RB Global (NYSE:RBA) Shares Gap Up on Earnings Beat

Shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $104.08, but opened at $113.15. RB Global shares last traded at $108.9160, with a volume of 1,128,667 shares changing hands.

The business services provider reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.12. RB Global had a net margin of 9.65% and a return on equity of 9.66%. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the previous year, the firm posted $0.95 earnings per share. The company’s quarterly revenue was up 5.4% compared to the same quarter last year.

RB Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Monday, February 9th will be given a $0.31 dividend. The ex-dividend date of this dividend is Monday, February 9th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.1%. RB Global’s payout ratio is currently 59.33%.

Analyst Upgrades and Downgrades

Several analysts have commented on RBA shares. Royal Bank Of Canada restated an “outperform” rating and issued a $146.00 price target (up previously from $137.00) on shares of RB Global in a report on Wednesday. Weiss Ratings reissued a “hold (c+)” rating on shares of RB Global in a research report on Thursday, January 22nd. National Bank Financial upgraded shares of RB Global from a “sector perform” rating to an “outperform” rating and set a $124.00 target price for the company in a report on Monday, November 24th. BMO Capital Markets reaffirmed an “outperform” rating on shares of RB Global in a research note on Wednesday. Finally, Raymond James Financial lifted their price target on shares of RB Global from $135.00 to $145.00 and gave the company an “outperform” rating in a report on Tuesday, January 20th. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $127.86.

Insider Activity at RB Global

In other news, CEO James Francis Kessler sold 20,742 shares of the stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $115.00, for a total value of $2,385,330.00. Following the completion of the sale, the chief executive officer owned 107,569 shares in the company, valued at approximately $12,370,435. This trade represents a 16.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.28% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Central Pacific Bank Trust Division increased its stake in RB Global by 41.8% during the 4th quarter. Central Pacific Bank Trust Division now owns 363 shares of the business services provider’s stock worth $37,000 after buying an additional 107 shares during the period. Spire Wealth Management increased its position in shares of RB Global by 1,090.6% during the third quarter. Spire Wealth Management now owns 381 shares of the business services provider’s stock worth $41,000 after acquiring an additional 349 shares during the last quarter. State of Wyoming acquired a new position in shares of RB Global in the second quarter worth about $46,000. SouthState Corp lifted its stake in shares of RB Global by 75.6% in the second quarter. SouthState Corp now owns 453 shares of the business services provider’s stock worth $48,000 after acquiring an additional 195 shares in the last quarter. Finally, Whipplewood Advisors LLC boosted its holdings in RB Global by 42.9% in the second quarter. Whipplewood Advisors LLC now owns 456 shares of the business services provider’s stock valued at $48,000 after purchasing an additional 137 shares during the last quarter. 95.37% of the stock is owned by institutional investors and hedge funds.

RB Global Trading Up 4.7%

The company has a current ratio of 1.23, a quick ratio of 1.15 and a debt-to-equity ratio of 0.46. The business has a 50 day simple moving average of $109.21 and a two-hundred day simple moving average of $107.78. The stock has a market cap of $20.25 billion, a price-to-earnings ratio of 52.11, a price-to-earnings-growth ratio of 1.91 and a beta of 0.54.

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.