RB Global (NYSE:RBA) Hits New 12-Month Low - Here's Why

Key Points

• RB Global shares fell 2.5% to a new 52-week low of $82.03, well below their 50-day and 200-day moving averages, despite the company exceeding quarterly earnings and revenue expectations.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $128, although Barclays recently lowered its target to $121.
• RB Global increased its quarterly dividend from $0.31 to $0.33 per share, implying an annualized dividend of $1.32 and a 1.6% yield; institutional investors own 95.37% of the stock.

RB Global, Inc. (NYSE:RBA - Get Free Report) TSE: RBA shares hit a new 52-week low on Tuesday . The company traded as low as $82.03 and last traded at $82.12, with a volume of 2488521 shares trading hands. The stock had previously closed at $84.26.

Analysts Set New Price Targets

A number of research firms recently issued reports on RBA. Barclays decreased their price target on shares of RB Global from $124.00 to $121.00 and set an "overweight" rating for the company in a research note on Wednesday, July 22nd. Weiss Ratings raised RB Global from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, August 3rd. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of RB Global in a research note on Wednesday, August 5th. National Bank Financial lifted their price target on RB Global from $132.00 to $133.00 and gave the company an "outperform" rating in a research report on Wednesday, August 5th. Finally, BMO Capital Markets restated an "outperform" rating and set a $135.00 price target (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, RB Global presently has a consensus rating of "Moderate Buy" and an average target price of $128.00.

RB Global Trading Down 2.5%

The company has a quick ratio of 1.22, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $15.20 billion, a PE ratio of 35.24, a PEG ratio of 1.44 and a beta of 0.56. The stock's fifty day simple moving average is $107.35 and its 200 day simple moving average is $104.96.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its quarterly earnings results 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 business had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.21 billion. RB Global had a net margin of 9.99% and a return on equity of 12.37%. On average, sell-side analysts predict that RB Global, Inc. will post 4.06 earnings per share 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 issued a $0.33 dividend. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $1.32 annualized dividend and a yield of 1.6%. This is an increase from RB Global's previous quarterly dividend of $0.31. RB Global's payout ratio is currently 53.22%.

Institutional Investors Weigh In On RB Global

Institutional investors have recently bought and sold shares of the business. Addison Advisors LLC purchased a new stake in shares of RB Global during the second quarter worth about $26,000. MV Capital Management Inc. purchased a new position in RB Global in the 4th quarter worth approximately $29,000. J.Safra Asset Management Corp purchased a new position in RB Global in the 2nd quarter worth approximately $32,000. Bayban bought a new position in RB Global in the 4th quarter worth approximately $34,000. Finally, Cassaday & Co Wealth Management LLC bought a new position in RB Global in the 1st quarter worth approximately $43,000. Hedge funds and other 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.

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