Bank of New York Mellon Corp Acquires 787,042 Shares of RB Global, Inc. (NYSE:RBA)

Bank of New York Mellon Corp grew its holdings in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 142.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 1,337,790 shares of the business services provider’s stock after acquiring an additional 787,042 shares during the period. Bank of New York Mellon Corp’s holdings in RB Global were worth $102,154,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Vanguard Group Inc. raised its stake 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 acquiring an additional 1,153,497 shares during the last quarter. EdgePoint Investment Group Inc. raised its stake in shares of RB Global by 1.4% during the first quarter. EdgePoint Investment Group Inc. now owns 8,564,254 shares of the business services provider’s stock valued at $652,590,000 after acquiring an additional 114,225 shares during the last quarter. Vontobel Asset Management Inc. raised its stake 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 during the last quarter. Boston Partners raised its stake in RB Global by 4.1% during the first quarter. Boston Partners now owns 3,029,758 shares of the business services provider’s stock worth $230,543,000 after buying an additional 120,469 shares during the last quarter. Finally, Norges Bank bought a new position in RB Global during the fourth quarter worth $141,970,000. Institutional investors own 95.37% of the company’s stock.

Analyst Ratings Changes

RBA has been the subject of a number of analyst reports. Robert W. Baird lifted their target price on shares of RB Global from $80.00 to $86.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Bank of America lifted their target price on shares of RB Global from $79.00 to $92.50 and gave the stock a “neutral” rating in a research note on Monday. Royal Bank of Canada lifted their target price on shares of RB Global from $93.00 to $99.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Raymond James lifted their target price on shares of RB Global from $95.00 to $98.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Finally, CIBC initiated coverage on shares of RB Global in a research note on Tuesday, June 18th. They set a “sector outperform” rating and a $95.00 target price for the company. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $90.36.

RB Global Stock Up 0.6 %

Shares of NYSE RBA opened at $87.15 on Wednesday. The stock has a market capitalization of $15.93 billion, a P/E ratio of 52.50, a P/E/G ratio of 5.85 and a beta of 0.91. The company has a 50-day moving average price of $79.31 and a 200-day moving average price of $76.14. RB Global, Inc. has a 1 year low of $58.85 and a 1 year high of $87.45. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.29 and a quick ratio of 1.20.

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

RB Global Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Wednesday, August 28th will be given a dividend of $0.29 per share. This is a positive change from RB Global’s previous quarterly dividend of $0.27. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date is Wednesday, August 28th. RB Global’s dividend payout ratio (DPR) is presently 69.88%.

Insider Activity at RB Global

In related news, CRO James J. Jeter sold 3,000 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $85.55, for a total transaction of $256,650.00. Following the transaction, the executive now directly owns 20,267 shares of the company’s stock, valued at $1,733,841.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CRO James J. Jeter sold 3,000 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $85.55, for a total transaction of $256,650.00. Following the transaction, the executive now directly owns 20,267 shares of the company’s stock, valued at $1,733,841.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James Francis Kessler sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $80.91, for a total transaction of $647,280.00. Following the transaction, the chief executive officer now directly owns 78,104 shares in the company, valued at $6,319,394.64. The disclosure for this sale can be found here. Insiders have sold 20,472 shares of company stock valued at $1,669,216 over the last ninety days. Corporate 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.