RB Global, Inc. $RBA Stock: ProShare Advisors LLC Lowers Holdings

ProShare Advisors LLC reduced its position in shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) by 3.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 251,918 shares of the business services provider’s stock after selling 8,496 shares during the quarter. ProShare Advisors LLC owned 0.14% of RB Global worth $20,504,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in RBA. Armstrong Henry H Associates Inc. raised its stake in RB Global by 30.1% in the third quarter. Armstrong Henry H Associates Inc. now owns 53,226 shares of the business services provider’s stock valued at $4,332,000 after buying an additional 12,317 shares during the period. Public Employees Retirement System of Ohio increased its holdings in shares of RB Global by 9.2% during the 1st quarter. Public Employees Retirement System of Ohio now owns 207,778 shares of the business services provider’s stock worth $19,873,000 after acquiring an additional 17,489 shares during the last quarter. Legacy Wealth Asset Management LLC raised its stake in RB Global by 127.3% in the 2nd quarter. Legacy Wealth Asset Management LLC now owns 26,343 shares of the business services provider’s stock valued at $3,068,000 after acquiring an additional 14,755 shares during the period. Bank of America Corp DE raised its stake in RB Global by 7.8% in the 1st quarter. Bank of America Corp DE now owns 1,452,438 shares of the business services provider’s stock valued at $139,216,000 after acquiring an additional 104,560 shares during the period. Finally, Oppenheimer Asset Management Inc. bought a new stake in RB Global in the 2nd quarter valued at $17,590,000. Institutional investors and hedge funds own 95.37% of the company’s stock.

Insider Buying and Selling

In other news, Director Chloe Harford purchased 1,200 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was bought at an average cost of $83.74 per share, for a total transaction of $100,488.00. Following the purchase, the director owned 1,200 shares of the company’s stock, valued at approximately $100,488. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Deborah Stein purchased 500 shares of the company’s stock in a transaction dated Wednesday, September 9th. The stock was purchased at an average price of $80.91 per share, with a total value of $40,455.00. Following the completion of the purchase, the director directly owned 2,325 shares in the company, valued at $188,115.75. The trade was a 27.40% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 0.57% of the company’s stock.

RB Global Trading Up 4.2%

Shares of RBA stock opened at $93.47 on Tuesday. The stock has a market cap of $16.94 billion, a P/E ratio of 40.11, a price-to-earnings-growth ratio of 1.44 and a beta of 0.53. RB Global, Inc. has a 1 year low of $78.05 and a 1 year high of $119.33. The company has a current ratio of 1.31, a quick ratio of 1.22 and a debt-to-equity ratio of 0.51. The stock has a 50 day simple moving average of $84.02 and a 200 day simple moving average of $99.77.

RB Global (NYSE:RBA) (TSE:RBA) last announced its quarterly earnings data on Tuesday, August 4th. The business services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.09 by $0.04. The business had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.21 billion. RB Global had a net margin of 9.99% and a return on equity of 12.37%. On average, research analysts predict that RB Global, Inc. will post 4.06 earnings per share for the current fiscal year.

RB Global declared that its Board of Directors has initiated a share repurchase program on Tuesday, September 15th that permits the company to repurchase $500 million in outstanding shares. This repurchase authorization permits the business services provider to buy up to 3.3% of its stock through open market purchases. Share repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts have commented on RBA shares. Weiss Ratings cut shares of RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, September 18th. Royal Bank Of Canada reissued an “outperform” rating and issued a $152.00 price objective on shares of RB Global in a research report on Wednesday, September 23rd. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of RB Global in a research note on Wednesday, August 5th. Wall Street Zen cut shares of RB Global from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Finally, Zacks Research downgraded shares of RB Global from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $126.29.

RB Global Company Profile

RB Global, Inc is a global marketplace and provider of asset management and disposition services for commercial and industrial equipment, vehicles and other durable assets. The company connects buyers and sellers through live and online auctions, negotiated sales and digital marketplaces, serving industries such as construction, transportation, agriculture, energy, government and automotive.

Its portfolio includes Ritchie Bros., a major auction and marketplace brand for heavy equipment; IAA, which specializes in salvage and repairable vehicle auctions; and Mascus, an online marketplace for used equipment.