Barclays Has Lowered Expectations for RB Global (NYSE:RBA) Stock Price

Key Points

• Barclays lowered its price target for RB Global from $121 to $110 while maintaining an “overweight” rating, implying roughly 34% upside from the stock’s $81.98 price.
• Analyst sentiment remains generally positive: RB Global has a consensus “Moderate Buy” rating and an average price target of $126, despite some recent downgrades and target reductions.
• RB Global recently exceeded quarterly expectations, reporting $1.13 in earnings per share versus the $1.09 consensus and revenue of $1.66 billion; insiders also purchased shares, while institutional investors own approximately 95.4% of the stock.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA had its price objective dropped by Barclays from $121.00 to $110.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an "overweight" rating on the business services provider's stock. Barclays's target price would suggest a potential upside of 34.19% from the stock's current price.

A number of other research analysts have also commented on the company. Zacks Research lowered RB Global from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 13th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $152.00 price target on shares of RB Global in a research note on Wednesday, September 23rd. National Bank Financial decreased their price target on RB Global from $133.00 to $130.00 and set a "sector outperform" rating on the stock in a report on Monday, September 14th. Raymond James Financial upgraded RB Global from an "outperform" rating to a "strong-buy" rating and set a $145.00 price target on the stock in a report on Tuesday, June 30th. Finally, Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of RB Global in a report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, RB Global currently has an average rating of "Moderate Buy" and a consensus price target of $126.00.

RB Global Price Performance

NYSE:RBA traded down $0.32 during mid-day trading on Tuesday, reaching $81.98. 30,341 shares of the company were exchanged, compared to its average volume of 1,427,586. RB Global has a 12 month low of $78.05 and a 12 month high of $119.33. The company has a fifty day moving average of $88.17 and a 200 day moving average of $99.42. The company has a quick ratio of 1.22, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. The stock has a market cap of $14.86 billion, a PE ratio of 35.23, a PEG ratio of 1.40 and a beta of 0.53.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last announced its earnings results on Tuesday, August 4th. The business services provider reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.04. RB Global had a net margin of 9.99% and a return on equity of 12.37%. The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.21 billion. On average, research analysts anticipate that RB Global will post 4.06 EPS for the current fiscal year.

Insider Activity

In related news, Director Chloe Harford bought 1,200 shares of the business's stock in a transaction on Monday, August 24th. The shares were purchased at an average price 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 of the company's stock, valued at $100,488. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Deborah Stein bought 500 shares of RB Global stock in a transaction on Wednesday, September 9th. The shares were bought at an average price of $80.91 per share, for a total transaction of $40,455.00. Following the acquisition, the director owned 2,325 shares of the company's stock, valued at approximately $188,115.75. The trade was a 27.40% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 0.57% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio grew its position in shares of RB Global by 9.2% in the 1st quarter. Public Employees Retirement System of Ohio now owns 207,778 shares of the business services provider's stock valued at $19,873,000 after acquiring an additional 17,489 shares during the period. Legacy Wealth Asset Management LLC raised its holdings in shares of RB Global by 127.3% in the 2nd quarter. Legacy Wealth Asset Management LLC now owns 26,343 shares of the business services provider's stock valued at $3,068,000 after purchasing an additional 14,755 shares during the period. Bank of America Corp DE lifted its stake in RB Global by 7.8% in the 1st quarter. Bank of America Corp DE now owns 1,452,438 shares of the business services provider's stock valued at $139,216,000 after purchasing an additional 104,560 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in RB Global in the 2nd quarter valued at about $17,590,000. Finally, Moore Capital Management LP grew its holdings in RB Global by 125.0% during the fourth quarter. Moore Capital Management LP now owns 305,557 shares of the business services provider's stock worth $31,433,000 after purchasing an additional 169,755 shares during the period. Institutional investors and hedge funds own 95.37% of the company's stock.

RB Global Company Profile

RB Global, Inc NYSE: RBA is a global marketplace and service provider for used commercial and industrial assets. The company connects buyers and sellers of construction and agricultural equipment, trucks, trailers, transportation assets, vehicles and other specialized equipment through live auctions, online auctions and fixed-price marketplaces.

Its portfolio includes the Ritchie Bros. auction business, IronPlanet, Marketplace-E, GovPlanet, TruckPlanet, Rouse and SmartEquip. RB Global also operates IAA, a marketplace focused on salvage vehicles and automotive remarketing.

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