RB Global, Inc. (NYSE:RBA) Sees Large Growth in Short Interest

RB Global, Inc. (NYSE:RBA) (TSE:RBA) saw a large growth in short interest in May. As of May 15th, there was short interest totalling 7,740,000 shares, a growth of 26.5% from the April 30th total of 6,120,000 shares. Based on an average trading volume of 1,180,000 shares, the short-interest ratio is presently 6.6 days. Currently, 4.2% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on RBA shares. Robert W. Baird boosted their target price on shares of RB Global from $110.00 to $115.00 and gave the stock an “outperform” rating in a research note on Thursday, May 8th. Royal Bank of Canada upped their price target on shares of RB Global from $107.00 to $116.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. BMO Capital Markets lifted 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. Wall Street Zen downgraded RB Global from a “buy” rating to a “hold” rating in a research note on Friday. Finally, CIBC lifted their price target on RB Global from $116.00 to $118.00 and gave the company an “outperformer” rating in a research note on Friday, May 9th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, RB Global has an average rating of “Moderate Buy” and a consensus target price of $114.50.

Insider Activity

In other news, CEO James Francis Kessler sold 15,700 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $97.81, for a total transaction of $1,535,617.00. Following the completion of the sale, the chief executive officer now owns 107,569 shares in the company, valued at $10,521,323.89. The trade was a 12.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CRO James J. Jeter sold 600 shares of RB Global stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $98.63, for a total transaction of $59,178.00. Following the completion of the sale, the executive now owns 19,667 shares of the company’s stock, valued at approximately $1,939,756.21. The trade was a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,472 shares of company stock worth $3,867,745 in the last quarter. Corporate insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On RB Global

A number of large investors have recently added to or reduced their stakes in RBA. Strs Ohio purchased a new position in shares of RB Global in the first quarter worth about $1,849,000. Geneos Wealth Management Inc. increased its holdings in shares of RB Global by 21.9% in the first quarter. Geneos Wealth Management Inc. now owns 540 shares of the business services provider’s stock worth $54,000 after buying an additional 97 shares during the period. Intech Investment Management LLC increased its holdings in shares of RB Global by 77.0% in the first quarter. Intech Investment Management LLC now owns 77,800 shares of the business services provider’s stock worth $7,807,000 after buying an additional 33,845 shares during the period. Jane Street Group LLC increased its holdings in shares of RB Global by 1,469.4% in the first quarter. Jane Street Group LLC now owns 365,071 shares of the business services provider’s stock worth $36,617,000 after buying an additional 341,809 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of RB Global by 2.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 451,101 shares of the business services provider’s stock worth $45,245,000 after buying an additional 12,000 shares during the period. Hedge funds and other institutional investors own 95.37% of the company’s stock.

RB Global Stock Down 0.1%

RBA opened at $105.21 on Tuesday. The company has a 50 day moving average of $100.78 and a 200 day moving average of $96.91. The company has a current ratio of 1.29, a quick ratio of 1.17 and a debt-to-equity ratio of 0.50. RB Global has a 12 month low of $70.27 and a 12 month high of $109.25. The company has a market cap of $19.48 billion, a PE ratio of 52.34, a price-to-earnings-growth ratio of 4.95 and a beta of 0.78.

RB Global (NYSE:RBA) (TSE:RBA) last posted its quarterly earnings data on Wednesday, May 7th. The business services provider reported $0.89 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.89. RB Global had a return on equity of 8.00% and a net margin of 9.64%. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same quarter last year, the company earned $0.90 earnings per share. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. On average, sell-side analysts expect that RB Global will post 2.5 EPS for the current year.

RB Global Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Thursday, May 29th will be given a dividend of $0.29 per share. The ex-dividend date is Thursday, May 29th. This represents a $1.16 dividend on an annualized basis and a yield of 1.10%. RB Global’s payout ratio is 57.14%.

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.