RB Global (NYSE:RBA) Shares Down 12.8% – Here’s What Happened

RB Global, Inc. (NYSE:RBA) (TSE:RBA)’s share price was down 12.8% during 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 mid-day trading, an increase of 64% from the average daily volume of 1,392,542 shares. The stock had previously closed at $113.88.

Analysts Set New Price Targets

A number of research analysts recently issued reports on RBA shares. National Bank Financial upgraded RB Global from a “sector perform” rating to an “outperform” rating and set a $124.00 price objective for the company in a report on Monday, November 24th. Weiss Ratings reiterated a “hold (c+)” rating on shares of RB Global in a report on Thursday, January 22nd. Wall Street Zen cut shares of RB Global from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Bank of America lowered their price target on shares of RB Global from $120.00 to $114.00 and set a “buy” rating on the stock in a research note on Friday, November 7th. Finally, Royal Bank Of Canada increased their price objective on shares of RB Global from $132.00 to $133.00 and gave the stock an “outperform” rating in a research note on Friday, November 7th. Six research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, RB Global presently has an average rating of “Moderate Buy” and an average target price of $126.00.

RB Global Trading Up 1.0%

The business’s 50 day simple moving average is $109.05 and its 200 day simple moving average is $107.86. The stock has a market cap of $18.95 billion, a price-to-earnings ratio of 48.78, a PEG ratio of 1.89 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 disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Monday, February 9th will be paid a $0.31 dividend. The ex-dividend date is Monday, February 9th. This represents a $1.24 annualized dividend and a yield of 1.2%. RB Global’s dividend payout ratio is currently 59.33%.

Insider Activity at RB Global

In related news, CEO James Francis Kessler sold 20,742 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $115.00, for a total transaction of $2,385,330.00. Following the transaction, the chief executive officer directly owned 107,569 shares of the company’s stock, valued at approximately $12,370,435. The trade was a 16.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On RB Global

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in RB Global by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 25,330,426 shares of the business services provider’s stock valued at $2,744,455,000 after buying an additional 124,926 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of RB Global by 1.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 10,892,186 shares of the business services provider’s stock valued at $1,120,479,000 after acquiring an additional 165,260 shares during the period. Vontobel Holding Ltd. grew its stake in shares of RB Global by 10.3% in the third quarter. Vontobel Holding Ltd. now owns 7,215,414 shares of the business services provider’s stock valued at $781,862,000 after acquiring an additional 672,450 shares in the last quarter. State Street Corp increased its position in RB Global by 1.7% during the fourth quarter. State Street Corp now owns 6,290,640 shares of the business services provider’s stock worth $647,118,000 after acquiring an additional 104,286 shares during the period. Finally, Geode Capital Management LLC raised its stake in RB Global by 5.3% in the 4th quarter. Geode Capital Management LLC now owns 5,000,897 shares of the business services provider’s stock worth $513,930,000 after purchasing an additional 250,887 shares in the last quarter. Institutional investors own 95.37% of the company’s stock.

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.