RB Global (NYSE:RBA) Reaches New 12-Month High - Here's Why

RB Global, Inc. (NYSE:RBA - Get Free Report) TSE: RBA's share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $111.07 and last traded at $110.46, with a volume of 313819 shares. The stock had previously closed at $108.16.

Analyst Ratings Changes

RBA has been the topic of a number of recent research reports. Wall Street Zen cut RB Global from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. National Bankshares cut their target price on RB Global from $118.00 to $115.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 9th. CIBC lifted their price objective on shares of RB Global from $116.00 to $118.00 and gave the company an "outperformer" rating in a research note on Friday, May 9th. Raymond James Financial boosted their target price on RB Global from $118.00 to $125.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Finally, Royal Bank Of Canada set a $125.00 price objective on RB Global and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $115.79.

RB Global Price Performance

The stock has a fifty day simple moving average of $106.14 and a 200-day simple moving average of $99.35. The stock has a market cap of $20.42 billion, a price-to-earnings ratio of 54.33, a price-to-earnings-growth ratio of 2.46 and a beta of 0.77. The company has a current ratio of 1.31, a quick ratio of 1.21 and a debt-to-equity ratio of 0.50.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last released its earnings results on Wednesday, May 7th. The business services provider reported $0.89 earnings per share for the quarter, hitting analysts' consensus estimates of $0.89. RB Global had a return on equity of 8.03% and a net margin of 9.68%. The business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same period last year, the business earned $0.90 earnings per share. The firm's revenue for the quarter was up 4.1% compared to the same quarter last year. As a group, equities research analysts expect that RB Global, Inc. will post 2.5 EPS for the current year.

RB Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Thursday, May 29th were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date of this dividend was Thursday, May 29th. RB Global's dividend payout ratio is currently 57.14%.

Insider Activity

In related news, insider Darren Jeffrey Watt sold 7,400 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $110.00, for a total value of $814,000.00. Following the transaction, the insider directly owned 24,874 shares in the company, valued at $2,736,140. This represents a 22.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CRO James J. Jeter sold 3,500 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $104.38, for a total transaction of $365,330.00. Following the completion of the sale, the executive owned 16,167 shares in the company, valued at approximately $1,687,511.46. This trade represents a 17.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 72,133 shares of company stock worth $7,843,729. 4.32% of the stock is owned by company insiders.

Institutional Investors Weigh In On RB Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SouthState Corp acquired a new position in shares of RB Global in the first quarter valued at $26,000. CoreCap Advisors LLC grew its stake in RB Global by 74.5% in the 4th quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock valued at $25,000 after buying an additional 117 shares during the last quarter. SVB Wealth LLC acquired a new position in shares of RB Global in the first quarter valued at approximately $28,000. MV Capital Management Inc. grew its position 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 purchasing an additional 278 shares during the last quarter. 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 during the last quarter. 95.37% of the stock is currently owned by institutional investors and hedge funds.

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.