RB Global (NYSE:RBA) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of RB Global (NYSE:RBA) (TSE:RBA) from a hold rating to a buy rating in a research note published on Friday morning.

Several other brokerages have also issued reports on RBA. CIBC raised their price objective on RB Global from $118.00 to $121.00 and gave the stock an “outperformer” rating in a report on Friday, July 18th. Raymond James Financial increased their target price on shares of RB Global from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of RB Global in a research note on Saturday, September 27th. National Bankshares increased their target price on shares of RB Global from $112.00 to $113.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 7th. Finally, Royal Bank Of Canada increased their target price on shares of RB Global from $125.00 to $132.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $124.33.

RB Global Stock Performance

Shares of RBA stock opened at $108.32 on Friday. The stock’s 50-day moving average is $113.54 and its two-hundred day moving average is $106.69. The firm has a market cap of $20.11 billion, a price-to-earnings ratio of 53.63, a PEG ratio of 2.51 and a beta of 0.65. RB Global has a 1 year low of $78.55 and a 1 year high of $119.58. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.22 and a current ratio of 1.28.

RB Global (NYSE:RBA) (TSE:RBA) last issued its quarterly earnings data on Wednesday, August 6th. The business services provider reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.12. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.14 billion. RB Global had a return on equity of 9.42% and a net margin of 9.46%.The business’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.94 earnings per share. Analysts predict that RB Global will post 2.5 earnings per share for the current year.

RB Global Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Thursday, August 28th were given a $0.31 dividend. The ex-dividend date was Thursday, August 28th. This is an increase from RB Global’s previous quarterly dividend of $0.29. This represents a $1.24 dividend on an annualized basis and a yield of 1.1%. RB Global’s payout ratio is 61.39%.

Insider Activity at RB Global

In related news, CEO James Francis Kessler sold 45,658 shares of the firm’s stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $110.00, for a total value of $5,022,380.00. Following the completion of the sale, the chief executive officer owned 107,569 shares in the company, valued at $11,832,590. This trade represents a 29.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Michael Thomas Steven Lewis sold 2,151 shares of the firm’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $118.15, for a total transaction of $254,140.65. The disclosure for this sale can be found here. Insiders sold a total of 55,209 shares of company stock worth $6,090,521 over the last 90 days. Company insiders own 4.32% of the company’s stock.

Institutional Investors Weigh In On RB Global

A number of hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in RB Global by 15.2% in the third quarter. GAMMA Investing LLC now owns 2,531 shares of the business services provider’s stock valued at $274,000 after purchasing an additional 333 shares during the period. Armstrong Henry H Associates Inc. lifted its position in shares of RB Global by 0.9% during the 3rd quarter. Armstrong Henry H Associates Inc. now owns 14,090 shares of the business services provider’s stock valued at $1,527,000 after acquiring an additional 125 shares during the period. Corient Private Wealth LLC lifted its position in shares of RB Global by 1.0% during the 2nd quarter. Corient Private Wealth LLC now owns 21,524 shares of the business services provider’s stock valued at $2,286,000 after acquiring an additional 208 shares during the period. Osaic Holdings Inc. lifted its position in shares of RB Global by 81.4% during the 2nd quarter. Osaic Holdings Inc. now owns 18,372 shares of the business services provider’s stock valued at $1,899,000 after acquiring an additional 8,243 shares during the period. Finally, Squarepoint Ops LLC lifted its position in shares of RB Global by 3.3% during the 2nd quarter. Squarepoint Ops LLC now owns 10,878 shares of the business services provider’s stock valued at $1,155,000 after acquiring an additional 348 shares during the period. Institutional investors and hedge funds 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.