Independent Franchise Partners LLP Reduces Holdings in RB Global, Inc. (NYSE:RBA)

Independent Franchise Partners LLP cut its position in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 14.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,770,067 shares of the business services provider’s stock after selling 1,980,187 shares during the quarter. RB Global makes up approximately 8.3% of Independent Franchise Partners LLP’s investment portfolio, making the stock its largest holding. Independent Franchise Partners LLP owned about 0.06% of RB Global worth $898,762,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Advisor OS LLC grew its stake in RB Global by 1.9% during the 2nd quarter. Advisor OS LLC now owns 8,352 shares of the business services provider’s stock worth $638,000 after buying an additional 156 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in RB Global by 58.7% in the second 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 in the last quarter. Nisa Investment Advisors LLC increased its holdings 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 in the last quarter. Cigna Investments Inc. New increased its stake in RB Global by 6.6% during the 2nd quarter. Cigna Investments Inc. New now owns 3,440 shares of the business services provider’s stock valued at $262,000 after purchasing an additional 212 shares in the last quarter. Finally, Ascent Group LLC grew its holdings in shares of RB Global by 2.4% during the first quarter. Ascent Group LLC now owns 9,415 shares of the business services provider’s stock valued at $717,000 after buying an additional 225 shares during the last quarter. 95.37% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at RB Global

In related news, CEO James Francis Kessler sold 17,883 shares of the firm’s stock in a transaction dated 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 directly owns 86,247 shares of the company’s stock, valued at approximately $7,166,263.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other RB Global news, CRO James J. Jeter sold 3,000 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $85.55, for a total value of $256,650.00. Following the transaction, the executive now owns 20,267 shares in the company, valued at approximately $1,733,841.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James Francis Kessler sold 17,883 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $83.09, for a total transaction 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. The disclosure for this sale can be found here. Insiders sold 26,718 shares of company stock valued at $2,214,474 over the last 90 days. Corporate insiders own 4.32% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. Royal Bank of Canada lifted their price target on RB Global from $93.00 to $99.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Raymond James upped their target price on RB Global from $95.00 to $98.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Robert W. Baird raised their price target on shares of RB Global from $80.00 to $86.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. CIBC initiated coverage on shares of RB Global in a report on Tuesday, June 18th. They issued a “sector outperform” rating and a $95.00 price objective on the stock. Finally, BMO Capital Markets assumed coverage on shares of RB Global in a report on Thursday, September 5th. They set an “outperform” rating and a $105.00 target price for the company. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $92.19.

RB Global Trading Down 1.1 %

RBA stock opened at $84.41 on Friday. RB Global, Inc. has a 52-week low of $58.85 and a 52-week high of $87.45. The company has a quick ratio of 1.20, a current ratio of 1.29 and a debt-to-equity ratio of 0.55. The firm has a market cap of $15.43 billion, a P/E ratio of 50.85, a PEG ratio of 5.43 and a beta of 0.93. The company’s 50-day simple moving average is $81.85 and its 200-day simple moving average is $77.69.

RB Global (NYSE:RBA) (TSE:RBA) last issued its quarterly earnings data on Tuesday, August 6th. The business services provider reported $0.94 EPS for the quarter, beating the consensus estimate of $0.88 by $0.06. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.13 billion. RB Global had a return on equity of 7.27% and a net margin of 8.67%. RB Global’s quarterly revenue was down .9% compared to the same quarter last year. During the same period last year, the company earned $0.42 earnings per share. As a group, equities analysts forecast that RB Global, Inc. will post 1.96 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. Shareholders of record on Wednesday, August 28th were issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 1.37%. This is an increase from RB Global’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Wednesday, August 28th. RB Global’s dividend payout ratio (DPR) is presently 69.88%.

RB Global 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.