Summit Investment Advisors Inc. Lowers Stock Position in RB Global, Inc. $RBA

Summit Investment Advisors Inc. trimmed its stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 1.8% during the first quarter, Holdings Channel.com reports. The fund owned 36,285 shares of the business services provider’s stock after selling 653 shares during the period. Summit Investment Advisors Inc.’s holdings in RB Global were worth $3,639,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. SouthState Corp purchased a new stake in RB Global in the first quarter valued at approximately $26,000. SVB Wealth LLC purchased a new stake in shares of RB Global in the 1st quarter valued at $28,000. IFP Advisors Inc lifted its stake in RB Global by 348.8% during the 1st quarter. IFP Advisors Inc now owns 359 shares of the business services provider’s stock worth $36,000 after acquiring an additional 279 shares in the last quarter. Rise Advisors LLC purchased a new position in RB Global during the 1st quarter valued at about $38,000. Finally, Whipplewood Advisors LLC grew its position in RB Global by 42.9% in the 2nd quarter. Whipplewood Advisors LLC now owns 456 shares of the business services provider’s stock valued at $48,000 after acquiring an additional 137 shares in the last quarter. Hedge funds and other institutional investors own 95.37% of the company’s stock.

RB Global Trading Up 4.4%

NYSE RBA opened at $100.43 on Friday. RB Global, Inc. has a 12 month low of $85.55 and a 12 month high of $119.58. The company has a market capitalization of $18.65 billion, a price-to-earnings ratio of 49.72, a price-to-earnings-growth ratio of 2.48 and a beta of 0.65. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.28 and a quick ratio of 1.22. The firm’s fifty day moving average price is $107.67 and its 200 day moving average price is $107.62.

RB Global (NYSE:RBA) (TSE:RBA) last issued its quarterly earnings data on Thursday, November 6th. The business services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.10. RB Global had a return on equity of 9.42% and a net margin of 9.46%.The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.05 billion. During the same quarter last year, the company posted $0.71 earnings per share. The business’s quarterly revenue was up 12.0% compared to the same quarter last year. On average, sell-side analysts expect that RB Global, Inc. will post 2.5 earnings per share for the current fiscal year.

RB Global Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 17th. Shareholders of record on Wednesday, November 26th will be paid a $0.31 dividend. The ex-dividend date is Wednesday, November 26th. This represents a $1.24 dividend on an annualized basis and a yield of 1.2%. RB Global’s payout ratio is currently 59.33%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. BMO Capital Markets lifted their price objective on shares of RB Global from $125.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Wall Street Zen cut RB Global from a “buy” rating to a “hold” rating in a research note on Saturday. Royal Bank Of Canada increased their price target on RB Global from $132.00 to $133.00 and gave the company an “outperform” rating in a research report on Friday. Weiss Ratings downgraded RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Finally, Raymond James Financial upped their target price on shares of RB Global from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $122.71.

Insider Buying and Selling at RB Global

In other news, insider Michael Thomas Steven Lewis sold 2,151 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $118.15, for a total transaction of $254,140.65. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 4.32% of the company’s stock.

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.