RB Global (NYSE:RBA) Price Target Increased to $92.50 by Analysts at Bank of America

RB Global (NYSE:RBA) (TSE:RBA) had its price objective hoisted by Bank of America from $79.00 to $92.50 in a research report sent to investors on Monday, Benzinga reports. The brokerage currently has a neutral rating on the business services provider’s stock.

RBA has been the subject of a number of other research reports. Raymond James upped their price objective on RB Global from $95.00 to $98.00 and gave the company an outperform rating in a report on Thursday, August 8th. CIBC initiated coverage on RB Global in a research note on Tuesday, June 18th. They issued a sector outperform rating and a $95.00 price target for the company. Royal Bank of Canada increased their price target on shares of RB Global from $93.00 to $99.00 and gave the company an outperform rating in a research report on Wednesday, August 7th. Finally, Robert W. Baird boosted their price objective on shares of RB Global from $80.00 to $86.00 and gave the company an outperform rating in a report on Wednesday, August 7th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $90.36.

RB Global Trading Up 0.1 %

Shares of RBA opened at $85.23 on Monday. The stock has a fifty day moving average price of $79.56 and a two-hundred day moving average price of $76.27. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.20 and a current ratio of 1.29. The company has a market cap of $15.58 billion, a price-to-earnings ratio of 51.34, a PEG ratio of 5.85 and a beta of 0.91. RB Global has a 52-week low of $58.85 and a 52-week high of $87.45.

RB Global (NYSE:RBA) (TSE:RBA) last issued its quarterly earnings results on Tuesday, August 6th. The business services provider reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.06. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.13 billion. RB Global had a net margin of 8.67% and a return on equity of 7.27%. RB Global’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter last year, the business posted $0.42 earnings per share. Analysts predict that RB Global will post 1.96 EPS for the current fiscal year.

RB Global Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, August 28th will be issued a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, August 28th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.36%. This is a boost from RB Global’s previous quarterly dividend of $0.27. RB Global’s payout ratio is 69.88%.

Insider Buying and Selling

In other RB Global news, insider Darren Jeffrey Watt sold 2,915 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $82.80, for a total transaction of $241,362.00. Following the completion of the transaction, the insider now owns 19,271 shares of the company’s stock, valued at $1,595,638.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Darren Jeffrey Watt sold 2,915 shares of RB Global stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $82.80, for a total transaction of $241,362.00. Following the sale, the insider now directly owns 19,271 shares of the company’s stock, valued at approximately $1,595,638.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO James J. Jeter sold 2,920 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $78.96, for a total transaction of $230,563.20. Following the completion of the transaction, the executive now directly owns 23,267 shares of the company’s stock, valued at approximately $1,837,162.32. The disclosure for this sale can be found here. Insiders sold a total of 20,472 shares of company stock worth $1,669,216 in the last ninety days. 4.32% of the stock is owned by insiders.

Hedge Funds Weigh In On RB Global

A number of institutional investors and hedge funds have recently bought and sold shares of RBA. Brevan Howard Capital Management LP acquired a new position in shares of RB Global in the fourth quarter valued at approximately $2,009,000. Intech Investment Management LLC bought a new position in shares of RB Global during the first quarter valued at $613,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of RB Global by 2.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,030,810 shares of the business services provider’s stock worth $68,951,000 after purchasing an additional 24,684 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in RB Global by 25.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 366,625 shares of the business services provider’s stock worth $27,927,000 after buying an additional 74,809 shares during the period. Finally, TD Asset Management Inc grew its position in shares of RB Global by 3.9% in the 4th quarter. TD Asset Management Inc now owns 603,261 shares of the business services provider’s stock valued at $40,567,000 after buying an additional 22,636 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.