RB Global (NYSE:RBA) Reaches New 1-Year Low – Here’s What Happened

Shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $81.93 and last traded at $83.4530, with a volume of 37176 shares. The stock had previously closed at $82.75.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Wall Street Zen downgraded RB Global from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. Barclays cut their target price on shares of RB Global from $124.00 to $121.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 22nd. Royal Bank Of Canada upped their target price on shares of RB Global from $150.00 to $152.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 5th. Raymond James Financial raised RB Global from an “outperform” rating to a “strong-buy” rating and set a $145.00 price objective for the company in a research report on Tuesday, June 30th. Finally, Zacks Research lowered shares of RB Global from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, RB Global presently has an average rating of “Moderate Buy” and a consensus price target of $128.00.

RB Global Stock Performance

The business’s fifty day moving average is $102.30 and its 200-day moving average is $102.62. The company has a quick ratio of 1.22, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. The company has a market cap of $15.50 billion, a PE ratio of 36.02, a P/E/G ratio of 1.44 and a beta of 0.53.

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

RB Global Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Tuesday, August 25th will be issued a dividend of $0.33 per share. This is a boost from RB Global’s previous quarterly dividend of $0.31. This represents a $1.32 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Tuesday, August 25th. RB Global’s payout ratio is 56.65%.

Insider Transactions at RB Global

In other RB Global news, Director Chloe Harford purchased 1,200 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were bought at an average cost of $83.74 per share, with a total value of $100,488.00. Following the acquisition, the director owned 1,200 shares in the company, valued at approximately $100,488. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.57% of the company’s stock.

Institutional Investors Weigh In On RB Global

A number of hedge funds have recently made changes to their positions in the company. Personal CFO Solutions LLC raised its holdings in shares of RB Global by 0.9% during the 1st quarter. Personal CFO Solutions LLC now owns 11,192 shares of the business services provider’s stock worth $1,073,000 after acquiring an additional 96 shares in the last quarter. Covestor Ltd raised its holdings in shares of RB Global by 11.6% in the fourth quarter. Covestor Ltd now owns 933 shares of the business services provider’s stock worth $96,000 after buying an additional 97 shares during the period. Geneos Wealth Management Inc. grew its holdings in shares of RB Global by 21.9% in the first quarter. Geneos Wealth Management Inc. now owns 540 shares of the business services provider’s stock worth $54,000 after purchasing an additional 97 shares during the last quarter. Coldstream Capital Management Inc. grew its stake in RB Global by 5.4% in the 3rd quarter. Coldstream Capital Management Inc. now owns 2,044 shares of the business services provider’s stock valued at $221,000 after acquiring an additional 105 shares during the period. Finally, Sigma Planning Corp lifted its holdings in RB Global by 1.4% in the 4th quarter. Sigma Planning Corp now owns 8,416 shares of the business services provider’s stock valued at $866,000 after purchasing an additional 114 shares in the last quarter. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

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.