Scotiabank Raises RB Global (NYSE:RBA) Price Target to $89.00

RB Global (NYSE:RBA) (TSE:RBA) had its target price increased by Scotiabank from $88.00 to $89.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has a sector outperform rating on the business services provider’s stock.

A number of other research analysts also recently issued reports on RBA. Raymond James upped their price objective on RB Global from $78.00 to $90.00 and gave the company an outperform rating in a research note on Monday, February 26th. StockNews.com upgraded RB Global from a sell rating to a hold rating in a research note on Friday, February 9th. Finally, Royal Bank of Canada increased their price target on RB Global from $75.00 to $93.00 and gave the stock an outperform rating in a research note on Monday, February 26th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, RB Global currently has a consensus rating of Moderate Buy and a consensus price target of $83.00.

RB Global Stock Up 0.2 %

Shares of NYSE:RBA opened at $73.37 on Wednesday. The company has a market capitalization of $13.41 billion, a PE ratio of 86.32, a price-to-earnings-growth ratio of 5.51 and a beta of 0.87. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.35 and a quick ratio of 1.23. The business has a fifty day moving average price of $74.33 and a two-hundred day moving average price of $68.01. RB Global has a 1 year low of $51.07 and a 1 year high of $77.99.

RB Global (NYSE:RBA) (TSE:RBA) last announced its quarterly earnings data on Friday, February 23rd. The business services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.14. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.04 billion. RB Global had a return on equity of 4.19% and a net margin of 5.61%. The business’s revenue for the quarter was up 134.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.40 EPS. Analysts forecast that RB Global will post 1.9 earnings per share for the current year.

Insider Transactions at RB Global

In other RB Global news, insider Darren Jeffrey Watt sold 2,300 shares of RB Global stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $76.97, for a total transaction of $177,031.00. Following the completion of the transaction, the insider now owns 21,103 shares of the company’s stock, valued at approximately $1,624,297.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other RB Global news, CRO James J. Jeter sold 11,416 shares of RB Global stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $76.32, for a total transaction of $871,269.12. Following the completion of the transaction, the executive now owns 30,915 shares of the company’s stock, valued at approximately $2,359,432.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Darren Jeffrey Watt sold 2,300 shares of RB Global stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $76.97, for a total value of $177,031.00. Following the transaction, the insider now directly owns 21,103 shares of the company’s stock, valued at approximately $1,624,297.91. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,816 shares of company stock worth $1,133,055. 4.32% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of RB Global by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 22,839,262 shares of the business services provider’s stock valued at $1,527,718,000 after acquiring an additional 191,974 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of RB Global by 10.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,320,114 shares of the business services provider’s stock valued at $645,007,000 after acquiring an additional 977,171 shares during the last quarter. Vontobel Asset Management Inc. boosted its position in shares of RB Global by 66.5% during the 4th quarter. Vontobel Asset Management Inc. now owns 6,649,251 shares of the business services provider’s stock valued at $467,920,000 after acquiring an additional 2,655,388 shares during the last quarter. Cooke & Bieler LP boosted its position in shares of RB Global by 3.6% during the 4th quarter. Cooke & Bieler LP now owns 3,627,957 shares of the business services provider’s stock valued at $242,674,000 after acquiring an additional 124,815 shares during the last quarter. Finally, Fiera Capital Corp boosted its position in shares of RB Global by 4.5% during the 3rd quarter. Fiera Capital Corp now owns 2,614,152 shares of the business services provider’s stock valued at $164,125,000 after acquiring an additional 113,514 shares during the last quarter. 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.