RB Global (NYSE:RBA) Issues Earnings Results, Beats Estimates By $0.04 EPS

RB Global (NYSE:RBA) (TSE:RBA) released its quarterly earnings data on Monday. The business services provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.04, FiscalAI reports. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.17 billion. RB Global had a net margin of 9.99% and a return on equity of 12.37%.

RB Global Trading Down 0.4%

NYSE:RBA opened at $93.15 on Monday. The company has a market capitalization of $16.89 billion, a P/E ratio of 39.98, a P/E/G ratio of 1.60 and a beta of 0.48. The stock’s 50 day moving average price is $84.73 and its 200 day moving average price is $99.41. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.22 and a current ratio of 1.31. RB Global has a 52 week low of $78.05 and a 52 week high of $119.33.

RB Global declared that its board has approved a share repurchase program on Tuesday, September 15th that permits the company to buy back $500 million in outstanding shares. This repurchase authorization permits the business services provider to purchase up to 3.3% of its shares through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Barclays decreased their target price on shares of RB Global from $121.00 to $110.00 and set an “overweight” rating for the company in a research note on Tuesday, October 6th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of RB Global in a research note on Wednesday, August 5th. National Bank Financial upped their price target on shares of RB Global from $130.00 to $132.00 and gave the stock an “outperform” rating in a research note on Thursday, October 15th. Weiss Ratings lowered RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, September 18th. Finally, Wall Street Zen cut RB Global from a “buy” rating to a “hold” rating in a research report on Saturday, July 18th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $128.33.

Insider Activity at RB Global

In other RB Global news, Director Deborah Stein acquired 500 shares of RB Global stock in a transaction that occurred on Wednesday, September 9th. The stock was acquired at an average price of $80.91 per share, with a total value of $40,455.00. Following the purchase, the director owned 2,325 shares in the company, valued at approximately $188,115.75. This trade represents a 27.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Chloe Harford acquired 1,200 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The stock was acquired at an average price of $83.74 per share, with a total value of $100,488.00. Following the completion of the acquisition, the director directly owned 1,200 shares of the company’s stock, valued at $100,488. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Insiders own 0.57% of the company’s stock.

RB Global Company Profile

RB Global operates a global marketplace for commercial assets and vehicles, connecting sellers with buyers through live auctions, online platforms and other sales channels. Its offerings include asset marketing and disposition services, along with support such as inspections and transaction services.

The company serves businesses, governments and other organizations across industries including construction, transportation, agriculture, mining and energy. Through its IAA business, it also facilitates sales of salvage and used vehicles to buyers such as licensed dealers and vehicle rebuilders.

RB Global traces its roots to Ritchie Bros.