RB Global (NYSE:RBA) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of RB Global (NYSE:RBA) (TSE:RBA) from a buy rating to a hold rating in a research note published on Saturday morning.

Several other equities analysts have also commented on the company. Stephens reiterated an “equal weight” rating and issued a $96.00 target price on shares of RB Global in a research note on Tuesday, May 5th. National Bank Financial increased their target price on RB Global from $130.00 to $132.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. Raymond James Financial upgraded RB Global from an “outperform” rating to a “strong-buy” rating and set a $145.00 price target for the company in a report on Tuesday, June 30th. Zacks Research upgraded RB Global from a “hold” rating to a “strong-buy” rating in a report on Friday, July 3rd. Finally, Barclays initiated coverage on shares of RB Global in a report on Thursday, May 28th. They set an “overweight” rating and a $124.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, RB Global has a consensus rating of “Buy” and a consensus target price of $128.00.

RB Global Stock Down 1.0%

Shares of NYSE RBA opened at $110.52 on Friday. The firm has a market cap of $20.55 billion, a P/E ratio of 51.40, a price-to-earnings-growth ratio of 1.75 and a beta of 0.55. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.07 and a current ratio of 1.14. RB Global has a 1 year low of $93.58 and a 1 year high of $119.58. The firm’s 50 day moving average price is $108.16 and its 200 day moving average price is $106.16.

RB Global (NYSE:RBA) (TSE:RBA) last issued its quarterly earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.04. RB Global had a return on equity of 12.33% and a net margin of 9.55%.The company had revenue of $888.01 million during the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the previous year, the firm posted $0.89 EPS. RB Global’s revenue was up 11.4% on a year-over-year basis. As a group, sell-side analysts anticipate that RB Global will post 4.16 earnings per share for the current year.

RB Global Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Wednesday, May 27th were given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Wednesday, May 27th. RB Global’s payout ratio is 57.67%.

Insider Buying and Selling

In other news, Director Deborah Stein acquired 425 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were bought at an average cost of $103.15 per share, for a total transaction of $43,838.75. Following the acquisition, the director directly owned 1,825 shares in the company, valued at $188,248.75. This trade represents a 30.36% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.57% of the stock is owned by corporate insiders.

Institutional Trading of RB Global

A number of institutional investors have recently modified their holdings of the company. T. Rowe Price Investment Management Inc. raised its position in RB Global by 6,120,490.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,448,236 shares of the business services provider’s stock valued at $251,851,000 after purchasing an additional 2,448,196 shares during the period. Norges Bank purchased a new stake in shares of RB Global in the fourth quarter worth about $231,813,000. Lazard Asset Management LLC purchased a new stake in shares of RB Global in the first quarter worth about $210,091,000. EdgePoint Investment Group Inc. grew its stake in shares of RB Global by 14.4% in the first quarter. EdgePoint Investment Group Inc. now owns 8,812,865 shares of the business services provider’s stock valued at $845,337,000 after buying an additional 1,111,217 shares in the last quarter. Finally, Royal Bank of Canada grew its stake in shares of RB Global by 13.1% in the first quarter. Royal Bank of Canada now owns 5,043,648 shares of the business services provider’s stock valued at $483,432,000 after buying an additional 585,617 shares in the last quarter. Hedge funds and other institutional investors own 95.37% of the company’s stock.

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.