RB Global (NYSE:RBA) Issues Quarterly Earnings Results

RB Global (NYSE:RBA) (TSE:RBA) released its earnings results on Thursday. The business services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.10, Briefing.com reports. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.05 billion. RB Global had a return on equity of 9.42% and a net margin of 9.46%.The company’s quarterly revenue was up 12.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.71 earnings per share.

RB Global Stock Performance

RBA traded up $4.22 during trading on Friday, hitting $100.43. The company’s stock had a trading volume of 1,758,910 shares, compared to its average volume of 1,093,170. The business’s 50 day simple moving average is $107.67 and its 200-day simple moving average is $107.62. The firm has a market cap of $18.65 billion, a PE ratio of 49.72, a P/E/G ratio of 2.48 and a beta of 0.65. RB Global has a one year low of $85.55 and a one year high of $119.58. The company has a quick ratio of 1.22, a current ratio of 1.28 and a debt-to-equity ratio of 0.46.

RB Global Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 17th. Investors of record on Wednesday, November 26th will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 1.2%. The ex-dividend date is Wednesday, November 26th. RB Global’s payout ratio is 59.33%.

Insider Transactions at RB Global

In other RB Global news, insider Michael Thomas Steven Lewis sold 2,151 shares of the company’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $118.15, for a total value of $254,140.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. State of Wyoming bought a new stake in shares of RB Global in the second quarter worth about $46,000. Evergreen Capital Management LLC boosted its stake in RB Global by 7.6% during the second quarter. Evergreen Capital Management LLC now owns 4,299 shares of the business services provider’s stock valued at $457,000 after buying an additional 304 shares during the last quarter. Headlands Technologies LLC purchased a new position in RB Global during the 2nd quarter valued at approximately $206,000. Corient Private Wealth LLC increased its stake in RB Global by 1.0% in the 2nd quarter. Corient Private Wealth LLC now owns 21,524 shares of the business services provider’s stock worth $2,286,000 after acquiring an additional 208 shares during the last quarter. Finally, Vident Advisory LLC raised its holdings in shares of RB Global by 48.3% during the 2nd quarter. Vident Advisory LLC now owns 5,527 shares of the business services provider’s stock worth $587,000 after acquiring an additional 1,801 shares in the last quarter. 95.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on RBA. Bank of America dropped their price target on shares of RB Global from $120.00 to $114.00 and set a “buy” rating on the stock in a research note on Friday. BMO Capital Markets upped their target price on shares of RB Global from $125.00 to $130.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. National Bankshares cut their price target on shares of RB Global from $113.00 to $111.00 and set a “sector perform” rating on the stock in a report on Thursday, October 9th. Weiss Ratings lowered shares of RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Finally, CIBC increased their target price on RB Global from $118.00 to $121.00 and gave the company an “outperformer” rating in a research note on Friday, July 18th. Five equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $122.71.

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.