Royal Bank Of Canada Reaffirms Outperform Rating for RB Global (NYSE:RBA)

RB Global (NYSE:RBA) (TSE:RBA)‘s stock had its “outperform” rating restated by analysts at Royal Bank Of Canada in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $152.00 target price on the business services provider’s stock. Royal Bank Of Canada’s price objective suggests a potential upside of 82.21% from the company’s previous close.

A number of other equities analysts have also commented on RBA. National Bank Financial cut their price objective on shares of RB Global from $133.00 to $130.00 and set a “sector outperform” rating on the stock in a report on Monday, September 14th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of RB Global in a report on Wednesday, August 5th. Weiss Ratings downgraded RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday. Zacks Research cut RB Global from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 13th. Finally, Raymond James Financial upgraded shares of RB Global from an “outperform” rating to a “strong-buy” rating and set a $145.00 price objective on the stock in a research note on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, RB Global presently has a consensus rating of “Moderate Buy” and an average price target of $127.57.

RB Global Price Performance

RBA stock opened at $83.42 on Wednesday. The stock has a 50-day moving average price of $93.52 and a two-hundred day moving average price of $100.68. The company has a market cap of $15.12 billion, a PE ratio of 35.80, a price-to-earnings-growth ratio of 1.43 and a beta of 0.52. The company has a current ratio of 1.31, a quick ratio of 1.22 and a debt-to-equity ratio of 0.51. RB Global has a 12-month low of $79.75 and a 12-month high of $119.33.

RB Global (NYSE:RBA) (TSE:RBA) last released its quarterly earnings data on Tuesday, August 4th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.04. The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.21 billion. RB Global had a net margin of 9.99% and a return on equity of 12.37%. As a group, research analysts predict that RB Global will post 4.06 EPS for the current year.

Insiders Place Their Bets

In related news, Director Deborah Stein acquired 500 shares of the business’s stock in a transaction that occurred on Wednesday, September 9th. The shares were acquired at an average cost of $80.91 per share, for a total transaction of $40,455.00. Following the completion of the purchase, the director directly owned 2,325 shares in the company, valued at $188,115.75. This trade represents a 27.40% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Chloe Harford purchased 1,200 shares of RB Global stock in a transaction dated Monday, August 24th. The stock was bought at an average cost of $83.74 per share, with a total value of $100,488.00. Following the completion of the purchase, the director owned 1,200 shares in the company, valued at approximately $100,488. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. 0.57% of the stock is currently owned by company insiders.

Institutional Trading of RB Global

Institutional investors have recently modified their holdings of the company. Sequoia Financial Advisors LLC grew its stake in RB Global by 4.0% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 4,516 shares of the business services provider’s stock valued at $526,000 after acquiring an additional 175 shares in the last quarter. WINTON GROUP Ltd raised its stake in shares of RB Global by 377.9% during the 2nd quarter. WINTON GROUP Ltd now owns 19,800 shares of the business services provider’s stock worth $2,306,000 after purchasing an additional 15,657 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of RB Global in the 2nd quarter valued at approximately $35,000. NewEdge Advisors LLC grew its position in RB Global by 6.1% in the second quarter. NewEdge Advisors LLC now owns 5,763 shares of the business services provider’s stock worth $671,000 after acquiring an additional 332 shares in the last quarter. Finally, Squarepoint Ops LLC bought a new position in RB Global during the second quarter valued at about $732,000. Institutional investors and hedge funds own 95.37% of the company’s stock.

RB Global Company Profile

RB Global, Inc (NYSE: RBA) operates a global marketplace for the sale and management of used equipment, vehicles and other commercial assets. The company serves construction, transportation, agriculture, energy, government and other industrial sectors, helping businesses buy, sell, manage and value assets through digital and physical channels.

Its services include unreserved live and online auctions, timed auctions, private sales, equipment listings, inspections, valuations, financing and asset-management solutions.