Royal Bank of Canada Boosts RB Global (NYSE:RBA) Price Target to $99.00

RB Global (NYSE:RBA) (TSE:RBA) had its price target increased by Royal Bank of Canada from $93.00 to $99.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have an outperform rating on the business services provider’s stock.

Other research analysts have also recently issued research reports about the company. CIBC began coverage on RB Global in a research note on Tuesday, June 18th. They issued a sector outperform rating and a $95.00 target price for the company. Scotiabank raised their target price on shares of RB Global from $88.00 to $89.00 and gave the company a sector outperform rating in a research note on Wednesday, April 24th. Bank of America upped their price target on shares of RB Global from $68.00 to $79.00 and gave the stock a neutral rating in a research note on Tuesday, May 28th. Finally, Robert W. Baird raised their price objective on shares of RB Global from $80.00 to $86.00 and gave the company an outperform rating in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $88.43.

RB Global Trading Up 0.8 %

RB Global stock traded up $0.65 during trading hours on Wednesday, reaching $78.94. The stock had a trading volume of 814,690 shares, compared to its average volume of 954,301. The company has a fifty day simple moving average of $77.85 and a 200-day simple moving average of $74.53. RB Global has a 52 week low of $55.67 and a 52 week high of $81.87. 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. 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 (NYSE:RBA) (TSE:RBA) last posted its earnings results on Tuesday, August 6th. The business services provider reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.06. The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.13 billion. RB Global had a return on equity of 7.27% and a net margin of 8.67%. RB Global’s quarterly revenue was down .9% on a year-over-year basis. During the same period last year, the firm earned $0.42 earnings per share. Analysts forecast that RB Global will post 2.04 EPS for the current fiscal year.

RB Global Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, August 28th will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 1.47%. This is a boost from RB Global’s previous quarterly dividend of $0.27. The ex-dividend date is Wednesday, August 28th. RB Global’s payout ratio is 65.06%.

Insider Activity at RB Global

In related news, CRO James J. Jeter sold 14,000 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $75.43, for a total value of $1,056,020.00. Following the completion of the transaction, the executive now directly owns 28,267 shares of the company’s stock, valued at $2,132,179.81. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CRO James J. Jeter sold 14,000 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $75.43, for a total value of $1,056,020.00. Following the completion of the transaction, the executive now owns 28,267 shares of the company’s stock, valued at approximately $2,132,179.81. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO James Francis Kessler sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $80.91, for a total value of $647,280.00. Following the sale, the chief executive officer now directly owns 78,104 shares in the company, valued at $6,319,394.64. The disclosure for this sale can be found here. Over the last three months, insiders sold 43,867 shares of company stock valued at $3,370,272. Insiders own 4.32% of the company’s stock.

Institutional Trading of RB Global

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. YHB Investment Advisors Inc. bought a new position in RB Global during the first quarter valued at $27,000. Oakworth Capital Inc. boosted its stake in shares of RB Global by 53.3% during the 4th quarter. Oakworth Capital Inc. now owns 466 shares of the business services provider’s stock worth $31,000 after purchasing an additional 162 shares during the period. Hollencrest Capital Management purchased a new position in shares of RB Global during the 1st quarter worth about $33,000. Massmutual Trust Co. FSB ADV grew its holdings in RB Global by 58.7% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 446 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 165 shares during the last quarter. Finally, GAMMA Investing LLC purchased a new stake in RB Global in the 4th quarter worth about $54,000. Hedge funds and other 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.