Short Interest in RB Global, Inc. (NYSE:RBA) Grows By 77.4%

RB Global, Inc. (NYSE:RBA) (TSE:RBA) was the target of a significant increase in short interest in the month of February. As of February 15th, there was short interest totalling 6,030,000 shares, an increase of 77.4% from the January 31st total of 3,400,000 shares. Currently, 3.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 938,500 shares, the short-interest ratio is presently 6.4 days.

Institutional Trading of RB Global

A number of hedge funds have recently made changes to their positions in RBA. International Assets Investment Management LLC bought a new stake in shares of RB Global during the 3rd quarter worth $1,057,000. Assenagon Asset Management S.A. raised its position in RB Global by 8.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 10,141 shares of the business services provider’s stock worth $817,000 after purchasing an additional 781 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in RB Global by 7.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 4,131 shares of the business services provider’s stock worth $333,000 after purchasing an additional 273 shares during the period. State of Alaska Department of Revenue raised its position in RB Global by 7.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 21,420 shares of the business services provider’s stock worth $1,724,000 after purchasing an additional 1,450 shares during the period. Finally, New York State Teachers Retirement System raised its position in RB Global by 3.2% in the 3rd quarter. New York State Teachers Retirement System now owns 95,995 shares of the business services provider’s stock worth $7,727,000 after purchasing an additional 2,995 shares during the period. 95.37% of the stock is owned by institutional investors.

Analysts Set New Price Targets

RBA has been the subject of several research analyst reports. Robert W. Baird boosted their price objective on shares of RB Global from $105.00 to $110.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. BMO Capital Markets boosted their price objective on shares of RB Global from $116.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Raymond James boosted their price objective on shares of RB Global from $110.00 to $118.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Royal Bank of Canada upped their price target on shares of RB Global from $107.00 to $116.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Finally, StockNews.com downgraded shares of RB Global from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $107.64.

RB Global Stock Performance

RBA traded up $1.90 on Friday, hitting $102.33. The company’s stock had a trading volume of 1,321,986 shares, compared to its average volume of 1,060,700. The company’s 50 day simple moving average is $92.86 and its 200-day simple moving average is $89.35. The firm has a market cap of $18.90 billion, a P/E ratio of 50.91, a price-to-earnings-growth ratio of 4.95 and a beta of 0.96. RB Global has a 12 month low of $69.83 and a 12 month high of $106.90. 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 (NYSE:RBA) (TSE:RBA) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $1.06 billion. During the same period last year, the business posted $0.82 earnings per share. Analysts forecast that RB Global will post 2.5 EPS for the current year.

RB Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date of this dividend is Friday, February 14th. RB Global’s dividend payout ratio is currently 57.71%.

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.