91 billion, a PE ratio of 48.48, a P/E/G ratio of 5.29 and a beta of 0.93. RB Global, Inc. has a 1-year low of $58.85 and a 1-year high of $87.45.

RB Global (NYSE:RBA) (TSE:RBA) last announced its quarterly earnings data on Tuesday, August 6th. The business services provider reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.06. RB Global had a net margin of 8.67% and a return on equity of 7.27%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter in the prior year, the company earned $0.42 earnings per share. The business’s revenue was down .9% compared to the same quarter last year. On average, equities analysts predict that RB Global, Inc. will post 1.92 EPS for the current fiscal year.

RB Global Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, August 28th were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date of this dividend was Wednesday, August 28th. This is a positive change from RB Global’s previous quarterly dividend of $0.27. RB Global’s dividend payout ratio (DPR) is 65.17%.

Analyst Ratings Changes

A number of brokerages recently issued reports on RBA. Raymond James boosted their price target on RB Global from $95.00 to $98.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. BMO Capital Markets began coverage on RB Global in a research note on Thursday, September 5th. They set an “outperform” rating and a $105.00 target price on the stock. Robert W. Baird raised their price target on RB Global from $80.00 to $86.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Royal Bank of Canada boosted their price objective on shares of RB Global from $93.00 to $99.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Finally, Bank of America raised their target price on shares of RB Global from $79.00 to $92.50 and gave the stock a “neutral” rating in a research report on Monday, August 26th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $92.19.

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.