RB Global (NYSE:RBA) Upgraded to “Buy” at Wall Street Zen

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

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

RB Global Trading Up 0.4%

Shares of NYSE:RBA opened at $108.32 on Friday. RB Global has a 12-month low of $78.55 and a 12-month high of $119.58. The business’s fifty day simple moving average is $113.54 and its 200-day simple moving average is $106.69. The company has a market capitalization of $20.11 billion, a PE ratio of 53.63, a P/E/G ratio of 2.51 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 earnings results on Wednesday, August 6th. The business services provider reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.12. RB Global had a return on equity of 9.42% and a net margin of 9.46%.The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the business earned $0.94 EPS. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. As a group, equities research analysts predict that RB Global will post 2.5 earnings per share for the current fiscal year.

RB Global Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Thursday, August 28th were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Thursday, August 28th. This represents a $1.24 dividend on an annualized basis and a yield of 1.1%. This is an increase from RB Global’s previous quarterly dividend of $0.29. RB Global’s payout ratio is presently 61.39%.

Insider Activity

In other news, insider Darren Jeffrey Watt sold 7,400 shares of the business’s stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $110.00, for a total value of $814,000.00. Following the completion of the transaction, the insider owned 24,874 shares of the company’s stock, valued at $2,736,140. The trade was a 22.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael Thomas Steven Lewis sold 2,151 shares of the business’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $118.15, for a total value of $254,140.65. The disclosure for this sale can be found here. Insiders sold a total of 55,209 shares of company stock valued at $6,090,521 in the last quarter. 4.32% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On RB Global

Institutional investors and hedge funds have recently modified their holdings of the stock. MJP Associates Inc. ADV increased its holdings in RB Global by 2.2% in the second quarter. MJP Associates Inc. ADV now owns 4,434 shares of the business services provider’s stock valued at $471,000 after buying an additional 95 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in RB Global by 21.9% in the first quarter. Geneos Wealth Management Inc. now owns 540 shares of the business services provider’s stock valued at $54,000 after buying an additional 97 shares during the last quarter. Securian Asset Management Inc. increased its holdings in RB Global by 0.7% in the first quarter. Securian Asset Management Inc. now owns 14,041 shares of the business services provider’s stock valued at $1,408,000 after buying an additional 100 shares during the last quarter. Archer Investment Corp increased its holdings in RB Global by 6.0% in the second quarter. Archer Investment Corp now owns 1,760 shares of the business services provider’s stock valued at $187,000 after buying an additional 100 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in RB Global by 10.9% in the first quarter. Nisa Investment Advisors LLC now owns 1,060 shares of the business services provider’s stock valued at $106,000 after buying an additional 104 shares during the last quarter. Institutional investors and hedge funds 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.