RB Global (NYSE:RBA) Reaches New 52-Week Low – Here’s What Happened

RB Global, Inc. (NYSE:RBA) (TSE:RBA)’s stock price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $93.52 and last traded at $93.57, with a volume of 1122349 shares traded. The stock had previously closed at $95.63.

Wall Street Analysts Forecast Growth

RBA has been the topic of several research analyst reports. Stephens reiterated an “equal weight” rating and issued a $96.00 price target on shares of RB Global in a research note on Tuesday, May 5th. Wall Street Zen lowered RB Global from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Royal Bank Of Canada raised their price target on RB Global from $150.00 to $152.00 and gave the company an “outperform” rating in a report on Wednesday. National Bank Financial lifted their price objective on RB Global from $132.00 to $133.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of RB Global in a report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $128.00.

RB Global Stock Performance

The business’s fifty day moving average price is $109.42 and its two-hundred day moving average price is $106.23. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.07 and a current ratio of 1.31. The stock has a market capitalization of $17.52 billion, a P/E ratio of 40.62, a P/E/G ratio of 1.54 and a beta of 0.56.

RB Global (NYSE:RBA) (TSE:RBA) last announced its quarterly earnings results on Tuesday, August 4th. The business services provider reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. RB Global had a net margin of 9.99% and a return on equity of 12.37%. The firm had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.21 billion. As a group, sell-side analysts forecast that RB Global, Inc. will post 4.16 earnings per share for the current year.

RB Global Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Tuesday, August 25th will be issued a $0.33 dividend. This is a positive change from RB Global’s previous quarterly dividend of $0.31. The ex-dividend date is Tuesday, August 25th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.4%. RB Global’s dividend payout ratio (DPR) is presently 53.22%.

Insider Buying and Selling at RB Global

In related news, Director Deborah Stein bought 425 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were purchased at an average price of $103.15 per share, with a total value of $43,838.75. Following the transaction, the director owned 1,825 shares in the company, valued at $188,248.75. This trade represents a 30.36% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.57% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC boosted its stake 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 purchasing an additional 5,090 shares during the period. NewEdge Advisors LLC lifted its stake in RB Global by 53.1% in the first quarter. NewEdge Advisors LLC now owns 588 shares of the business services provider’s stock worth $59,000 after purchasing an additional 204 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in RB Global by 857.9% in the first 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 last quarter. Goldman Sachs Group Inc. boosted its position in shares of 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 buying an additional 88,813 shares during the period. Finally, Woodline Partners LP bought a new position in shares of RB Global during the first quarter valued at approximately $4,103,000. Institutional investors own 95.37% of the company’s stock.

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.