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

Key Points

• Royal Bank of Canada reaffirmed its “Outperform” rating on RB Global and maintained a $152 price target, implying approximately 82% upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average target price of $127.57, although several firms recently downgraded the stock to “Hold.”
• RB Global recently exceeded quarterly expectations, reporting $1.13 in earnings per share versus a $1.09 consensus estimate and $1.66 billion in revenue versus $1.21 billion expected; shares opened at $83.42, near their 52-week low.

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

Other research analysts have also recently issued research reports about the stock. Wall Street Zen cut shares of RB Global from a "buy" rating to a "hold" rating in a report on Saturday, July 18th. Raymond James Financial raised RB Global from an "outperform" rating to a "strong-buy" rating and set a $145.00 target price on the stock in a research report on Tuesday, June 30th. Zacks Research lowered RB Global from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Weiss Ratings lowered shares of RB Global from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday. Finally, Barclays lowered their target price on RB Global from $124.00 to $121.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $127.57.

RB Global Stock Down 0.3%

Shares of RBA stock opened at $83.42 on Wednesday. The stock's fifty day moving average price is $93.52 and its 200 day moving average price is $100.68. RB Global has a 1-year low of $79.75 and a 1-year high of $119.33. The company has a market cap of $15.12 billion, a price-to-earnings ratio of 35.80, a price-to-earnings-growth ratio of 1.43 and a beta of 0.52. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.31 and a quick ratio of 1.22.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its quarterly 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. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.21 billion. RB Global had a return on equity of 12.37% and a net margin of 9.99%. On average, research analysts expect that RB Global will post 4.06 earnings per share for the current fiscal year.

Insider Activity

In other RB Global news, Director Chloe Harford acquired 1,200 shares of the firm's stock in a transaction that occurred on Monday, August 24th. The shares were purchased at an average cost of $83.74 per share, for a total transaction of $100,488.00. Following the completion of the acquisition, the director owned 1,200 shares of the company's stock, valued at approximately $100,488. The trade was a ∞ increase in their position. The purchase 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 stock was acquired at an average price of $80.91 per share, for a total transaction of $40,455.00. Following the transaction, the director directly owned 2,325 shares of the company's stock, valued at approximately $188,115.75. This trade represents a 27.40% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.57% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RB Global

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

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