ProShare Advisors LLC Takes $662,000 Position in RB Global, Inc. (NYSE:RBA)

ProShare Advisors LLC purchased a new stake in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 8,664 shares of the business services provider’s stock, valued at approximately $662,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of RBA. Vontobel Asset Management Inc. increased its position 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 buying an additional 2,655,388 shares during the period. Vanguard Group Inc. grew its holdings 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 worth $1,827,528,000 after purchasing an additional 1,153,497 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of RB Global by 142.9% during the second quarter. Bank of New York Mellon Corp now owns 1,337,790 shares of the business services provider’s stock worth $102,154,000 after purchasing an additional 787,042 shares in the last quarter. CIBC Asset Management Inc grew its holdings in shares of RB Global by 1,879.0% during the second quarter. CIBC Asset Management Inc now owns 626,603 shares of the business services provider’s stock worth $47,761,000 after purchasing an additional 594,941 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of RB Global by 3,387.9% during the second quarter. Principal Financial Group Inc. now owns 611,738 shares of the business services provider’s stock worth $46,712,000 after purchasing an additional 594,199 shares in the last quarter. 95.37% of the stock is currently owned by institutional investors.

RB Global Stock Performance

NYSE:RBA opened at $80.28 on Monday. The firm has a market cap of $14.68 billion, a PE ratio of 48.36, a price-to-earnings-growth ratio of 5.38 and a beta of 0.93. RB Global, Inc. has a fifty-two week low of $58.85 and a fifty-two week high of $87.45. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.20 and a current ratio of 1.29. The business has a 50 day moving average price of $82.04 and a 200-day moving average price of $77.95.

RB Global (NYSE:RBA) (TSE:RBA) last released its quarterly earnings data on Tuesday, August 6th. The business services provider reported $0.94 earnings per share 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 analyst estimates of $1.13 billion. RB Global had a return on equity of 7.27% and a net margin of 8.67%. The business’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.42 earnings per share. Equities research analysts predict that RB Global, Inc. will post 1.96 earnings per share for the current year.

RB Global Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, August 28th were paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date of this dividend was Wednesday, August 28th. This is a positive change from RB Global’s previous quarterly dividend of $0.27. RB Global’s dividend payout ratio is 69.88%.

Analyst Upgrades and Downgrades

RBA has been the subject of several recent analyst reports. Bank of America boosted their price objective on RB Global from $79.00 to $92.50 and gave the stock a “neutral” rating in a report on Monday, August 26th. Robert W. Baird upped their target price on RB Global from $80.00 to $86.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Raymond James upped their target price on RB Global from $95.00 to $98.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. BMO Capital Markets assumed coverage on RB Global in a research note on Thursday, September 5th. They issued an “outperform” rating and a $105.00 target price for the company. Finally, CIBC assumed coverage on RB Global in a research note on Tuesday, June 18th. They issued a “sector outperform” rating and a $95.00 target price for the company. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $92.19.

Insider Activity

In other news, CEO James Francis Kessler sold 17,883 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $83.09, for a total transaction of $1,485,898.47. Following the completion of the sale, the chief executive officer now owns 86,247 shares of the company’s stock, valued at $7,166,263.23. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CRO James J. Jeter sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $85.55, for a total transaction of $256,650.00. Following the completion of the transaction, the executive now owns 20,267 shares in the company, valued at $1,733,841.85. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO James Francis Kessler sold 17,883 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $83.09, for a total value of $1,485,898.47. Following the transaction, the chief executive officer now owns 86,247 shares of the company’s stock, valued at approximately $7,166,263.23. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,601 shares of company stock valued at $3,720,043. 4.32% of the stock is currently owned by company insiders.

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.