RB Global (NYSE:RBA) Hits New 1-Year High at $83.61

Shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) reached a new 52-week high on Wednesday . The stock traded as high as $83.61 and last traded at $82.96, with a volume of 10765 shares traded. The stock had previously closed at $83.38.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Bank of America lifted their price objective on RB Global from $68.00 to $79.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. CIBC assumed coverage on RB Global in a research report on Tuesday, June 18th. They issued a “sector outperform” rating and a $95.00 price objective for the company. Royal Bank of Canada lifted their price objective on RB Global from $93.00 to $99.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Scotiabank lifted their price objective on RB Global from $88.00 to $89.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, April 24th. Finally, Robert W. Baird lifted their price objective on RB Global from $80.00 to $86.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $88.43.

RB Global Price Performance

The firm has a market capitalization of $15.20 billion, a P/E ratio of 50.23, a price-to-earnings-growth ratio of 5.69 and a beta of 0.91. The business has a 50-day moving average of $78.77 and a 200 day moving average of $75.49. The company has a current ratio of 1.29, a quick ratio of 1.20 and a debt-to-equity ratio of 0.55.

RB Global (NYSE:RBA) (TSE:RBA) last issued its quarterly earnings data on Tuesday, August 6th. The business services provider reported $0.94 EPS for the quarter, topping 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 company’s revenue for the quarter was down .9% on a year-over-year basis. During the same period in the previous year, the company posted $0.42 EPS. On average, sell-side analysts predict that RB Global, Inc. will post 1.96 earnings per share for the current fiscal year.

RB Global Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, August 28th will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date is Wednesday, August 28th. This is an increase from RB Global’s previous quarterly dividend of $0.27. RB Global’s payout ratio is presently 69.88%.

Insider Activity at RB Global

In other RB Global news, insider Darren Jeffrey Watt sold 3,637 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $80.66, for a total transaction of $293,360.42. Following the sale, the insider now owns 17,279 shares of the company’s stock, valued at approximately $1,393,724.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CRO James J. Jeter sold 5,000 shares of the company’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $76.14, for a total value of $380,700.00. Following the transaction, the executive now owns 23,267 shares of the company’s stock, valued at $1,771,549.38. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Darren Jeffrey Watt sold 3,637 shares of the company’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $80.66, for a total transaction of $293,360.42. Following the completion of the transaction, the insider now directly owns 17,279 shares in the company, valued at approximately $1,393,724.14. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,472 shares of company stock worth $1,793,266. Insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RBA. YHB Investment Advisors Inc. bought a new position in shares of RB Global in the first quarter worth $27,000. Hollencrest Capital Management bought a new position in RB Global in the first quarter valued at $33,000. Massmutual Trust Co. FSB ADV increased its stake in RB Global by 58.7% in the second quarter. Massmutual Trust Co. FSB ADV now owns 446 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 165 shares during the last quarter. Quarry LP bought a new position in RB Global in the second quarter valued at $53,000. Finally, GAMMA Investing LLC bought a new position in RB Global in the fourth quarter valued at $54,000. Institutional investors own 95.37% 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.