RB Global (NYSE:RBA) Price Target Raised to $130.00

Key Points

• BMO Capital Markets has increased its target price for RB Global (NYSE:RBA) from $125.00 to $130.00, indicating a potential upside of 19.65% from the stock's previous close.
• RB Global's latest quarterly earnings exceeded analysts' expectations, with reported EPS of $1.07 compared to a consensus estimate of $0.95 and a revenue of $1.20 billion.
• Despite the positive outlook from some analysts, several research firms have recently downgraded their ratings on RB Global, leading to a consensus rating of "Moderate Buy."

RB Global (NYSE:RBA - Get Free Report) TSE: RBA had its price target boosted by equities researchers at BMO Capital Markets from $125.00 to $130.00 in a research report issued on Thursday, Marketbeat Ratings reports. The brokerage presently has an "outperform" rating on the business services provider's stock. BMO Capital Markets' price target would suggest a potential upside of 13.94% from the company's current price.

Other equities research analysts have also issued research reports about the stock. CIBC lifted their price objective on shares of RB Global from $118.00 to $121.00 and gave the company an "outperformer" rating in a report on Friday, July 18th. National Bankshares decreased their price target on shares of RB Global from $118.00 to $115.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. Raymond James Financial boosted their price target on RB Global from $118.00 to $125.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Wall Street Zen cut RB Global from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Finally, National Bank Financial lowered RB Global from a "strong-buy" rating to a "hold" rating in a research report on Sunday, May 25th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $119.79.

RB Global Trading Up 2.8%

Shares of RBA traded up $3.09 during mid-day trading on Thursday, reaching $114.10. 1,827,769 shares of the company's stock traded hands, compared to its average volume of 922,218. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.28 and a quick ratio of 1.21. The stock's 50-day moving average is $107.13 and its two-hundred day moving average is $101.59. RB Global has a 12 month low of $77.79 and a 12 month high of $114.45. The stock has a market cap of $21.17 billion, a P/E ratio of 56.49, a P/E/G ratio of 2.56 and a beta of 0.75.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last announced its quarterly earnings data on Wednesday, August 6th. The business services provider reported $1.07 EPS for the quarter, beating the consensus estimate of $0.95 by $0.12. RB Global had a return on equity of 9.42% and a net margin of 9.46%. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the company posted $0.94 EPS. RB Global's quarterly revenue was up 8.2% on a year-over-year basis. Research analysts forecast that RB Global will post 2.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO James Francis Kessler sold 45,658 shares of the business's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $110.00, for a total value of $5,022,380.00. Following the completion of the transaction, the chief executive officer directly owned 107,569 shares of the company's stock, valued at approximately $11,832,590. The trade was a 29.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CRO James J. Jeter sold 3,500 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $104.38, for a total transaction of $365,330.00. Following the completion of the transaction, the executive owned 16,167 shares of the company's stock, valued at $1,687,511.46. This represents a 17.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 72,133 shares of company stock worth $7,843,729. Insiders own 4.32% of the company's stock.

Hedge Funds Weigh In On RB Global

Several institutional investors and hedge funds have recently bought and sold shares of the company. SouthState Corp purchased a new stake in shares of RB Global during the 1st quarter valued at $26,000. CoreCap Advisors LLC increased its position in RB Global by 74.5% during the 4th quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock valued at $25,000 after buying an additional 117 shares in the last quarter. SVB Wealth LLC purchased a new stake in RB Global in the first quarter valued at about $28,000. MV Capital Management Inc. raised its stake in RB Global by 5,560.0% in the first quarter. MV Capital Management Inc. now owns 283 shares of the business services provider's stock valued at $28,000 after buying an additional 278 shares during the last quarter. Finally, IFP Advisors Inc boosted its holdings in RB Global by 348.8% in the first quarter. IFP Advisors Inc now owns 359 shares of the business services provider's stock worth $36,000 after acquiring an additional 279 shares in the last quarter. 95.37% of the stock is owned by hedge funds and other institutional investors.

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.