Bank of New York Mellon Corp Has $98.37 Million Holdings in RB Global, Inc. $RBA

Key Points

• Bank of New York Mellon trimmed its RB Global stake by 1.9% in the first quarter, but still held 1,026,321 shares worth about $98.37 million.
• Wall Street sentiment remains constructive: RB Global has a “Buy” consensus rating with an average target price of $128, and several analysts recently raised their price targets or upgraded the stock.
• The company reported Q1 EPS of $1.01, topping estimates, while revenue rose 11.4% year over year to $888.01 million; RB Global also paid a $0.31 quarterly dividend.

Bank of New York Mellon Corp lowered its holdings in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 1.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,026,321 shares of the business services provider's stock after selling 19,589 shares during the period. Bank of New York Mellon Corp owned about 0.55% of RB Global worth $98,373,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. AQR Capital Management LLC grew its position in RB Global by 94.3% in the first quarter. AQR Capital Management LLC now owns 10,489 shares of the business services provider's stock valued at $1,031,000 after acquiring an additional 5,090 shares during the period. NewEdge Advisors LLC lifted its holdings in shares of RB Global by 53.1% during the first quarter. NewEdge Advisors LLC now owns 588 shares of the business services provider's stock valued at $59,000 after acquiring an additional 204 shares during the period. Jones Financial Companies Lllp boosted its stake in shares of RB Global by 857.9% in the 1st quarter. Jones Financial Companies Lllp now owns 3,736 shares of the business services provider's stock valued at $375,000 after purchasing an additional 3,346 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of RB Global by 35.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 338,385 shares of the business services provider's stock worth $33,940,000 after purchasing an additional 88,813 shares during the last quarter. Finally, Woodline Partners LP bought a new position in RB Global during the 1st quarter valued at about $4,103,000. Institutional investors own 95.37% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Stephens reaffirmed an "equal weight" rating and set a $96.00 price target on shares of RB Global in a report on Tuesday, May 5th. Royal Bank Of Canada boosted their price objective on RB Global from $146.00 to $150.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 5th. National Bank Financial increased their target price on RB Global from $130.00 to $132.00 and gave the stock an "outperform" rating in a report on Monday, July 13th. Zacks Research upgraded shares of RB Global from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 3rd. Finally, Raymond James Financial raised shares of RB Global from an "outperform" rating to a "strong-buy" rating and set a $145.00 price objective on the stock in a report on Tuesday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, RB Global currently has a consensus rating of "Buy" and an average target price of $128.00.

RB Global Stock Performance

Shares of RBA stock opened at $110.52 on Tuesday. The stock has a market cap of $20.55 billion, a PE ratio of 51.40, a price-to-earnings-growth ratio of 1.75 and a beta of 0.55. The stock has a 50-day moving average of $108.16 and a 200-day moving average of $106.16. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.14 and a quick ratio of 1.07. RB Global, Inc. has a one year low of $93.58 and a one year high of $119.58.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.04. The firm had revenue of $888.01 million for 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 company's revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.89 earnings per share. As a group, sell-side analysts expect that RB Global, Inc. will post 4.16 earnings per share for the current year.

RB Global Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Wednesday, May 27th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Wednesday, May 27th. RB Global's payout ratio is 57.67%.

Insider Buying and Selling at RB Global

In other news, Director Deborah Stein purchased 425 shares of RB Global stock in a transaction on Tuesday, May 19th. The stock was purchased at an average price of $103.15 per share, with a total value of $43,838.75. Following the transaction, the director directly owned 1,825 shares in the company, valued at $188,248.75. The trade was a 30.36% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. 0.57% of the stock is owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.