RB Global (NYSE:RBA) Trading 5.2% Higher – Here’s What Happened

RB Global, Inc. (NYSE:RBA) (TSE:RBA) shares rose 5.2% on Monday . The stock traded as high as $85.44 and last traded at $85.36. Approximately 271,156 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 1,032,908 shares. The stock had previously closed at $81.11.

Analysts Set New Price Targets

RBA has been the topic of several analyst reports. Royal Bank of Canada upped their target price on shares of RB Global from $93.00 to $99.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Raymond James upped their target price on shares of RB Global from $95.00 to $98.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. BMO Capital Markets initiated coverage on shares of RB Global in a report on Thursday, September 5th. They issued an “outperform” rating and a $105.00 target price on the stock. Robert W. Baird increased their price objective on shares of RB Global from $80.00 to $86.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Finally, Bank of America increased their price objective on shares of RB Global from $79.00 to $92.50 and gave the stock a “neutral” rating in a report on Monday, August 26th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, RB Global has a consensus rating of “Moderate Buy” and a consensus target price of $92.19.

RB Global Stock Up 7.0 %

The company has a market cap of $15.86 billion, a P/E ratio of 51.97, a price-to-earnings-growth ratio of 5.28 and a beta of 0.93. The company has a current ratio of 1.29, a quick ratio of 1.20 and a debt-to-equity ratio of 0.55. The firm’s 50 day moving average price is $82.71 and its 200-day moving average price is $78.39.

RB Global (NYSE:RBA) (TSE:RBA) last issued its earnings results on Tuesday, August 6th. The business services provider reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.06. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.13 billion. RB Global had a net margin of 8.67% and a return on equity of 7.27%. The company’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter last year, the firm earned $0.42 EPS. As a group, equities research analysts expect that RB Global, Inc. will post 1.92 EPS for the current year.

RB Global Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, August 28th were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.34%. This is an increase from RB Global’s previous quarterly dividend of $0.27. The ex-dividend date was Wednesday, August 28th. RB Global’s dividend payout ratio (DPR) is currently 69.88%.

Insider Activity at RB Global

In related news, insider Darren Jeffrey Watt sold 2,915 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $82.80, for a total value of $241,362.00. Following the sale, the insider now directly owns 19,271 shares in the company, valued at $1,595,638.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Darren Jeffrey Watt sold 2,915 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $82.80, for a total value of $241,362.00. Following the sale, the insider now directly owns 19,271 shares in the company, valued at $1,595,638.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO James Francis Kessler sold 17,883 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $83.09, for a total transaction of $1,485,898.47. Following the completion of the sale, the chief executive officer now owns 86,247 shares in the company, valued at $7,166,263.23. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 44,601 shares of company stock worth $3,720,043 in the last ninety days. Company insiders own 4.32% of the company’s stock.

Institutional Trading of RB Global

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in RB Global by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 23,992,759 shares of the business services provider’s stock worth $1,827,528,000 after buying an additional 1,153,497 shares during the period. Bank of New York Mellon Corp raised its holdings in RB Global by 142.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,337,790 shares of the business services provider’s stock worth $102,154,000 after buying an additional 787,042 shares during the period. CIBC Asset Management Inc raised its holdings in RB Global by 1,879.0% during the 2nd quarter. CIBC Asset Management Inc now owns 626,603 shares of the business services provider’s stock worth $47,761,000 after buying an additional 594,941 shares during the period. Principal Financial Group Inc. raised its holdings in RB Global by 3,387.9% during the 2nd quarter. Principal Financial Group Inc. now owns 611,738 shares of the business services provider’s stock worth $46,712,000 after buying an additional 594,199 shares during the period. Finally, BW Gestao de Investimentos Ltda. raised its holdings in RB Global by 83.2% during the 1st quarter. BW Gestao de Investimentos Ltda. now owns 701,538 shares of the business services provider’s stock worth $53,436,000 after buying an additional 318,582 shares during the period. 95.37% of the stock is currently owned by institutional investors and hedge funds.

RB Global Company Profile

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.