Envestnet Asset Management Inc. Sells 23,621 Shares of RB Global, Inc. $RBA

Envestnet Asset Management Inc. decreased its holdings in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 6.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 332,654 shares of the business services provider’s stock after selling 23,621 shares during the period. Envestnet Asset Management Inc. owned approximately 0.18% of RB Global worth $35,198,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of RBA. Cidel Asset Management Inc. grew its position in RB Global by 1.8% during the 2nd quarter. Cidel Asset Management Inc. now owns 689,600 shares of the business services provider’s stock worth $73,115,000 after acquiring an additional 11,881 shares during the last quarter. Montrusco Bolton Investments Inc. bought a new stake in RB Global during the 2nd quarter worth $19,717,000. Voya Investment Management LLC grew its position in RB Global by 12.8% during the 1st quarter. Voya Investment Management LLC now owns 33,785 shares of the business services provider’s stock worth $3,389,000 after acquiring an additional 3,847 shares during the last quarter. Wilson Asset Management International PTY Ltd. grew its position in RB Global by 9.5% during the 2nd quarter. Wilson Asset Management International PTY Ltd. now owns 159,402 shares of the business services provider’s stock worth $16,927,000 after acquiring an additional 13,814 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its position in RB Global by 10.9% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,060 shares of the business services provider’s stock worth $106,000 after acquiring an additional 104 shares during the last quarter. Institutional investors own 95.37% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Royal Bank Of Canada lifted their target price on RB Global from $125.00 to $132.00 and gave the stock an “outperform” rating in a report on Thursday, August 7th. Wall Street Zen raised RB Global from a “hold” rating to a “buy” rating in a report on Saturday, October 25th. Weiss Ratings downgraded RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Bank of America raised RB Global from a “neutral” rating to a “buy” rating and set a $120.00 target price on the stock in a report on Tuesday, October 28th. Finally, Raymond James Financial upped their target price on RB Global from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Five analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, RB Global presently has an average rating of “Moderate Buy” and a consensus price target of $123.43.

Insider Activity at RB Global

In other news, insider Michael Thomas Steven Lewis sold 2,151 shares of the stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $118.15, for a total value of $254,140.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.32% of the stock is currently owned by company insiders.

RB Global Stock Down 1.3%

Shares of NYSE:RBA opened at $99.16 on Monday. The business’s 50 day simple moving average is $109.38 and its two-hundred day simple moving average is $107.65. The firm has a market cap of $18.41 billion, a P/E ratio of 49.09, a PEG ratio of 2.48 and a beta of 0.65. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.22 and a current ratio of 1.28. RB Global, Inc. has a 52-week low of $84.31 and a 52-week high of $119.58.

RB Global (NYSE:RBA) (TSE:RBA) last announced its quarterly earnings results on Wednesday, August 6th. The business services provider reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.12. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.14 billion. RB Global had a return on equity of 9.42% and a net margin of 9.46%.The company’s quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.94 earnings per share. As a group, research analysts forecast that RB Global, Inc. will post 2.5 EPS for the current fiscal year.

RB Global Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 28th were issued a $0.31 dividend. The ex-dividend date was Thursday, August 28th. This is an increase from RB Global’s previous quarterly dividend of $0.29. This represents a $1.24 annualized dividend and a yield of 1.3%. RB Global’s dividend payout ratio is currently 61.39%.

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.