RB Global (NYSE:RBA) Upgraded to “Buy” at Bank of America

Bank of America upgraded shares of RB Global (NYSE:RBA) (TSE:RBA) from a neutral rating to a buy rating in a report published on Tuesday, MarketBeat Ratings reports. Bank of America currently has $120.00 price target on the business services provider’s stock.

Other equities research analysts have also issued reports about the stock. National Bankshares reduced their price objective on shares of RB Global from $113.00 to $111.00 and set a “sector perform” rating on the stock in a report on Thursday, October 9th. BMO Capital Markets raised their price objective on shares of RB Global from $125.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Raymond James Financial raised their price objective on shares of RB Global from $125.00 to $135.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. CIBC lifted their price target on shares of RB Global from $118.00 to $121.00 and gave the stock an “outperformer” rating in a research note on Friday, July 18th. Finally, Weiss Ratings lowered shares of RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $123.43.

RB Global Price Performance

Shares of RBA opened at $103.44 on Tuesday. RB Global has a twelve month low of $84.31 and a twelve month high of $119.58. The firm’s fifty day simple moving average is $110.34 and its 200-day simple moving average is $107.52. The firm has a market capitalization of $19.21 billion, a price-to-earnings ratio of 51.21, a PEG ratio of 2.36 and a beta of 0.65. The company has a current ratio of 1.28, a quick ratio of 1.22 and a debt-to-equity ratio of 0.46.

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

RB Global Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 28th were paid a $0.31 dividend. This is a boost from RB Global’s previous quarterly dividend of $0.29. This represents a $1.24 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Thursday, August 28th. RB Global’s dividend payout ratio (DPR) is presently 61.39%.

Insider Buying and Selling

In other RB Global news, insider Michael Thomas Steven Lewis sold 2,151 shares of RB Global stock in a transaction on Friday, September 12th. The shares were sold at an average price of $118.15, for a total value of $254,140.65. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.28% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC increased its stake in RB Global by 28.6% in the first quarter. GAMMA Investing LLC now owns 1,608 shares of the business services provider’s stock valued at $161,000 after purchasing an additional 358 shares during the period. Cidel Asset Management Inc. increased its stake in RB Global by 1.8% in the second quarter. Cidel Asset Management Inc. now owns 689,600 shares of the business services provider’s stock valued at $73,115,000 after purchasing an additional 11,881 shares during the period. Montrusco Bolton Investments Inc. acquired a new position in RB Global in the second quarter valued at $19,717,000. Voya Investment Management LLC boosted its holdings in shares of RB Global by 12.8% in the first quarter. Voya Investment Management LLC now owns 33,785 shares of the business services provider’s stock valued at $3,389,000 after acquiring an additional 3,847 shares in the last quarter. Finally, Wilson Asset Management International PTY Ltd. boosted its holdings in shares of RB Global by 9.5% in the second quarter. Wilson Asset Management International PTY Ltd. now owns 159,402 shares of the business services provider’s stock valued at $16,927,000 after acquiring an additional 13,814 shares in the last quarter. 95.37% of the stock is currently owned by institutional investors and hedge funds.

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.