Brokers Set Expectations for RB Global, Inc.’s Q3 2024 Earnings (NYSE:RBA)

RB Global, Inc. (NYSE:RBA) (TSE:RBA) – Equities research analysts at Raymond James cut their Q3 2024 earnings per share estimates for shares of RB Global in a report released on Tuesday, October 1st. Raymond James analyst S. Hansen now anticipates that the business services provider will earn $0.32 per share for the quarter, down from their prior forecast of $0.44. Raymond James has a “Outperform” rating and a $98.00 price target on the stock. The consensus estimate for RB Global’s current full-year earnings is $1.96 per share. Raymond James also issued estimates for RB Global’s Q4 2024 earnings at $0.52 EPS, FY2024 earnings at $1.92 EPS and FY2025 earnings at $2.40 EPS.

RB Global (NYSE:RBA) (TSE:RBA) last released its quarterly earnings data on Tuesday, August 6th. The business services provider reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.06. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.13 billion. RB Global had a net margin of 8.67% and a return on equity of 7.27%. The company’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter last year, the company earned $0.42 EPS.

RBA has been the topic of several other reports. CIBC started coverage on RB Global in a research report on Tuesday, June 18th. They issued a “sector outperform” rating and a $95.00 target price on the stock. Royal Bank of Canada increased their target price on shares of RB Global from $93.00 to $99.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. BMO Capital Markets began coverage on shares of RB Global in a research note on Thursday, September 5th. They set an “outperform” rating and a $105.00 target price on the stock. Robert W. Baird upped their price target on shares of RB Global from $80.00 to $86.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Finally, Bank of America raised their price objective on shares of RB Global from $79.00 to $92.50 and gave the company a “neutral” rating in a research note on Monday, August 26th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, RB Global has a consensus rating of “Moderate Buy” and an average target price of $92.19.

RB Global Price Performance

Shares of NYSE:RBA opened at $80.10 on Thursday. The firm’s 50 day moving average is $82.04 and its two-hundred day moving average is $78.03. The firm has a market capitalization of $14.76 billion, a P/E ratio of 48.25, a PEG ratio of 5.13 and a beta of 0.93. The company has a current ratio of 1.29, a quick ratio of 1.20 and a debt-to-equity ratio of 0.55. RB Global has a 52 week low of $58.85 and a 52 week high of $87.45.

Hedge Funds Weigh In On RB Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Armstrong Henry H Associates Inc. increased its holdings in shares of RB Global by 5.3% in the 3rd quarter. Armstrong Henry H Associates Inc. now owns 7,995 shares of the business services provider’s stock valued at $644,000 after purchasing an additional 400 shares during the period. Sanctuary Advisors LLC acquired a new position in RB Global in the 2nd quarter valued at approximately $544,000. Teachers Retirement System of The State of Kentucky purchased a new stake in RB Global in the 2nd quarter worth approximately $2,970,000. Fiera Capital Corp boosted its stake in shares of RB Global by 5.7% during the 2nd quarter. Fiera Capital Corp now owns 3,143,924 shares of the business services provider’s stock valued at $239,881,000 after buying an additional 168,945 shares during the period. Finally, Kampmann Melissa S. grew its holdings in shares of RB Global by 6.3% during the 2nd quarter. Kampmann Melissa S. now owns 32,615 shares of the business services provider’s stock valued at $2,490,000 after acquiring an additional 1,940 shares in the last quarter. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other RB Global news, CRO James J. Jeter sold 2,920 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $78.96, for a total value of $230,563.20. Following the transaction, the executive now owns 23,267 shares of the company’s stock, valued at $1,837,162.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CRO James J. Jeter sold 2,920 shares of RB Global stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $78.96, for a total value of $230,563.20. Following the transaction, the executive now owns 23,267 shares of the company’s stock, valued at approximately $1,837,162.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Darren Jeffrey Watt sold 2,915 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $82.80, for a total value of $241,362.00. Following the sale, the insider now owns 19,271 shares in the company, valued at approximately $1,595,638.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,601 shares of company stock worth $3,720,043. Corporate insiders own 4.32% of the company’s stock.

RB Global Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, August 28th were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Wednesday, August 28th. This is a positive change from RB Global’s previous quarterly dividend of $0.27. This represents a $1.16 annualized dividend and a yield of 1.45%. RB Global’s dividend payout ratio is currently 69.88%.

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.