RB Global (NYSE:RBA) Raised to Buy at Wall Street Zen

RB Global (NYSE:RBA) (TSE:RBA) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Friday.

Several other research analysts have also recently commented on the stock. Royal Bank Of Canada boosted their price target on shares of RB Global from $125.00 to $132.00 and gave the stock an “outperform” rating in a report on Thursday, August 7th. CIBC boosted their price target on shares of RB Global from $118.00 to $121.00 and gave the stock an “outperformer” rating in a report on Friday, July 18th. Weiss Ratings reiterated a “hold (c+)” rating on shares of RB Global in a research note on Saturday, September 27th. BMO Capital Markets increased their price target on shares of RB Global from $125.00 to $130.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. Finally, Raymond James Financial increased their price target on shares of RB Global from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $124.33.

RB Global Trading Up 0.4%

NYSE RBA opened at $108.32 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.28 and a debt-to-equity ratio of 0.46. RB Global has a 52 week low of $78.55 and a 52 week high of $119.58. The stock has a market capitalization of $20.11 billion, a PE ratio of 53.63, a price-to-earnings-growth ratio of 2.52 and a beta of 0.65. The firm has a 50 day moving average of $113.54 and a two-hundred day moving average of $106.74.

RB Global (NYSE:RBA) (TSE:RBA) last posted its quarterly earnings results on Wednesday, August 6th. The business services provider reported $1.07 EPS for the quarter, topping the consensus estimate of $0.95 by $0.12. RB Global had a net margin of 9.46% and a return on equity of 9.42%. The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the previous year, the business posted $0.94 EPS. The firm’s revenue was up 8.2% on a year-over-year basis. As a group, research analysts expect that RB Global will post 2.5 EPS for the current fiscal year.

Insider Transactions at RB Global

In other news, insider Michael Thomas Steven Lewis sold 2,151 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $118.15, for a total transaction of $254,140.65. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Darren Jeffrey Watt sold 7,400 shares of the firm’s stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $110.00, for a total transaction of $814,000.00. Following the transaction, the insider owned 24,874 shares in the company, valued at approximately $2,736,140. This trade represents a 22.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 55,209 shares of company stock worth $6,090,521. Insiders own 4.32% of the company’s stock.

Hedge Funds Weigh In On RB Global

A number of hedge funds have recently modified their holdings of the business. Norges Bank purchased a new position in RB Global in the 2nd quarter valued at $255,798,000. Samlyn Capital LLC purchased a new position in RB Global in the 1st quarter valued at $118,821,000. Third Point LLC purchased a new position in RB Global in the 1st quarter valued at $95,285,000. Fiera Capital Corp grew its position in RB Global by 17.3% in the 1st quarter. Fiera Capital Corp now owns 3,773,914 shares of the business services provider’s stock valued at $379,150,000 after buying an additional 557,407 shares during the last quarter. Finally, Nuveen LLC purchased a new position in RB Global in the 1st quarter valued at $54,584,000. 95.37% of the stock is currently owned by hedge funds and other 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.