Raymond James Boosts RB Global (NYSE:RBA) Price Target to $98.00

RB Global (NYSE:RBA) (TSE:RBA) had its price target raised by Raymond James from $95.00 to $98.00 in a research note released on Thursday, Benzinga reports. They currently have an outperform rating on the business services provider’s stock.

Several other brokerages have also recently commented on RBA. Scotiabank increased their price target on shares of RB Global from $88.00 to $89.00 and gave the stock a sector outperform rating in a research report on Wednesday, April 24th. Bank of America increased their price target on shares of RB Global from $68.00 to $79.00 and gave the stock a neutral rating in a research report on Tuesday, May 28th. CIBC assumed coverage on shares of RB Global in a research note on Tuesday, June 18th. They set a sector outperform rating and a $95.00 price objective on the stock. Royal Bank of Canada increased their price objective on shares of RB Global from $93.00 to $99.00 and gave the stock an outperform rating in a research note on Wednesday. Finally, Robert W. Baird increased their price objective on shares of RB Global from $80.00 to $86.00 and gave the stock an outperform rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $88.43.

RB Global Trading Up 0.8 %

RBA traded up $0.65 during trading on Thursday, hitting $78.94. The company’s stock had a trading volume of 814,690 shares, compared to its average volume of 954,301. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.29 and a quick ratio of 1.17. RB Global has a twelve month low of $55.67 and a twelve month high of $81.87. The firm’s 50 day moving average price is $77.85 and its 200-day moving average price is $74.53. The stock has a market cap of $14.43 billion, a PE ratio of 47.55, a PEG ratio of 5.36 and a beta of 0.91.

RB Global (NYSE:RBA) (TSE:RBA) last issued its quarterly earnings results on Tuesday, August 6th. The business services provider reported $0.94 EPS for the quarter, topping the consensus estimate of $0.88 by $0.06. RB Global had a net margin of 8.67% and a return on equity of 7.27%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter last year, the company posted $0.42 earnings per share. The company’s quarterly revenue was down .9% compared to the same quarter last year. On average, analysts expect that RB Global will post 2.04 earnings per share for the current year.

RB Global Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, August 28th will be paid a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, August 28th. This represents a $1.16 annualized dividend and a dividend yield of 1.47%. This is a positive change from RB Global’s previous quarterly dividend of $0.27. RB Global’s dividend payout ratio (DPR) is presently 65.06%.

Insider Buying and Selling at RB Global

In other RB Global news, insider Baron Concors sold 13,230 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $75.05, for a total value of $992,911.50. Following the sale, the insider now owns 15,487 shares in the company, valued at $1,162,299.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CRO James J. Jeter sold 14,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $75.43, for a total transaction of $1,056,020.00. Following the transaction, the executive now owns 28,267 shares in the company, valued at $2,132,179.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Baron Concors sold 13,230 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $75.05, for a total transaction of $992,911.50. Following the transaction, the insider now owns 15,487 shares in the company, valued at approximately $1,162,299.35. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,867 shares of company stock worth $3,370,272. 4.32% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RBA. International Assets Investment Management LLC bought a new stake in RB Global during the fourth quarter worth approximately $900,000. Cerity Partners LLC bought a new stake in RB Global during the fourth quarter worth approximately $201,000. Bray Capital Advisors bought a new stake in RB Global during the fourth quarter worth approximately $984,000. Triasima Portfolio Management inc. boosted its holdings in RB Global by 1,152.4% during the fourth quarter. Triasima Portfolio Management inc. now owns 193,118 shares of the business services provider’s stock worth $12,947,000 after buying an additional 177,698 shares in the last quarter. Finally, Vontobel Holding Ltd. boosted its holdings in RB Global by 487.6% during the fourth quarter. Vontobel Holding Ltd. now owns 158,329 shares of the business services provider’s stock worth $10,591,000 after buying an additional 131,383 shares in the last quarter. Institutional investors and hedge funds own 95.37% of the company’s stock.

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.