RB Global (NYSE:RBA) Sets New 12-Month High Following Strong Earnings

Key Points

• RB Global shares reached a new 52-week high of $113.34 after reporting earnings per share of $1.07, exceeding estimates by $0.12.
• The company also declared a quarterly dividend of $0.29 per share, translating to a 1.0% yield based on an annual payout of $1.16.
• Several analysts have upgraded their price targets for RB Global, with estimates ranging up to $125.00, reflecting strong market sentiment despite some recent downgrades.

RB Global, Inc. (NYSE:RBA - Get Free Report) TSE: RBA's stock price hit a new 52-week high on Thursday following a better than expected earnings announcement. The company traded as high as $113.34 and last traded at $112.28, with a volume of 219681 shares. The stock had previously closed at $108.78.

The business services provider reported $1.07 EPS for the quarter, beating analysts' consensus estimates of $0.95 by $0.12. RB Global had a net margin of 9.46% and a return on equity of 9.42%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the previous year, the business posted $0.94 EPS. RB Global's quarterly revenue was up 8.2% on a year-over-year basis.

RB Global Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Wall Street Zen lowered RB Global from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. BMO Capital Markets lifted their price objective on shares of RB Global from $125.00 to $130.00 and gave the stock an "outperform" rating in a report on Thursday. National Bank Financial downgraded shares of RB Global from a "strong-buy" rating to a "hold" rating in a report on Sunday, May 25th. Royal Bank Of Canada raised their price target on shares of RB Global from $125.00 to $132.00 and gave the company an "outperform" rating in a research report on Thursday. Finally, CIBC upped their price objective on shares of RB Global from $118.00 to $121.00 and gave the stock an "outperformer" rating in a research report on Friday, July 18th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $119.79.

Insider Activity

In other RB Global news, CRO James J. Jeter sold 2,000 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $106.96, for a total value of $213,920.00. Following the transaction, the executive directly owned 14,167 shares in the company, valued at $1,515,302.32. The trade was a 12.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James Francis Kessler sold 45,658 shares of the firm's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $110.00, for a total transaction of $5,022,380.00. Following the sale, the chief executive officer 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. Over the last quarter, insiders sold 72,133 shares of company stock worth $7,843,729. 4.32% of the stock is owned by insiders.

Hedge Funds Weigh In On RB Global

Institutional investors and hedge funds have recently bought and sold shares of the company. CoreCap Advisors LLC boosted 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 buying an additional 117 shares during the period. SouthState Corp purchased a new stake in shares of RB Global during the first quarter worth $26,000. MV Capital Management Inc. boosted its holdings 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 worth $28,000 after acquiring an additional 278 shares during the period. SVB Wealth LLC bought a new position in shares of RB Global in the first quarter worth $28,000. Finally, IFP Advisors Inc grew its position 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 purchasing an additional 279 shares in the last quarter. 95.37% of the stock is owned by institutional investors.

RB Global Stock Performance

The business has a 50 day moving average of $107.13 and a 200-day moving average of $101.59. The company has a market capitalization of $21.17 billion, a P/E ratio of 56.49, a price-to-earnings-growth ratio of 2.56 and a beta of 0.75. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.21 and a current ratio of 1.28.

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.