The Manufacturers Life Insurance Company Has $161.19 Million Position in RB Global, Inc. (NYSE:RBA)

The Manufacturers Life Insurance Company lowered its position in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 26.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,784,029 shares of the business services provider’s stock after selling 651,162 shares during the period. The Manufacturers Life Insurance Company owned 0.97% of RB Global worth $161,185,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new stake in RB Global during the fourth quarter worth approximately $266,148,000. Norges Bank bought a new stake in RB Global during the fourth quarter worth approximately $209,931,000. FMR LLC boosted its position in RB Global by 137.5% during the fourth quarter. FMR LLC now owns 2,804,404 shares of the business services provider’s stock worth $252,985,000 after purchasing an additional 1,623,429 shares during the period. Vontobel Holding Ltd. boosted its position in RB Global by 9.8% during the fourth quarter. Vontobel Holding Ltd. now owns 8,451,146 shares of the business services provider’s stock worth $762,378,000 after purchasing an additional 753,700 shares during the period. Finally, FIL Ltd boosted its position in RB Global by 26.4% during the fourth quarter. FIL Ltd now owns 2,030,696 shares of the business services provider’s stock worth $183,189,000 after purchasing an additional 424,060 shares during the period. Institutional investors and hedge funds own 95.37% of the company’s stock.

Insider Transactions at RB Global

In related news, CEO James Francis Kessler sold 15,700 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $97.81, for a total transaction of $1,535,617.00. Following the sale, the chief executive officer now owns 107,569 shares of the company’s stock, valued at $10,521,323.89. This represents a 12.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CRO James J. Jeter sold 600 shares of the stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $98.63, for a total value of $59,178.00. Following the sale, the executive now directly owns 19,667 shares in the company, valued at $1,939,756.21. This represents a 2.96 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,897 shares of company stock worth $2,338,161. 4.32% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. National Bankshares reduced their price objective on RB Global from $118.00 to $115.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. Royal Bank of Canada lifted their price target on shares of RB Global from $107.00 to $116.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. CIBC decreased their price target on shares of RB Global from $109.00 to $108.00 and set an “outperformer” rating on the stock in a research note on Monday, February 3rd. Raymond James lifted their price target on shares of RB Global from $110.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Finally, Robert W. Baird lifted their price target on shares of RB Global from $105.00 to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $111.36.

RB Global Stock Performance

Shares of RBA opened at $98.85 on Tuesday. RB Global, Inc. has a 12 month low of $69.83 and a 12 month high of $106.90. The firm has a fifty day simple moving average of $98.29 and a 200 day simple moving average of $93.71. The stock has a market capitalization of $18.30 billion, a price-to-earnings ratio of 49.18, a PEG ratio of 4.95 and a beta of 0.90. The company has a current ratio of 1.29, a quick ratio of 1.17 and a debt-to-equity ratio of 0.50.

RB Global (NYSE:RBA) (TSE:RBA) last announced its quarterly earnings results on Tuesday, February 18th. The business services provider reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.23). The firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.06 billion. RB Global had a net margin of 9.64% and a return on equity of 8.00%. During the same quarter in the prior year, the business earned $0.82 EPS. Research analysts forecast that RB Global, Inc. will post 2.5 EPS for the current fiscal year.

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.