RB Global (NYSE:RBA) Reaches New 52-Week High – Here’s Why

RB Global, Inc. (NYSE:RBA) (TSE:RBA)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $95.19 and last traded at $95.15, with a volume of 143913 shares traded. The stock had previously closed at $93.74.

Wall Street Analyst Weigh In

RBA has been the topic of a number of analyst reports. Royal Bank of Canada upped their target price on shares of RB Global from $99.00 to $107.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Bank of America raised their target price on shares of RB Global from $79.00 to $92.50 and gave the stock a “neutral” rating in a research report on Monday, August 26th. Robert W. Baird lifted their price objective on RB Global from $86.00 to $100.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Raymond James raised their price objective on RB Global from $95.00 to $98.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Finally, BMO Capital Markets lifted their price target on shares of RB Global from $105.00 to $107.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.36.

RB Global Stock Performance

The business has a fifty day moving average price of $85.09 and a 200-day moving average price of $80.88. The company has a quick ratio of 1.17, a current ratio of 1.28 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $17.58 billion, a P/E ratio of 51.91, a P/E/G ratio of 4.50 and a beta of 0.92.

RB Global Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, November 27th will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date is Wednesday, November 27th. RB Global’s dividend payout ratio (DPR) is 63.04%.

Insider Activity

In other news, CRO James J. Jeter sold 3,000 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $85.55, for a total value of $256,650.00. Following the sale, the executive now owns 20,267 shares of the company’s stock, valued at approximately $1,733,841.85. This represents a 12.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO James Francis Kessler sold 17,883 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $83.09, for a total transaction of $1,485,898.47. Following the transaction, the chief executive officer now owns 86,247 shares in the company, valued at $7,166,263.23. The trade was a 17.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,766 shares of company stock worth $3,248,118 over the last ninety days. Corporate insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Massmutual Trust Co. FSB ADV lifted its stake in RB Global by 58.7% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 446 shares of the business services provider’s stock valued at $34,000 after buying an additional 165 shares in the last quarter. UMB Bank n.a. raised its position in shares of RB Global by 196.0% during the 3rd quarter. UMB Bank n.a. now owns 586 shares of the business services provider’s stock valued at $47,000 after buying an additional 388 shares during the period. Quarry LP purchased a new position in shares of RB Global during the 2nd quarter worth $53,000. Covestor Ltd increased its holdings in RB Global by 533.1% in the 3rd quarter. Covestor Ltd now owns 804 shares of the business services provider’s stock valued at $65,000 after purchasing an additional 677 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in shares of RB Global by 33.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 836 shares of the business services provider’s stock worth $64,000 after buying an additional 210 shares during the last quarter. 95.37% of the stock is owned by institutional investors and hedge funds.

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.