Allspring Global Investments Holdings LLC Reduces Position in RB Global, Inc. (NYSE:RBA)

Posted by Defense World Staff on Oct 7th, 2023

Allspring Global Investments Holdings LLC cut its holdings in shares of RB Global, Inc. (NYSE:RBA – Free Report) (TSE:RBA) by 84.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 79,586 shares of the business services provider’s stock after selling 432,785 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in RB Global were worth $4,775,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in RBA. Massmutual Trust Co. FSB ADV lifted its holdings in RB Global by 380.5% during the first quarter. Massmutual Trust Co. FSB ADV now owns 812 shares of the business services provider’s stock valued at $46,000 after purchasing an additional 643 shares during the last quarter. Belpointe Asset Management LLC lifted its holdings in shares of RB Global by 134.7% in the first quarter. Belpointe Asset Management LLC now owns 913 shares of the business services provider’s stock worth $51,000 after buying an additional 524 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of RB Global in the first quarter worth about $57,000. Oliver Lagore Vanvalin Investment Group purchased a new stake in shares of RB Global in the first quarter worth about $57,000. Finally, Addison Advisors LLC lifted its holdings in shares of RB Global by 33.9% in the first quarter. Addison Advisors LLC now owns 1,271 shares of the business services provider’s stock worth $72,000 after buying an additional 322 shares in the last quarter. 90.24% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at RB Global

In other RB Global news, Director Michael D. Sieger purchased 1,000 shares of RB Global stock in a transaction on Thursday, August 10th. The shares were acquired at an average cost of $58.08 per share, for a total transaction of $58,080.00. Following the completion of the transaction, the director now directly owns 3,036 shares of the company’s stock, valued at $176,330.88. The purchase was disclosed in a filing with the SEC, which is available at this link. In other news, Director Michael D. Sieger bought 1,000 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were purchased at an average price of $58.08 per share, for a total transaction of $58,080.00. Following the completion of the acquisition, the director now owns 3,036 shares of the company’s stock, valued at $176,330.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Timothy J. O’day bought 1,500 shares of the business’s stock in a transaction dated Thursday, September 14th. The stock was purchased at an average price of $65.52 per share, for a total transaction of $98,280.00. Following the acquisition, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $98,280. The disclosure for this purchase can be found here. Insiders have acquired 6,911 shares of company stock worth $412,150 over the last ninety days. Insiders own 4.32% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RBA. Royal Bank of Canada increased their price target on shares of RB Global from $70.00 to $75.00 and gave the stock an “outperform” rating in a report on Tuesday, August 8th. StockNews.com began coverage on shares of RB Global in a report on Thursday. They issued a “hold” rating on the stock. Raymond James raised shares of RB Global from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $60.00 to $75.00 in a report on Thursday, July 20th. Finally, National Bank Financial increased their price target on shares of RB Global from $61.00 to $70.00 in a report on Monday, July 10th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $66.25.

View Our Latest Report on RB Global

RB Global Trading Up 2.5 %

Shares of RBA opened at $65.34 on Friday. The firm’s 50 day simple moving average is $61.68 and its 200 day simple moving average is $58.86. The company has a market capitalization of $11.90 billion, a P/E ratio of 71.02, a P/E/G ratio of 13.59 and a beta of 0.91. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.32 and a quick ratio of 1.19. RB Global, Inc. has a 1-year low of $48.72 and a 1-year high of $66.99.

RB Global (NYSE:RBA – Get Free Report) (TSE:RBA) last issued its quarterly earnings results on Thursday, August 3rd. The business services provider reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.17). RB Global had a net margin of 5.94% and a return on equity of 4.77%. The business had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.03 billion. Sell-side analysts forecast that RB Global, Inc. will post 0.65 earnings per share for the current fiscal year.

RB Global Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 13th. Shareholders of record on Wednesday, August 23rd were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date was Tuesday, August 22nd. RB Global’s payout ratio is currently 117.39%.

About RB Global

(Free Report)

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; Xcira that provides live simulcast auction technologies; and Veritread, an online marketplace for heavy haul transport solution.