RB Global, Inc. (NYSE:RBA) Sees Significant Decline in Short Interest

RB Global, Inc. (NYSE:RBA - Get Free Report) TSE: RBA saw a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 4,030,000 shares, a drop of 33.2% from the February 13th total of 6,030,000 shares. Based on an average daily volume of 963,900 shares, the days-to-cover ratio is presently 4.2 days. Currently, 2.2% of the company's stock are short sold.

Insider Transactions at RB Global

In related news, CRO James J. Jeter sold 7,597 shares of RB Global stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $97.85, for a total value of $743,366.45. Following the sale, the executive now owns 20,267 shares of the company's stock, valued at approximately $1,983,125.95. This trade represents a 27.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James Francis Kessler sold 15,700 shares of RB Global stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $97.81, for a total value of $1,535,617.00. Following the completion of the sale, the chief executive officer now directly owns 107,569 shares in the company, valued at approximately $10,521,323.89. This represents a 12.74 % decrease in their position. The disclosure for this sale can be found here. 4.32% of the stock is currently owned by insiders.

Remove Ads

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of RB Global by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 24,916,629 shares of the business services provider's stock worth $2,248,060,000 after acquiring an additional 358,752 shares during the period. Vontobel Holding Ltd. lifted its holdings in RB Global by 9.8% during the 4th quarter. Vontobel Holding Ltd. now owns 8,451,146 shares of the business services provider's stock worth $762,378,000 after purchasing an additional 753,700 shares during the last quarter. State Street Corp lifted its holdings in RB Global by 2.1% during the 3rd quarter. State Street Corp now owns 5,045,188 shares of the business services provider's stock worth $406,087,000 after purchasing an additional 103,080 shares during the last quarter. Geode Capital Management LLC lifted its holdings in RB Global by 7.2% during the 4th quarter. Geode Capital Management LLC now owns 3,967,159 shares of the business services provider's stock worth $357,434,000 after purchasing an additional 264,778 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in RB Global by 0.6% during the 4th quarter. Janus Henderson Group PLC now owns 3,403,086 shares of the business services provider's stock worth $307,033,000 after purchasing an additional 19,895 shares during the last quarter. 95.37% of the stock is currently owned by institutional investors.

RB Global Stock Performance

Shares of NYSE RBA traded up $1.96 during midday trading on Wednesday, hitting $99.22. 865,297 shares of the company's stock were exchanged, compared to its average volume of 1,010,232. 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 has a 12 month low of $69.83 and a 12 month high of $106.90. The company's 50 day moving average price is $94.97 and its 200 day moving average price is $90.67. The firm has a market capitalization of $18.33 billion, a PE ratio of 49.36, a price-to-earnings-growth ratio of 4.95 and a beta of 0.94.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its earnings results on Tuesday, February 18th. The business services provider reported $0.58 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.23). RB Global had a return on equity of 8.00% and a net margin of 9.64%. The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the prior year, the firm posted $0.82 earnings per share. As a group, analysts predict that RB Global will post 2.5 earnings per share for the current fiscal year.

RB Global Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.16 annualized dividend and a dividend yield of 1.17%. RB Global's dividend payout ratio is currently 57.71%.

Wall Street Analyst Weigh In

RBA has been the topic of a number of recent research reports. Royal Bank of Canada lifted their target price on RB Global from $107.00 to $116.00 and gave the company an "outperform" rating in a research report on Wednesday, February 19th. StockNews.com upgraded RB Global from a "hold" rating to a "buy" rating in a research note on Tuesday. Robert W. Baird raised their price target on RB Global from $105.00 to $110.00 and gave the company an "outperform" rating in a research note on Wednesday, February 19th. BMO Capital Markets raised their price target on RB Global from $116.00 to $120.00 and gave the company an "outperform" rating in a research note on Wednesday, February 19th. Finally, Raymond James raised their price target on RB Global from $110.00 to $118.00 and gave the company an "outperform" rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $107.64.

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.