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 during 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. Based on an average daily trading volume, of 938,500 shares, the short-interest ratio is currently 6.4 days. Currently, 3.3% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. StockNews.com cut shares of RB Global from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. BMO Capital Markets upped their target price on shares of RB Global from $116.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Royal Bank of Canada upped their target price on shares of RB Global from $107.00 to $116.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Robert W. Baird upped their target price on shares of RB Global from $105.00 to $110.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Finally, Raymond James upped their target price on shares of RB Global from $110.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $107.64.

RB Global Price Performance

Shares of NYSE:RBA traded up $1.90 during midday trading on Friday, reaching $102.33. 1,321,986 shares of the company were exchanged, compared to its average volume of 1,060,700. The company has a current ratio of 1.29, a quick ratio of 1.17 and a debt-to-equity ratio of 0.50. The business’s fifty day moving average is $92.86 and its two-hundred day moving average is $89.35. RB Global has a one year low of $69.83 and a one year high of $106.90. The stock has a market cap of $18.90 billion, a PE ratio of 50.91, a price-to-earnings-growth ratio of 4.95 and a beta of 0.96.

RB Global (NYSE:RBA) (TSE:RBA) last issued its earnings results on Tuesday, February 18th. The business services provider reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.23). RB Global had a return on equity of 8.00% and a net margin of 9.64%. The company 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 company posted $0.82 EPS. As a group, analysts predict that RB Global will post 2.5 earnings per share for the current year.

RB Global Dividend Announcement

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

Hedge Funds Weigh In On RB Global

Several institutional investors have recently bought and sold shares of RBA. International Assets Investment Management LLC bought a new position in RB Global during the third quarter valued at $1,057,000. Assenagon Asset Management S.A. lifted its position in RB Global by 8.3% during the third quarter. Assenagon Asset Management S.A. now owns 10,141 shares of the business services provider’s stock valued at $817,000 after purchasing an additional 781 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in RB Global by 7.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 4,131 shares of the business services provider’s stock valued at $333,000 after purchasing an additional 273 shares during the last quarter. State of Alaska Department of Revenue lifted its position in RB Global by 7.3% during the third quarter. State of Alaska Department of Revenue now owns 21,420 shares of the business services provider’s stock valued at $1,724,000 after purchasing an additional 1,450 shares during the last quarter. Finally, New York State Teachers Retirement System lifted its position in RB Global by 3.2% during the third quarter. New York State Teachers Retirement System now owns 95,995 shares of the business services provider’s stock valued at $7,727,000 after purchasing an additional 2,995 shares during 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.