RB Global, Inc. (NYSE:RBA) Sees Large Drop in Short Interest

RB Global, Inc. (NYSE:RBA) (TSE:RBA) saw a significant decline in short interest in August. As of August 15th, there was short interest totalling 5,270,000 shares, a decline of 17.7% from the July 31st total of 6,400,000 shares. Approximately 2.9% of the shares of the stock are short sold. Based on an average trading volume of 1,540,000 shares, the short-interest ratio is presently 3.4 days.

Analyst Upgrades and Downgrades

RBA has been the subject of several recent research reports. Raymond James boosted their price target on shares of RB Global from $95.00 to $98.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Bank of America boosted their target price on RB Global from $79.00 to $92.50 and gave the company a “neutral” rating in a research note on Monday, August 26th. Robert W. Baird raised their price target on RB Global from $80.00 to $86.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Royal Bank of Canada lifted their price target on RB Global from $93.00 to $99.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Finally, CIBC initiated coverage on RB Global in a research note on Tuesday, June 18th. They set a “sector outperform” rating and a $95.00 price objective for the company. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, RB Global currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.36.

RB Global Stock Up 1.1 %

Shares of RB Global stock opened at $86.14 on Friday. RB Global has a 1 year low of $58.85 and a 1 year high of $87.45. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.29 and a quick ratio of 1.20. The company has a 50-day moving average of $79.73 and a 200 day moving average of $76.39. The firm has a market cap of $15.75 billion, a price-to-earnings ratio of 51.89, a PEG ratio of 5.85 and a beta of 0.91.

RB Global (NYSE:RBA) (TSE:RBA) last posted its quarterly earnings results on Tuesday, August 6th. The business services provider reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.06. RB Global had a return on equity of 7.27% and a net margin of 8.67%. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the prior year, the business posted $0.42 EPS. The firm’s quarterly revenue was down .9% compared to the same quarter last year. As a group, sell-side analysts anticipate that RB Global will post 1.96 earnings per share for the current fiscal year.

RB Global Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Wednesday, August 28th will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 1.35%. This is an increase from RB Global’s previous quarterly dividend of $0.27. The ex-dividend date is Wednesday, August 28th. RB Global’s dividend payout ratio is 69.88%.

Insider Buying and Selling

In other RB Global news, CRO James J. Jeter sold 2,920 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $78.96, for a total transaction of $230,563.20. Following the sale, the executive now owns 23,267 shares in the company, valued at $1,837,162.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other RB Global news, insider Darren Jeffrey Watt sold 3,637 shares of RB Global stock in a transaction that occurred 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 transaction, the insider now directly owns 17,279 shares of the company’s stock, valued at $1,393,724.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO James J. Jeter sold 2,920 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $78.96, for a total transaction of $230,563.20. Following the completion of the sale, the executive now directly owns 23,267 shares of the company’s stock, valued at approximately $1,837,162.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,472 shares of company stock worth $1,669,216. Corporate insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RBA. YHB Investment Advisors Inc. bought a new stake in shares of RB Global during the first quarter valued at approximately $27,000. Hollencrest Capital Management purchased a new position in shares of RB Global in the first quarter worth $33,000. Massmutual Trust Co. FSB ADV lifted its holdings in shares of RB Global by 58.7% during the second quarter. Massmutual Trust Co. FSB ADV now owns 446 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 165 shares in the last quarter. Quarry LP purchased a new stake in shares of RB Global during the second quarter valued at $53,000. Finally, GAMMA Investing LLC bought a new stake in RB Global in the 4th quarter worth about $54,000. 95.37% of the stock is owned by hedge funds and other institutional investors.

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.