Bank of New York Mellon Corp Lowers Stake in RB Global, Inc. (NYSE:RBA)

Bank of New York Mellon Corp cut its position in shares of RB Global, Inc. (NYSE:RBA - Free Report) TSE: RBA by 1.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,185,194 shares of the business services provider's stock after selling 16,823 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.64% of RB Global worth $118,875,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its stake in RB Global by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 24,916,629 shares of the business services provider's stock worth $2,248,060,000 after buying an additional 358,752 shares during the period. Geode Capital Management LLC grew its stake in RB Global by 7.2% during the fourth quarter. Geode Capital Management LLC now owns 3,967,159 shares of the business services provider's stock worth $357,434,000 after buying an additional 264,778 shares during the period. Janus Henderson Group PLC grew its stake in RB Global by 0.6% during the fourth quarter. Janus Henderson Group PLC now owns 3,403,086 shares of the business services provider's stock worth $307,033,000 after buying an additional 19,895 shares during the period. Boston Partners grew its stake in RB Global by 6.9% during the fourth quarter. Boston Partners now owns 3,308,977 shares of the business services provider's stock worth $298,500,000 after buying an additional 214,181 shares during the period. Finally, FMR LLC grew its stake in RB Global by 137.5% during the fourth quarter. FMR LLC now owns 2,804,404 shares of the business services provider's stock worth $252,985,000 after buying an additional 1,623,429 shares during the period. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RBA. CIBC upped their target price on shares of RB Global from $116.00 to $118.00 and gave the company an "outperformer" rating in a research note on Friday, May 9th. Wall Street Zen downgraded shares of RB Global from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Royal Bank Of Canada set a $125.00 target price on shares of RB Global and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. Robert W. Baird upped their target price on shares of RB Global from $110.00 to $115.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. Finally, Raymond James Financial increased their price objective on shares of RB Global from $118.00 to $125.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $115.79.

RB Global Trading Up 1.0%

RB Global stock opened at $105.76 on Thursday. The firm's 50-day moving average is $105.46 and its 200-day moving average is $98.74. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.21 and a current ratio of 1.31. RB Global, Inc. has a 1 year low of $70.38 and a 1 year high of $109.25. The company has a market cap of $19.59 billion, a P/E ratio of 52.10, a PEG ratio of 3.73 and a beta of 0.77.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its quarterly earnings results on Wednesday, May 7th. The business services provider reported $0.89 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.89. RB Global had a net margin of 9.68% and a return on equity of 8.03%. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same period last year, the firm posted $0.90 EPS. The company's revenue for the quarter was up 4.1% on a year-over-year basis. On average, equities analysts expect that RB Global, Inc. will post 2.5 earnings per share for the current year.

RB Global Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Thursday, May 29th were given a $0.29 dividend. The ex-dividend date was Thursday, May 29th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.10%. RB Global's payout ratio is currently 57.14%.

Insider Buying and Selling at RB Global

In related news, CRO James J. Jeter sold 3,500 shares of RB Global stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $104.38, for a total value of $365,330.00. Following the sale, the executive directly owned 16,167 shares in the company, valued at $1,687,511.46. This trade represents a 17.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Adam Dewitt sold 800 shares of RB Global stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $106.17, for a total transaction of $84,936.00. Following the completion of the sale, the director owned 5,865 shares in the company, valued at approximately $622,687.05. This represents a 12.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,075 shares of company stock valued at $2,007,349. Corporate insiders own 4.32% of the company's stock.

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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