RB Global (NYSE:RBA) Sees Unusually-High Trading Volume on Strong Earnings

RB Global, Inc. (NYSE:RBA) (TSE:RBA) saw unusually-high trading volume on Wednesday after the company announced better than expected quarterly earnings. Approximately 1,101,392 shares traded hands during mid-day trading, a decline of 12% from the previous session’s volume of 1,257,169 shares.The stock last traded at $95.86 and had previously closed at $111.06.

The business services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.09 by $0.04. RB Global had a net margin of 9.55% and a return on equity of 12.33%. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.21 billion.

RB Global Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Tuesday, August 25th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Tuesday, August 25th. This is an increase from RB Global’s previous quarterly dividend of $0.31. RB Global’s dividend payout ratio (DPR) is currently 57.67%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Weiss Ratings raised RB Global from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday. BMO Capital Markets reissued an “outperform” rating and set a $135.00 price target (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. Wall Street Zen downgraded RB Global from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Zacks Research upgraded RB Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 3rd. Finally, Raymond James Financial raised RB Global from an “outperform” rating to a “strong-buy” rating and set a $145.00 price objective on the stock in a research report on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, RB Global presently has an average rating of “Buy” and an average price target of $127.57.

Insider Transactions at RB Global

In other news, Director Deborah Stein purchased 425 shares of the business’s stock in a transaction on Tuesday, May 19th. The stock was acquired at an average cost of $103.15 per share, for a total transaction of $43,838.75. Following the purchase, the director directly owned 1,825 shares in the company, valued at $188,248.75. This trade represents a 30.36% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.57% of the company’s stock.

Institutional Trading of RB Global

Several large investors have recently added to or reduced their stakes in RBA. AQR Capital Management LLC increased its holdings in RB Global by 94.3% during the first quarter. AQR Capital Management LLC now owns 10,489 shares of the business services provider’s stock valued at $1,031,000 after buying an additional 5,090 shares during the last quarter. NewEdge Advisors LLC increased its stake in shares of RB Global by 53.1% in the 1st quarter. NewEdge Advisors LLC now owns 588 shares of the business services provider’s stock worth $59,000 after purchasing an additional 204 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in RB Global by 857.9% in the 1st quarter. Jones Financial Companies Lllp now owns 3,736 shares of the business services provider’s stock worth $375,000 after purchasing an additional 3,346 shares during the period. Goldman Sachs Group Inc. lifted its position in RB Global by 35.6% during the first quarter. Goldman Sachs Group Inc. now owns 338,385 shares of the business services provider’s stock valued at $33,940,000 after purchasing an additional 88,813 shares in the last quarter. Finally, Woodline Partners LP purchased a new position in RB Global during the first quarter valued at $4,103,000. 95.37% of the stock is currently owned by institutional investors.

RB Global Stock Down 15.1%

The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.40. The company has a fifty day simple moving average of $110.08 and a 200-day simple moving average of $106.56. The firm has a market cap of $17.45 billion, a P/E ratio of 43.85, a price-to-earnings-growth ratio of 2.30 and a beta of 0.56.

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.