RB Global, Inc. $RBA Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia reduced its position in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 6.6% during the 1st quarter, HoldingsChannel reports. The fund owned 252,859 shares of the business services provider’s stock after selling 17,807 shares during the period. Bank of Nova Scotia’s holdings in RB Global were worth $24,244,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. MV Capital Management Inc. acquired a new stake in RB Global in the fourth quarter valued at approximately $29,000. Bayban acquired a new position in shares of RB Global during the 4th quarter worth approximately $34,000. Cassaday & Co Wealth Management LLC acquired a new position in shares of RB Global during the 1st quarter worth approximately $43,000. State of Wyoming purchased a new position in shares of RB Global during the 2nd quarter valued at approximately $46,000. Finally, Nemes Rush Group LLC purchased a new position in shares of RB Global during the 4th quarter valued at approximately $54,000. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Deborah Stein bought 425 shares of the stock in a transaction dated Tuesday, May 19th. The shares were acquired at an average cost of $103.15 per share, for a total transaction of $43,838.75. Following the acquisition, the director directly owned 1,825 shares in the company, valued at approximately $188,248.75. This trade represents a 30.36% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.57% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on RBA. Barclays dropped their price target on shares of RB Global from $124.00 to $121.00 and set an “overweight” rating on the stock in a research note on Wednesday. Wall Street Zen downgraded shares of RB Global from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. Weiss Ratings reiterated a “buy (b-)” rating on shares of RB Global in a research report on Tuesday, May 26th. BMO Capital Markets reissued an “outperform” rating and set a $135.00 target price (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Finally, Royal Bank Of Canada boosted their target price on shares of RB Global from $146.00 to $150.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 5th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $127.57.

RB Global Price Performance

Shares of NYSE RBA opened at $111.68 on Friday. The firm has a 50-day simple moving average of $108.82 and a 200-day simple moving average of $106.35. The stock has a market capitalization of $20.71 billion, a price-to-earnings ratio of 51.95, a price-to-earnings-growth ratio of 1.75 and a beta of 0.55. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.40. RB Global, Inc. has a 52 week low of $93.58 and a 52 week high of $119.58.

RB Global (NYSE:RBA) (TSE:RBA) last posted its quarterly earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.04. The firm had revenue of $888.01 million for the quarter, compared to the consensus estimate of $1.13 billion. RB Global had a net margin of 9.55% and a return on equity of 12.33%. The company’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same period last year, the firm posted $0.89 earnings per share. On average, equities analysts predict that RB Global, Inc. will post 4.16 earnings per share for the current fiscal year.

RB Global Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Wednesday, May 27th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Wednesday, May 27th. RB Global’s dividend payout ratio (DPR) is 57.67%.

RB Global Company 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.