RB Global (NYSE:RBA) Trading Down 12.8% – Here’s Why

RB Global, Inc. (NYSE:RBA) (TSE:RBA) shares dropped 12.8% during mid-day trading on Thursday . The company traded as low as $99.94 and last traded at $99.2890. Approximately 2,284,287 shares changed hands during trading, an increase of 64% from the average daily volume of 1,392,542 shares. The stock had previously closed at $113.88.

Analyst Ratings Changes

RBA has been the subject of several research analyst reports. Bank of America dropped their price target on RB Global from $120.00 to $114.00 and set a “buy” rating for the company in a research note on Friday, November 7th. Weiss Ratings reissued a “hold (c+)” rating on shares of RB Global in a report on Thursday, January 22nd. National Bank Financial upgraded RB Global from a “sector perform” rating to an “outperform” rating and set a $124.00 price objective on the stock in a research report on Monday, November 24th. Royal Bank Of Canada boosted their price objective on shares of RB Global from $132.00 to $133.00 and gave the company an “outperform” rating in a research report on Friday, November 7th. Finally, Raymond James Financial raised their target price on shares of RB Global from $135.00 to $145.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, RB Global presently has a consensus rating of “Moderate Buy” and an average target price of $126.00.

RB Global Trading Down 11.5%

The stock’s fifty day simple moving average is $108.95 and its two-hundred day simple moving average is $107.95. The firm has a market cap of $18.74 billion, a PE ratio of 48.23, a PEG ratio of 2.23 and a beta of 0.54. The company has a quick ratio of 1.15, a current ratio of 1.23 and a debt-to-equity ratio of 0.46.

RB Global Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Monday, February 9th will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 1.2%. The ex-dividend date is Monday, February 9th. RB Global’s dividend payout ratio (DPR) is currently 59.33%.

Insider Activity at RB Global

In related news, CEO James Francis Kessler sold 20,742 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $115.00, for a total value of $2,385,330.00. Following the sale, the chief executive officer owned 107,569 shares in the company, valued at approximately $12,370,435. This trade represents a 16.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.32% of the stock is owned by company insiders.

Institutional Trading of RB Global

Hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC boosted its holdings in RB Global by 94.3% in the 1st quarter. AQR Capital Management LLC now owns 10,489 shares of the business services provider’s stock worth $1,031,000 after buying an additional 5,090 shares during the period. NewEdge Advisors LLC raised its holdings in RB Global by 53.1% during the first quarter. NewEdge Advisors LLC now owns 588 shares of the business services provider’s stock valued at $59,000 after acquiring an additional 204 shares during the period. Jones Financial Companies Lllp lifted its position in shares of RB Global by 857.9% in the first quarter. Jones Financial Companies Lllp now owns 3,736 shares of the business services provider’s stock valued at $375,000 after acquiring an additional 3,346 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of RB Global by 35.6% in the first quarter. Goldman Sachs Group Inc. now owns 338,385 shares of the business services provider’s stock worth $33,940,000 after acquiring an additional 88,813 shares during the period. Finally, Woodline Partners LP purchased a new stake in shares of RB Global during the first quarter worth about $4,103,000. 95.37% of the stock is owned by hedge funds and other 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.