Deborah Stein, a director at RB Global, Inc., purchased 1,000 shares of the company’s stock on November 13, 2023, at an average price of $101.26 per share. This transaction amounted to a total investment of $101,260. Following this acquisition, Stein now holds a total of 1,000 shares, reflecting a significant increase in her position within the company. The details of the purchase were disclosed in a legal filing with the U.S. Securities and Exchange Commission (SEC), which can be accessed on the SEC’s website.
RB Global Stock Performance and Market Overview
During trading hours on the day of the transaction, RB Global’s stock experienced a decline of $0.34, closing at $101.61. The trading volume for the day was recorded at 533,781 shares, which is notably lower than the average volume of 1,088,712 shares. The stock has shown a 50-day simple moving average of $106.83 and a 200-day simple moving average of $107.67. Over the past year, RB Global’s stock has fluctuated, with a fifty-two week low of $86.68 and a high of $119.58.
The company currently holds a market capitalization of $18.87 billion. Its price-to-earnings (PE) ratio stands at 50.30, alongside a price-to-earnings-growth (PEG) ratio of 2.48. The stock’s beta is recorded at 0.65, indicating lower volatility compared to the broader market. RB Global also maintains a debt-to-equity ratio of 0.46, a current ratio of 1.28, and a quick ratio of 1.22.
On November 6, 2023, RB Global released its recent earnings results. The company reported earnings of $0.93 per share (EPS), surpassing the consensus estimate of $0.83 by $0.10. Additionally, the company’s revenue for the quarter was reported at $1.11 billion, exceeding the anticipated $1.05 billion. Year-over-year, RB Global’s revenue saw an increase of 12.0%, with the previous year recording an EPS of $0.71. Analysts expect the company to achieve an EPS of $2.50 for the current fiscal year.
Recent Analyst Ratings and Institutional Investments
Several equities research analysts have recently updated their ratings for RB Global shares. On July 18, 2023, CIBC raised their price target from $118.00 to $121.00, giving RB Global an “outperformer” rating. Conversely, Bank of America decreased their target from $120.00 to $114.00 in a report released on November 7, 2023, while maintaining a “buy” rating. BMO Capital Markets also revised their target from $125.00 to $130.00 and affirmed an “outperform” rating.
In another shift, Royal Bank of Canada increased their target price for RB Global from $132.00 to $133.00 on November 7, 2023, maintaining an “outperform” rating, while Wall Street Zen downgraded the stock from “buy” to “hold” on November 8, 2023. Currently, five analysts have rated RB Global with a “buy” rating, while three have issued a “hold” rating. According to MarketBeat.com, the stock holds a consensus rating of “Moderate Buy” with an average target price of $122.71.
Institutional investors have also been active in the market for RB Global shares. Vanguard Group Inc. increased its stake by 0.5% in the third quarter, now owning 25,330,426 shares valued at approximately $2.74 billion. Massachusetts Financial Services Co. raised its position by 7.0%, acquiring an additional 705,423 shares, bringing their total holdings to 10,726,926 shares worth about $1.16 billion. Other notable investors include Vontobel Holding Ltd., Geode Capital Management LLC, and Fiera Capital Corp, all of which have increased their holdings in RB Global.
As of now, approximately 95.37% of RB Global’s stock is held by institutional investors and hedge funds, reflecting significant confidence in the company’s future performance.
RB Global, Inc. operates as an omnichannel marketplace, delivering insights, services, and transaction solutions for buyers and sellers of commercial assets and vehicles globally. Its portfolio includes brands such as Ritchie Bros., an auctioneer for commercial assets, IAA, a digital marketplace for vehicles, and SmartEquip, a technology platform for equipment lifecycle management.
