Manning & Napier Advisors LLC Makes New $1.31 Million Investment in RB Global, Inc. (NYSE:RBA)

Manning & Napier Advisors LLC bought a new stake in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 13,094 shares of the business services provider’s stock, valued at approximately $1,313,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in RB Global by 0.3% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 40,729 shares of the business services provider’s stock valued at $3,674,000 after purchasing an additional 113 shares during the last quarter. CoreCap Advisors LLC raised its position in shares of RB Global by 74.5% in the fourth quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider’s stock valued at $25,000 after buying an additional 117 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of RB Global by 49.4% in the fourth quarter. Jones Financial Companies Lllp now owns 390 shares of the business services provider’s stock valued at $35,000 after buying an additional 129 shares during the last quarter. Claret Asset Management Corp lifted its stake in shares of RB Global by 1.6% in the fourth quarter. Claret Asset Management Corp now owns 10,233 shares of the business services provider’s stock worth $923,000 after buying an additional 163 shares in the last quarter. Finally, Avantax Advisory Services Inc. boosted its position in RB Global by 4.9% during the fourth quarter. Avantax Advisory Services Inc. now owns 3,762 shares of the business services provider’s stock worth $339,000 after acquiring an additional 176 shares during the last quarter. Hedge funds and other institutional investors own 95.37% of the company’s stock.

RB Global Price Performance

RBA stock opened at $104.36 on Tuesday. RB Global, Inc. has a 52-week low of $70.38 and a 52-week high of $109.25. The company has a quick ratio of 1.21, a current ratio of 1.31 and a debt-to-equity ratio of 0.50. The stock has a market cap of $19.33 billion, a price-to-earnings ratio of 51.41 and a beta of 0.78. The business has a fifty day moving average of $103.64 and a two-hundred day moving average of $97.84.

RB Global (NYSE:RBA) (TSE:RBA) last released its quarterly earnings results on Wednesday, May 7th. The business services provider reported $0.89 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.89. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.02 billion. RB Global had a return on equity of 8.03% and a net margin of 9.68%. The company’s revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.90 EPS. As a group, research analysts anticipate that RB Global, Inc. will post 2.5 earnings per share for the current year.

RB Global Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Thursday, May 29th were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date of this dividend was Thursday, May 29th. RB Global’s dividend payout ratio is presently 57.14%.

Insider Activity

In related news, insider Darren Jeffrey Watt sold 3,700 shares of the firm’s stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $106.17, for a total transaction of $392,829.00. Following the completion of the transaction, the insider now directly owns 24,874 shares in the company, valued at $2,640,872.58. This trade represents a 12.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO James J. Jeter sold 3,500 shares of the business’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $104.38, for a total transaction of $365,330.00. Following the sale, the executive now owns 16,167 shares in the company, valued at $1,687,511.46. This trade represents a 17.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,075 shares of company stock valued at $2,007,349. Company insiders own 0.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on RBA shares. National Bankshares decreased their target price on shares of RB Global from $118.00 to $115.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. Wall Street Zen upgraded RB Global from a “hold” rating to a “buy” rating in a research report on Saturday. Robert W. Baird boosted their price objective on RB Global from $110.00 to $115.00 and gave the stock an “outperform” rating in a research note on Thursday, May 8th. Raymond James Financial upped their target price on RB Global from $118.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday, May 8th. Finally, National Bank Financial lowered RB Global from a “strong-buy” rating to a “hold” rating in a report on Sunday, May 25th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, RB Global presently has an average rating of “Moderate Buy” and an average target price of $114.50.

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.