RB Global, Inc. $RBA Stock: Nisa Investment Advisors LLC Reduces Position

Nisa Investment Advisors LLC cut its stake in RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 88.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 710 shares of the business services provider’s stock after selling 5,381 shares during the period. Nisa Investment Advisors LLC’s holdings in RB Global were worth $58,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in RBA. Addison Advisors LLC acquired a new stake in shares of RB Global during the 2nd quarter valued at approximately $26,000. J.Safra Asset Management Corp acquired a new position in shares of RB Global in the 2nd quarter valued at about $32,000. Integrated Wealth Concepts LLC acquired a new stake in shares of RB Global during the 2nd quarter worth approximately $35,000. Cassaday & Co Wealth Management LLC acquired a new stake in RB Global in the first quarter worth $43,000. Finally, Axiom Investment Management LLC acquired a new stake in shares of RB Global in the 1st quarter worth about $76,000. Institutional investors and hedge funds own 95.37% of the company’s stock.

Insiders Place Their Bets

In other RB Global news, Director Deborah Stein bought 500 shares of the stock in a transaction on Wednesday, September 9th. The shares were purchased at an average price of $80.91 per share, with a total value of $40,455.00. Following the acquisition, the director directly owned 2,325 shares of the company’s stock, valued at $188,115.75. This represents a 27.40% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Chloe Harford purchased 1,200 shares of RB Global stock in a transaction on Monday, August 24th. The stock was bought at an average cost of $83.74 per share, with a total value of $100,488.00. Following the completion of the acquisition, the director owned 1,200 shares in the company, valued at approximately $100,488. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.57% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on RBA shares. Barclays cut their target price on RB Global from $121.00 to $110.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 6th. National Bank Financial lifted their price target on shares of RB Global from $130.00 to $132.00 and gave the stock an “outperform” rating in a research report on Thursday, October 15th. Weiss Ratings downgraded RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, September 18th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $152.00 target price on shares of RB Global in a report on Wednesday, September 23rd. Finally, Wall Street Zen downgraded shares of RB Global from a “buy” rating to a “hold” rating in a research report on Saturday, July 18th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $126.29.

RB Global Trading Up 4.2%

NYSE:RBA opened at $93.47 on Tuesday. The company has a market capitalization of $16.94 billion, a P/E ratio of 40.11, a P/E/G ratio of 1.44 and a beta of 0.53. The stock’s 50 day moving average price is $84.02 and its 200 day moving average price is $99.77. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.22 and a current ratio of 1.31. RB Global, Inc. has a 52 week low of $78.05 and a 52 week high of $119.33.

RB Global (NYSE:RBA) (TSE:RBA) last released its quarterly earnings data on Tuesday, August 4th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.04. RB Global had a net margin of 9.99% and a return on equity of 12.37%. The business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.21 billion. On average, research analysts forecast that RB Global, Inc. will post 4.06 EPS for the current fiscal year.

RB Global announced that its Board of Directors has authorized a stock buyback program on Tuesday, September 15th that permits the company to buy back $500 million in outstanding shares. This buyback authorization permits the business services provider to repurchase up to 3.3% of its stock through open market purchases. Share buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

About RB Global

RB Global, Inc is a global marketplace and provider of asset management and disposition services for commercial and industrial equipment, vehicles and other durable assets. The company connects buyers and sellers through live and online auctions, negotiated sales and digital marketplaces, serving industries such as construction, transportation, agriculture, energy, government and automotive.

Its portfolio includes Ritchie Bros., a major auction and marketplace brand for heavy equipment; IAA, which specializes in salvage and repairable vehicle auctions; and Mascus, an online marketplace for used equipment.