Envestnet Portfolio Solutions Inc. Reduces Holdings in RB Global, Inc. (NYSE:RBA)

Envestnet Portfolio Solutions Inc. cut its stake in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 23.6% in the 2nd quarter, HoldingsChannel reports. The fund owned 12,574 shares of the business services provider’s stock after selling 3,885 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in RB Global were worth $960,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vontobel Asset Management Inc. raised its holdings in shares of RB Global by 66.5% during the fourth quarter. Vontobel Asset Management Inc. now owns 6,649,251 shares of the business services provider’s stock valued at $467,920,000 after acquiring an additional 2,655,388 shares in the last quarter. Norges Bank purchased a new position in shares of RB Global during the fourth quarter valued at about $141,970,000. Vanguard Group Inc. increased its position in shares of RB Global by 5.1% during the first quarter. Vanguard Group Inc. now owns 23,992,759 shares of the business services provider’s stock valued at $1,827,528,000 after buying an additional 1,153,497 shares during the period. BW Gestao de Investimentos Ltda. raised its stake in RB Global by 83.2% in the first quarter. BW Gestao de Investimentos Ltda. now owns 701,538 shares of the business services provider’s stock worth $53,436,000 after buying an additional 318,582 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in RB Global by 26.8% in the fourth quarter. Wellington Management Group LLP now owns 1,183,761 shares of the business services provider’s stock worth $79,603,000 after buying an additional 250,109 shares during the period. Hedge funds and other institutional investors own 95.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Bank of America upped their target price on RB Global from $68.00 to $79.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. CIBC assumed coverage on RB Global in a report on Tuesday, June 18th. They set a “sector outperform” rating and a $95.00 target price on the stock. Robert W. Baird upped their target price on RB Global from $80.00 to $86.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Raymond James upped their target price on RB Global from $95.00 to $98.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Finally, Royal Bank of Canada upped their target price on RB Global from $93.00 to $99.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $88.43.

Insiders Place Their Bets

In other news, insider Baron Concors sold 13,230 shares of RB Global stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $75.05, for a total value of $992,911.50. Following the completion of the sale, the insider now directly owns 15,487 shares in the company, valued at $1,162,299.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other RB Global news, insider Darren Jeffrey Watt sold 3,637 shares of the stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $80.66, for a total value of $293,360.42. Following the transaction, the insider now directly owns 17,279 shares in the company, valued at $1,393,724.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Baron Concors sold 13,230 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $75.05, for a total transaction of $992,911.50. Following the completion of the transaction, the insider now owns 15,487 shares in the company, valued at $1,162,299.35. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,787 shares of company stock valued at $3,600,835. 4.32% of the stock is owned by insiders.

RB Global Trading Up 0.7 %

NYSE:RBA opened at $82.26 on Monday. The stock has a market cap of $15.04 billion, a price-to-earnings ratio of 49.55, a PEG ratio of 5.69 and a beta of 0.91. The company has a quick ratio of 1.20, a current ratio of 1.29 and a debt-to-equity ratio of 0.55. The company’s 50 day moving average price is $78.61 and its 200-day moving average price is $75.14. RB Global, Inc. has a 52 week low of $55.67 and a 52 week high of $82.39.

RB Global (NYSE:RBA) (TSE:RBA) last issued its earnings results on Tuesday, August 6th. The business services provider reported $0.94 EPS for the quarter, beating the consensus estimate of $0.88 by $0.06. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.13 billion. RB Global had a return on equity of 7.27% and a net margin of 8.67%. During the same period last year, the business posted $0.42 EPS. The company’s revenue was down .9% compared to the same quarter last year. On average, equities research analysts forecast that RB Global, Inc. will post 1.96 earnings per share for the current fiscal year.

RB Global Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Wednesday, August 28th will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 1.41%. This is an increase from RB Global’s previous quarterly dividend of $0.27. The ex-dividend date is Wednesday, August 28th. RB Global’s dividend payout ratio (DPR) is presently 69.88%.

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.