RB Global (NYSE:RBA) Reaches New 52-Week High - Here's What Happened

Key Points

• RB Global (NYSE:RBA) reached a new 12-month high of $117.84, with over 1.3 million shares traded. The company's market cap is approximately $21.89 billion.
• Analysts have a mostly positive outlook for RB Global, with a consensus rating of "Moderate Buy" and an average price target of $119.79 following multiple upgrades from major financial institutions.
• The company recently increased its quarterly dividend to $0.31 per share, reflecting a positive trend in earnings, with a reported EPS of $1.07, surpassing expectations.

RB Global, Inc. (NYSE:RBA - Get Free Report) TSE: RBA's stock price reached a new 52-week high on Wednesday . The company traded as high as $117.80 and last traded at $117.84, with a volume of 1311975 shares changing hands. The stock had previously closed at $116.61.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Raymond James Financial upped their target price on RB Global from $125.00 to $135.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. CIBC upped their target price on RB Global from $118.00 to $121.00 and gave the company an "outperformer" rating in a research report on Friday, July 18th. Robert W. Baird upped their target price on RB Global from $110.00 to $115.00 and gave the company an "outperform" rating in a research report on Thursday, May 8th. National Bank Financial downgraded RB Global from a "strong-buy" rating to a "hold" rating in a research report on Sunday, May 25th. Finally, National Bankshares upped their target price on RB Global from $112.00 to $113.00 and gave the company a "sector perform" rating in a research report on Thursday, August 7th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, RB Global presently has an average rating of "Moderate Buy" and a consensus target price of $119.79.

RB Global Trading Up 0.3%

The company has a current ratio of 1.28, a quick ratio of 1.22 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $21.39 billion, a P/E ratio of 57.07, a P/E/G ratio of 2.66 and a beta of 0.75. The firm has a 50-day moving average of $108.31 and a two-hundred day moving average of $102.68.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last announced its quarterly earnings data on Wednesday, August 6th. The business services provider reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.12. RB Global had a return on equity of 9.42% and a net margin of 9.46%. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the prior year, the company earned $0.94 EPS. RB Global's revenue for the quarter was up 8.2% on a year-over-year basis. On average, analysts anticipate that RB Global, Inc. will post 2.5 EPS for the current year.

RB Global Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 28th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Thursday, August 28th. This is a boost from RB Global's previous quarterly dividend of $0.29. RB Global's payout ratio is currently 57.43%.

Insiders Place Their Bets

In other RB Global news, Director Adam Dewitt sold 800 shares of the company's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $106.17, for a total value of $84,936.00. Following the completion of the transaction, the director owned 5,865 shares of the company's stock, valued at $622,687.05. This represents a 12.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO James Francis Kessler sold 45,658 shares of the company's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $110.00, for a total value of $5,022,380.00. Following the completion of the transaction, the chief executive officer directly owned 107,569 shares of the company's stock, valued at approximately $11,832,590. The trade was a 29.80% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 57,558 shares of company stock valued at $6,314,145 in the last 90 days. Corporate insiders own 0.28% of the company's stock.

Hedge Funds Weigh In On RB Global

Institutional investors and hedge funds have recently bought and sold shares of the company. CoreCap Advisors LLC increased its holdings in RB Global by 74.5% in the 4th quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock worth $25,000 after purchasing an additional 117 shares in the last quarter. SouthState Corp acquired a new position in RB Global in the 1st quarter worth about $26,000. MV Capital Management Inc. increased its stake in shares of RB Global by 5,560.0% in the first quarter. MV Capital Management Inc. now owns 283 shares of the business services provider's stock valued at $28,000 after buying an additional 278 shares during the period. SVB Wealth LLC acquired a new stake in shares of RB Global in the first quarter valued at about $28,000. Finally, IFP Advisors Inc increased its stake in shares of RB Global by 348.8% in the first quarter. IFP Advisors Inc now owns 359 shares of the business services provider's stock valued at $36,000 after buying an additional 279 shares during the period. Institutional investors and hedge funds 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.