RB Global (NYSE:RBA) Announces Quarterly Earnings Results

RB Global (NYSE:RBA) (TSE:RBA) posted its quarterly earnings data on Thursday. The business services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.10, Briefing.com reports. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.05 billion. RB Global had a return on equity of 9.42% and a net margin of 9.46%.The business’s revenue was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.71 earnings per share.

RB Global Trading Up 4.4%

NYSE RBA traded up $4.22 during trading hours on Friday, hitting $100.43. The company’s stock had a trading volume of 1,758,910 shares, compared to its average volume of 1,093,170. RB Global has a twelve month low of $85.55 and a twelve month high of $119.58. The firm has a market capitalization of $18.65 billion, a P/E ratio of 49.72, a PEG ratio of 2.48 and a beta of 0.65. The company has a quick ratio of 1.22, a current ratio of 1.28 and a debt-to-equity ratio of 0.46. The stock has a fifty day moving average of $107.67 and a 200 day moving average of $107.62.

RB Global Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 17th. Investors of record on Wednesday, November 26th will be paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, November 26th. RB Global’s payout ratio is 59.33%.

Insider Buying and Selling

In other RB Global news, insider Michael Thomas Steven Lewis sold 2,151 shares of the company’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $118.15, for a total transaction of $254,140.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On RB Global

Institutional investors have recently made changes to their positions in the stock. State of Wyoming bought a new stake in RB Global in the second quarter valued at about $46,000. Geneos Wealth Management Inc. boosted its holdings in RB Global by 21.9% during the first quarter. Geneos Wealth Management Inc. now owns 540 shares of the business services provider’s stock worth $54,000 after buying an additional 97 shares during the last quarter. NewEdge Advisors LLC grew its position in shares of RB Global by 53.1% during the 1st quarter. NewEdge Advisors LLC now owns 588 shares of the business services provider’s stock worth $59,000 after buying an additional 204 shares during the period. Headlands Technologies LLC bought a new stake in shares of RB Global in the 2nd quarter valued at about $206,000. Finally, Oxford Asset Management LLP bought a new stake in shares of RB Global in the 2nd quarter valued at about $311,000. 95.37% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on RBA shares. Bank of America cut their price target on RB Global from $120.00 to $114.00 and set a “buy” rating for the company in a report on Friday. Weiss Ratings cut shares of RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Raymond James Financial boosted their target price on shares of RB Global from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. Wall Street Zen cut shares of RB Global from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, BMO Capital Markets raised their price target on shares of RB Global from $125.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $122.71.

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.