RB Global (NYSE:RBA) Sees Strong Trading Volume After Earnings Beat

RB Global, Inc. (NYSE:RBA) (TSE:RBA) saw an uptick in trading volume on Wednesday following a better than expected earnings announcement. Approximately 1,101,392 shares changed hands during 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 earnings per share 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 company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.21 billion.

RB Global Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Tuesday, August 25th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.4%. This is a positive change from RB Global’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Tuesday, August 25th. RB Global’s dividend payout ratio is currently 57.67%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on RBA. Royal Bank Of Canada lifted their target price on RB Global from $146.00 to $150.00 and gave the company an “outperform” rating in a research note on Tuesday, May 5th. Weiss Ratings raised shares of RB Global from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday. Stephens reiterated an “equal weight” rating and set a $96.00 price objective on shares of RB Global in a research report on Tuesday, May 5th. Barclays dropped their target price on shares of RB Global from $124.00 to $121.00 and set an “overweight” rating for the company in a research report on Wednesday, July 22nd. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $135.00 target price (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $127.57.

Insider Activity at RB Global

In other news, Director Deborah Stein purchased 425 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The stock was bought at an average cost of $103.15 per share, with a total value of $43,838.75. Following the completion of the purchase, the director owned 1,825 shares in the company, valued at approximately $188,248.75. This represents a 30.36% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.57% of the company’s stock.

Institutional Trading of RB Global

Hedge funds have recently modified their holdings of the company. AQR Capital Management LLC raised its holdings in shares of RB Global by 94.3% during the 1st quarter. AQR Capital Management LLC now owns 10,489 shares of the business services provider’s stock worth $1,031,000 after acquiring an additional 5,090 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of RB Global by 53.1% in the first quarter. NewEdge Advisors LLC now owns 588 shares of the business services provider’s stock valued at $59,000 after purchasing an additional 204 shares in the last quarter. Jones Financial Companies Lllp raised its stake in RB Global by 857.9% during the first quarter. Jones Financial Companies Lllp now owns 3,736 shares of the business services provider’s stock valued at $375,000 after purchasing an additional 3,346 shares in the last quarter. 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 during the last quarter. Finally, Woodline Partners LP bought a new position in RB Global during the first quarter valued at $4,103,000. 95.37% of the stock is owned by hedge funds and other institutional investors.

RB Global Stock Down 15.1%

The firm has a market capitalization of $17.45 billion, a PE ratio of 43.85, a PEG ratio of 2.30 and a beta of 0.56. The business’s 50 day simple moving average is $110.08 and its 200 day simple moving average is $106.56. The company has a current ratio of 1.14, a quick ratio of 1.07 and a debt-to-equity ratio of 0.40.

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.