RB Global (NYSE:RBA) Price Target Raised to $132.00 at National Bank Financial

Key Points

• National Bank Financial raised its price target on RB Global from $130 to $132 and kept an outperform rating, implying about 21% upside from the prior close.
• Other analysts have also turned more positive, including upgrades from Wall Street Zen and Zacks Research, while RBC lifted its target to $150; overall, the stock carries a Buy consensus with a $127.12 average target.
• RB Global shares were up 0.9% to $109.06 on Monday after a recent earnings report that beat EPS estimates, and institutional ownership remains high at 95.37%.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA had its price objective lifted by research analysts at National Bank Financial from $130.00 to $132.00 in a research note issued to investors on Monday,BayStreet.CA reports. The firm currently has an "outperform" rating on the business services provider's stock. National Bank Financial's price target indicates a potential upside of 21.04% from the company's previous close.

Other analysts also recently issued research reports about the stock. Wall Street Zen upgraded shares of RB Global from a "hold" rating to a "buy" rating in a research report on Saturday, July 4th. Royal Bank Of Canada boosted their price target on shares of RB Global from $146.00 to $150.00 and gave the company an "outperform" rating in a research report on Tuesday, May 5th. Stephens restated an "equal weight" rating and issued a $96.00 price objective on shares of RB Global in a research note on Tuesday, May 5th. Zacks Research upgraded shares of RB Global from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 3rd. Finally, Barclays started coverage on RB Global in a report on Thursday, May 28th. They set an "overweight" rating and a $124.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, RB Global has a consensus rating of "Buy" and a consensus price target of $127.12.

RB Global Stock Up 0.9%

Shares of NYSE:RBA traded up $0.93 on Monday, hitting $109.06. 298,991 shares of the company's stock were exchanged, compared to its average volume of 1,293,263. The firm's 50-day moving average is $107.43 and its 200 day moving average is $105.93. The company has a market capitalization of $20.28 billion, a PE ratio of 50.71, a P/E/G ratio of 1.69 and a beta of 0.55. RB Global has a 1-year low of $93.58 and a 1-year high of $119.58. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.07 and a current ratio of 1.14.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.04. The business had revenue of $888.01 million for the quarter, compared to analyst estimates of $1.13 billion. RB Global had a return on equity of 12.33% and a net margin of 9.55%.The business's quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter last year, the company earned $0.89 EPS. Sell-side analysts predict that RB Global will post 4.16 EPS for the current year.

Insider Buying and Selling

In other news, Director Deborah Stein acquired 425 shares of the business's stock in a transaction on Tuesday, May 19th. The stock was bought at an average price of $103.15 per share, for a total transaction of $43,838.75. Following the transaction, the director owned 1,825 shares in the company, valued at $188,248.75. This represents a 30.36% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.57% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Massachusetts Financial Services Co. MA lifted its position in RB Global by 1.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 10,892,186 shares of the business services provider's stock valued at $1,120,479,000 after purchasing an additional 165,260 shares during the period. EdgePoint Investment Group Inc. increased its position in RB Global by 14.4% during the 1st quarter. EdgePoint Investment Group Inc. now owns 8,812,865 shares of the business services provider's stock worth $845,337,000 after purchasing an additional 1,111,217 shares during the period. State Street Corp increased its position in RB Global by 1.7% during the 4th quarter. State Street Corp now owns 6,290,640 shares of the business services provider's stock worth $647,118,000 after purchasing an additional 104,286 shares during the period. Royal Bank of Canada raised its stake in shares of RB Global by 13.1% during the 1st quarter. Royal Bank of Canada now owns 5,043,648 shares of the business services provider's stock worth $483,432,000 after buying an additional 585,617 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of RB Global by 5.3% in the 4th quarter. Geode Capital Management LLC now owns 5,000,897 shares of the business services provider's stock valued at $513,930,000 after buying an additional 250,887 shares during the period. 95.37% of the stock is currently owned by institutional investors and hedge funds.

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.

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