RB Global (NYSE:RBA) Sets New 1-Year High Following Dividend Announcement

RB Global, Inc. (NYSE:RBA) (TSE:RBA) hit a new 52-week high during trading on Monday following a dividend announcement from the company. The stock traded as high as $108.99 and last traded at $106.16, with a volume of 6071 shares changing hands. The stock had previously closed at $105.94.

The newly announced dividend which will be paid on Friday, June 20th. Shareholders of record on Thursday, May 29th will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Thursday, May 29th. This represents a $1.16 dividend on an annualized basis and a yield of 1.10%. RB Global’s payout ratio is 57.14%.

Analyst Ratings Changes

RBA has been the subject of several recent analyst reports. Raymond James boosted their price target on RB Global from $118.00 to $125.00 and gave the stock an “outperform” rating in a research note on Thursday. CIBC raised their target price on RB Global from $116.00 to $118.00 and gave the stock an “outperformer” rating in a research report on Friday. Royal Bank of Canada boosted their price target on RB Global from $107.00 to $116.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. StockNews.com upgraded shares of RB Global from a “hold” rating to a “buy” rating in a research report on Friday. Finally, Robert W. Baird boosted their target price on shares of RB Global from $110.00 to $115.00 and gave the company an “outperform” rating in a research note on Thursday. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $114.50.

RB Global Trading Down 0.6%

The company has a market capitalization of $19.49 billion, a price-to-earnings ratio of 52.82, a price-to-earnings-growth ratio of 4.95 and a beta of 0.78. The company’s fifty day simple moving average is $98.33 and its two-hundred day simple moving average is $94.93. The company has a quick ratio of 1.17, a current ratio of 1.29 and a debt-to-equity ratio of 0.50.

RB Global (NYSE:RBA) (TSE:RBA) last announced its earnings results on Wednesday, May 7th. The business services provider reported $0.89 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.89. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.02 billion. RB Global had a return on equity of 8.00% and a net margin of 9.64%. RB Global’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period last year, the company earned $0.90 EPS. Research analysts forecast that RB Global, Inc. will post 2.5 earnings per share for the current fiscal year.

Insider Activity at RB Global

In related news, CEO James Francis Kessler sold 15,700 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $97.81, for a total transaction of $1,535,617.00. Following the sale, the chief executive officer now owns 107,569 shares of the company’s stock, valued at approximately $10,521,323.89. The trade was a 12.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CRO James J. Jeter sold 600 shares of the company’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $98.63, for a total transaction of $59,178.00. Following the completion of the transaction, the executive now directly owns 19,667 shares of the company’s stock, valued at approximately $1,939,756.21. The trade was a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,897 shares of company stock worth $2,338,161. Corporate insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On RB Global

Institutional investors have recently bought and sold shares of the stock. CoreCap Advisors LLC lifted its holdings in RB Global by 74.5% during the fourth quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider’s stock worth $25,000 after acquiring an additional 117 shares in the last quarter. MV Capital Management Inc. raised its position in shares of RB Global by 5,560.0% in the 1st 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 in the last quarter. Jones Financial Companies Lllp increased its stake in RB Global by 49.4% during the 4th quarter. Jones Financial Companies Lllp now owns 390 shares of the business services provider’s stock valued at $35,000 after purchasing an additional 129 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in RB Global in the 4th quarter valued at about $36,000. Finally, IFP Advisors Inc raised its stake in RB Global by 348.8% in the 1st quarter. IFP Advisors Inc now owns 359 shares of the business services provider’s stock valued at $36,000 after acquiring an additional 279 shares during the period. 95.37% of the stock is currently owned by institutional investors.

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.