Bank of New York Mellon Corp Has $107.59 Million Position in RB Global, Inc. $RBA

Key Points

• Bank of New York Mellon reduced its RB Global stake by 2.7% in the fourth quarter, but still held 1,045,910 shares worth about $107.6 million at quarter-end.
• RB Global reported better-than-expected Q1 results, with EPS of $1.01 versus $0.97 expected and revenue of $1.21 billion versus $1.13 billion estimated, while revenue rose 11.4% year over year.
• The company announced a quarterly dividend of $0.31 per share, implying an annualized yield of 1.2%, and analysts remain generally positive with a Moderate Buy consensus and average price target of $126.13.

Bank of New York Mellon Corp cut its stake in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 2.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,045,910 shares of the business services provider's stock after selling 28,726 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.56% of RB Global worth $107,593,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Vanguard Group Inc. raised its stake in RB Global by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 25,330,426 shares of the business services provider's stock worth $2,744,455,000 after buying an additional 124,926 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in shares of RB Global by 1.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 10,892,186 shares of the business services provider's stock valued at $1,120,479,000 after acquiring an additional 165,260 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of RB Global by 5.3% during the fourth quarter. Geode Capital Management LLC now owns 5,000,897 shares of the business services provider's stock valued at $513,930,000 after acquiring an additional 250,887 shares in the last quarter. Fiera Capital Corp raised its position in shares of RB Global by 4.9% during the third quarter. Fiera Capital Corp now owns 4,067,003 shares of the business services provider's stock worth $440,353,000 after purchasing an additional 190,408 shares during the period. Finally, Invesco Ltd. raised its position in shares of RB Global by 17.7% during the third quarter. Invesco Ltd. now owns 2,863,540 shares of the business services provider's stock worth $310,293,000 after purchasing an additional 430,729 shares during the period. 95.37% of the stock is currently owned by institutional investors and hedge funds.

RB Global Stock Performance

RBA stock opened at $104.47 on Monday. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.40. The firm has a market cap of $19.42 billion, a PE ratio of 48.59, a P/E/G ratio of 1.66 and a beta of 0.57. The business has a 50 day moving average of $102.77 and a 200-day moving average of $104.06. RB Global, Inc. has a 12-month low of $93.58 and a 12-month high of $119.58.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last announced its earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.04. The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.13 billion. RB Global had a return on equity of 12.33% and a net margin of 9.55%.The business's revenue was up 11.4% compared to the same quarter last year. During the same period last year, the firm posted $0.89 EPS. As a group, sell-side analysts expect that RB Global, Inc. will post 4.09 earnings per share for the current year.

RB Global Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Wednesday, May 27th will be paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Wednesday, May 27th. RB Global's payout ratio is presently 57.67%.

Insider Buying and Selling at RB Global

In related news, Director Deborah Stein purchased 425 shares of the firm's stock in a transaction dated Tuesday, May 19th. The stock was bought at an average price of $103.15 per share, for a total transaction of $43,838.75. Following the purchase, the director directly owned 1,825 shares in the company, valued at approximately $188,248.75. This trade represents a 30.36% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.57% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently commented on RBA. Weiss Ratings reissued a "buy (b-)" rating on shares of RB Global in a research report on Tuesday, May 26th. Barclays began coverage on RB Global in a research note on Thursday, May 28th. They set an "overweight" rating and a $124.00 price target for the company. Stephens reissued an "equal weight" rating and set a $96.00 price objective on shares of RB Global in a report on Tuesday, May 5th. Royal Bank Of Canada raised their target price on RB Global from $146.00 to $150.00 and gave the company an "outperform" rating in a report on Tuesday, May 5th. Finally, BMO Capital Markets reaffirmed an "outperform" rating and set a $135.00 target price (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $126.13.

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.

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