RB Global (NYSE:RBA) Hits New 52-Week Low – What’s Next?

RB Global, Inc. (NYSE:RBA) (TSE:RBA)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $81.01 and last traded at $81.1490, with a volume of 15974 shares changing hands. The stock had previously closed at $81.88.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on RBA. 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. Wall Street Zen lowered RB Global from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. Weiss Ratings downgraded RB Global from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, August 17th. National Bank Financial upped their price objective on shares of RB Global from $132.00 to $133.00 and gave the stock an “outperform” rating in a report on Wednesday, August 5th. Finally, Royal Bank Of Canada raised their target price on shares of RB Global from $150.00 to $152.00 and gave the company an “outperform” rating in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $128.00.

RB Global Stock Performance

The company has a debt-to-equity ratio of 0.51, a current ratio of 1.31 and a quick ratio of 1.22. The firm has a market cap of $15.07 billion, a P/E ratio of 34.92, a PEG ratio of 1.43 and a beta of 0.52. The stock’s 50 day moving average is $99.13 and its two-hundred day moving average is $101.91.

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

RB Global Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Tuesday, August 25th will be given a dividend of $0.33 per share. This is an increase 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 1.6%. RB Global’s dividend payout ratio is 56.65%.

Insider Activity at RB Global

In other RB Global news, Director Chloe Harford acquired 1,200 shares of RB Global stock in a transaction on Monday, August 24th. The shares were bought at an average price of $83.74 per share, with a total value of $100,488.00. Following the completion of the purchase, the director owned 1,200 shares in the company, valued at $100,488. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.57% of the stock is owned by insiders.

Institutional Investors Weigh In On RB Global

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in RB Global in the second quarter worth about $1,816,059,000. Jupiter Topco LLC acquired a new stake in shares of RB Global during the 2nd quarter worth approximately $514,871,000. T. Rowe Price Investment Management Inc. raised its stake in shares of RB Global by 6,120,490.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,448,236 shares of the business services provider’s stock worth $251,851,000 after buying an additional 2,448,196 shares during the last quarter. Norges Bank bought a new stake in shares of RB Global during the fourth quarter worth approximately $231,813,000. Finally, Lazard Asset Management LLC bought a new position in RB Global in the first quarter valued at approximately $210,091,000. 95.37% of the stock is owned by institutional investors and hedge funds.

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.