RB Global (NYSE:RBA) Reaches New 12-Month Low - What's Next?

Key Points

• RB Global shares fell to a new 52-week low of $93.52, well below their 50-day and 200-day moving averages, despite a market consensus “Buy” rating and average analyst price target of $128.
• The company exceeded quarterly expectations, reporting $1.13 in EPS versus a $1.09 estimate and $1.66 billion in revenue versus a $1.21 billion consensus forecast.
• RB Global raised its quarterly dividend to $0.33 per share, implying a 1.4% yield, while institutional investors hold 95.37% of the company’s stock.

RB Global, Inc. (NYSE:RBA - Get Free Report) TSE: RBA's stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $93.52 and last traded at $93.57, with a volume of 1122349 shares trading hands. The stock had previously closed at $95.63.

Analyst Ratings Changes

RBA has been the topic of a number of analyst reports. Weiss Ratings upgraded shares of RB Global from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday. Zacks Research raised RB Global from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 3rd. Stephens reissued an "equal weight" rating and issued a $96.00 price objective on shares of RB Global in a research note on Tuesday, May 5th. National Bank Financial upped their target price on shares of RB Global from $132.00 to $133.00 and gave the company an "outperform" rating in a research report on Wednesday. Finally, BMO Capital Markets reissued an "outperform" rating and set a $135.00 price objective (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $128.00.

RB Global Stock Performance

The firm has a market cap of $17.23 billion, a PE ratio of 39.94, a price-to-earnings-growth ratio of 2.27 and a beta of 0.56. The business has a 50 day simple moving average of $109.92 and a two-hundred day simple moving average of $106.45. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.40.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last posted its quarterly earnings results on Tuesday, August 4th. The business services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.09 by $0.04. The company 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%. As a group, equities research analysts forecast that RB Global, Inc. will post 4.16 earnings per share for the current fiscal year.

RB Global Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Tuesday, August 25th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.4%. The ex-dividend date is Tuesday, August 25th. This is a positive change from RB Global's previous quarterly dividend of $0.31. RB Global's dividend payout ratio (DPR) is currently 56.65%.

Insider Buying and Selling

In related news, Director Deborah Stein purchased 425 shares of RB Global stock in a transaction dated Tuesday, May 19th. The stock was purchased at an average cost of $103.15 per share, with a total value of $43,838.75. Following the transaction, the director owned 1,825 shares in the company, valued at approximately $188,248.75. The trade was a 30.36% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.57% of the stock is owned by company insiders.

Institutional Trading of RB Global

Institutional investors have recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. boosted its position 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 period. Norges Bank acquired a new position in shares of RB Global during the 4th quarter worth approximately $231,813,000. Lazard Asset Management LLC purchased a new stake in shares of RB Global in the first quarter valued at $210,091,000. EdgePoint Investment Group Inc. grew its position in RB Global by 14.4% during the first quarter. EdgePoint Investment Group Inc. now owns 8,812,865 shares of the business services provider's stock valued at $845,337,000 after acquiring an additional 1,111,217 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in RB Global during the 2nd quarter worth $111,021,000. Institutional investors and hedge funds own 95.37% of the company's stock.

About RB Global

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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