Wellington Management Group LLP Reduces Stock Position in RB Global, Inc. (NYSE:RBA)

Wellington Management Group LLP decreased its position in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 14.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,917,997 shares of the business services provider’s stock after selling 315,670 shares during the quarter. Wellington Management Group LLP’s holdings in RB Global were worth $154,539,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Weiss Asset Management LP acquired a new position in RB Global during the third quarter worth $1,649,000. State Street Corp raised its stake in shares of RB Global by 2.1% during the 3rd quarter. State Street Corp now owns 5,045,188 shares of the business services provider’s stock worth $406,087,000 after buying an additional 103,080 shares during the last quarter. Quantinno Capital Management LP raised its stake in shares of RB Global by 8.5% during the 3rd quarter. Quantinno Capital Management LP now owns 27,973 shares of the business services provider’s stock worth $2,252,000 after buying an additional 2,180 shares during the last quarter. Quarry LP boosted its position in shares of RB Global by 138.0% in the 3rd quarter. Quarry LP now owns 1,652 shares of the business services provider’s stock worth $133,000 after buying an additional 958 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in RB Global by 0.7% in the 3rd quarter. Janus Henderson Group PLC now owns 3,383,191 shares of the business services provider’s stock valued at $272,293,000 after acquiring an additional 24,101 shares during the last quarter. Institutional investors and hedge funds own 95.37% of the company’s stock.

Insider Buying and Selling at RB Global

In other RB Global news, CEO James Francis Kessler sold 17,883 shares of RB Global stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $84.19, for a total value of $1,505,569.77. Following the transaction, the chief executive officer now owns 86,247 shares in the company, valued at $7,261,134.93. This trade represents a 17.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.10% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have issued reports on RBA shares. Royal Bank of Canada upped their price target on shares of RB Global from $99.00 to $107.00 and gave the company an “outperform” rating in a report on Monday, November 11th. BMO Capital Markets upped their target price on RB Global from $105.00 to $107.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Bank of America raised their price target on RB Global from $79.00 to $92.50 and gave the stock a “neutral” rating in a research report on Monday, August 26th. Finally, Robert W. Baird upped their price objective on RB Global from $86.00 to $100.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $98.36.

RB Global Price Performance

RBA stock opened at $97.37 on Tuesday. The stock has a market capitalization of $17.96 billion, a price-to-earnings ratio of 52.92, a price-to-earnings-growth ratio of 4.65 and a beta of 0.95. The company has a quick ratio of 1.17, a current ratio of 1.28 and a debt-to-equity ratio of 0.52. RB Global, Inc. has a 52-week low of $60.84 and a 52-week high of $99.79. The stock’s fifty day simple moving average is $88.73 and its 200-day simple moving average is $83.01.

RB Global Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, November 27th will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date is Wednesday, November 27th. RB Global’s payout ratio is 63.04%.

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.