Gabelli Funds LLC Lowers Position in RB Global, Inc. (NYSE:RBA)

Gabelli Funds LLC cut its stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 2.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 25,800 shares of the business services provider’s stock after selling 725 shares during the quarter. Gabelli Funds LLC’s holdings in RB Global were worth $1,965,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. YHB Investment Advisors Inc. bought a new position in shares of RB Global in the first quarter valued at approximately $27,000. Oakworth Capital Inc. raised its position in shares of RB Global by 53.3% in the fourth quarter. Oakworth Capital Inc. now owns 466 shares of the business services provider’s stock worth $31,000 after buying an additional 162 shares in the last quarter. Hollencrest Capital Management purchased a new stake in shares of RB Global in the first quarter worth $33,000. GAMMA Investing LLC purchased a new stake in RB Global during the fourth quarter valued at about $54,000. Finally, Brown Brothers Harriman & Co. purchased a new stake in RB Global during the fourth quarter valued at about $72,000. 95.37% of the stock is owned by hedge funds and other institutional investors.

RB Global Stock Performance

RBA traded up $0.60 on Friday, reaching $79.17. The stock had a trading volume of 760,994 shares, compared to its average volume of 974,243. The business’s 50-day moving average price is $77.36 and its two-hundred day moving average price is $73.56. RB Global, Inc. has a 12-month low of $55.54 and a 12-month high of $81.87. The company has a market cap of $14.48 billion, a P/E ratio of 47.69, a price-to-earnings-growth ratio of 5.41 and a beta of 0.91. The company has a current ratio of 1.29, a quick ratio of 1.17 and a debt-to-equity ratio of 0.58.

RB Global (NYSE:RBA) (TSE:RBA) last posted its quarterly earnings data on Thursday, May 9th. The business services provider reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.15. RB Global had a net margin of 8.08% and a return on equity of 6.87%. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Sell-side analysts forecast that RB Global, Inc. will post 2.04 earnings per share for the current year.

RB Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Shareholders of record on Wednesday, May 29th were given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 1.36%. The ex-dividend date of this dividend was Wednesday, May 29th. RB Global’s payout ratio is currently 65.06%.

Insiders Place Their Bets

In related news, CEO James Francis Kessler sold 8,000 shares of the business’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $80.91, for a total transaction of $647,280.00. Following the sale, the chief executive officer now owns 78,104 shares of the company’s stock, valued at $6,319,394.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO James Francis Kessler sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $80.91, for a total transaction of $647,280.00. Following the completion of the transaction, the chief executive officer now owns 78,104 shares of the company’s stock, valued at $6,319,394.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO James J. Jeter sold 14,000 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $75.43, for a total transaction of $1,056,020.00. Following the completion of the transaction, the executive now owns 28,267 shares of the company’s stock, valued at $2,132,179.81. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,867 shares of company stock valued at $3,370,272. Insiders own 4.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Scotiabank raised their target price on RB Global from $88.00 to $89.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, April 24th. CIBC started 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 for the company. Finally, Bank of America boosted their target price on shares of RB Global from $68.00 to $79.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Two 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 has a consensus rating of “Moderate Buy” and an average target price of $86.50.

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.