RB Global (NYSE:RBA) Downgraded by Wall Street Zen to “Hold”

Wall Street Zen lowered shares of RB Global (NYSE:RBA) (TSE:RBA) from a buy rating to a hold rating in a research report released on Saturday.

Several other brokerages also recently commented on RBA. Royal Bank Of Canada raised their target price on RB Global from $146.00 to $150.00 and gave the company an “outperform” rating in a research note on Tuesday, May 5th. Barclays began coverage on RB Global in a research note on Thursday, May 28th. They set an “overweight” rating and a $124.00 price target on the stock. Stephens reiterated an “equal weight” rating and issued a $96.00 price target on shares of RB Global in a report on Tuesday, May 5th. BMO Capital Markets reissued an “outperform” rating and issued a $135.00 price objective (up from $130.00) on shares of RB Global in a research note on Tuesday, May 5th. Finally, Zacks Research upgraded RB Global from a “hold” rating to a “strong-buy” rating in a report on Friday, July 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $128.00.

RB Global Stock Down 1.2%

RB Global stock opened at $111.76 on Friday. The company has a market capitalization of $20.78 billion, a PE ratio of 51.98, a PEG ratio of 1.75 and a beta of 0.55. RB Global has a 12-month low of $93.58 and a 12-month high of $119.58. The firm’s fifty day moving average is $108.04 and its 200 day moving average is $106.12. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.40.

RB Global (NYSE:RBA) (TSE:RBA) last posted its quarterly earnings results on Monday, May 4th. The business services provider reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.04. RB Global had a net margin of 9.55% and a return on equity of 12.33%. The business had revenue of $888.01 million during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period last year, the company posted $0.89 earnings per share. The business’s quarterly revenue was up 11.4% on a year-over-year basis. As a group, sell-side analysts predict that RB Global will post 4.16 EPS for the current fiscal year.

RB Global Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Wednesday, May 27th were given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Wednesday, May 27th. RB Global’s dividend payout ratio is presently 57.67%.

Insiders Place Their Bets

In other news, Director Deborah Stein acquired 425 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were purchased at an average cost of $103.15 per share, with a total value of $43,838.75. Following the acquisition, the director directly owned 1,825 shares of the company’s stock, valued at $188,248.75. The trade was a 30.36% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.57% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Massachusetts Financial Services Co. MA grew its position in RB Global by 1.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 10,892,186 shares of the business services provider’s stock worth $1,120,479,000 after purchasing an additional 165,260 shares in the last quarter. EdgePoint Investment Group Inc. increased its stake in RB Global by 14.4% in the 1st quarter. EdgePoint Investment Group Inc. now owns 8,812,865 shares of the business services provider’s stock valued at $845,337,000 after buying an additional 1,111,217 shares during the last quarter. State Street Corp lifted its position in shares of RB Global by 1.7% during the 4th quarter. State Street Corp now owns 6,290,640 shares of the business services provider’s stock worth $647,118,000 after buying an additional 104,286 shares in the last quarter. Royal Bank of Canada lifted its position in shares of RB Global by 13.1% during the 1st quarter. Royal Bank of Canada now owns 5,043,648 shares of the business services provider’s stock worth $483,432,000 after buying an additional 585,617 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of RB Global by 5.3% in the 4th quarter. Geode Capital Management LLC now owns 5,000,897 shares of the business services provider’s stock worth $513,930,000 after buying an additional 250,887 shares during the last quarter. 95.37% of the stock is owned by institutional investors.

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.