RB Global (NYSE:RBA) Releases Quarterly Earnings Results, Beats Estimates By $0.10 EPS

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

RB Global Price Performance

Shares of RBA traded up $4.22 during mid-day trading on Friday, hitting $100.43. 1,758,910 shares of the company traded hands, compared to its average volume of 1,093,170. The company has a current ratio of 1.28, a quick ratio of 1.22 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $18.65 billion, a price-to-earnings ratio of 49.72, a PEG ratio of 2.48 and a beta of 0.65. The business has a 50-day moving average of $107.67 and a 200 day moving average of $107.62. RB Global has a one year low of $85.55 and a one year high of $119.58.

RB Global Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on RBA shares. CIBC boosted their price objective on RB Global from $118.00 to $121.00 and gave the stock an “outperformer” rating in a research report on Friday, July 18th. National Bankshares cut their target price on RB Global from $113.00 to $111.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 9th. Weiss Ratings lowered RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Raymond James Financial increased their price target on RB Global from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. Finally, BMO Capital Markets lifted their price objective on shares of RB Global from $125.00 to $130.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $122.71.

Insider Activity at RB Global

In other news, insider Michael Thomas Steven Lewis sold 2,151 shares of RB Global stock in a transaction that occurred 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 available at this link. Company insiders own 4.32% of the company’s stock.

Institutional Trading of RB Global

Hedge funds have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. raised its position 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 acquiring an additional 97 shares in the last quarter. California State Teachers Retirement System increased its stake in shares of RB Global by 1.1% during the 2nd quarter. California State Teachers Retirement System now owns 11,693 shares of the business services provider’s stock worth $1,242,000 after purchasing an additional 124 shares during the last quarter. Curi Capital LLC raised its holdings in shares of RB Global by 3.1% in the 2nd quarter. Curi Capital LLC now owns 5,433 shares of the business services provider’s stock valued at $577,000 after purchasing an additional 161 shares during the period. NewEdge Advisors LLC lifted its stake in RB Global by 53.1% in the 1st quarter. NewEdge Advisors LLC now owns 588 shares of the business services provider’s stock valued at $59,000 after purchasing an additional 204 shares during the last quarter. Finally, Corient Private Wealth LLC lifted its stake in RB Global by 1.0% in the 2nd quarter. Corient Private Wealth LLC now owns 21,524 shares of the business services provider’s stock valued at $2,286,000 after purchasing an additional 208 shares during the last quarter. Institutional investors and hedge funds own 95.37% of the company’s stock.

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.