RB Global (NYSE:RBA) Downgraded to "Hold" Rating by Wall Street Zen

Key Points

• RB Global's stock rating has been downgraded from "buy" to "hold" by Wall Street Zen, signaling a shift in analyst sentiment regarding the company's investment potential.
• Despite the downgrade, several other brokerages are maintaining or increasing their price targets, with the average target price set at $124.33 and a consensus rating of "Moderate Buy."
• RB Global reported a quarterly earnings beat with earnings per share of $1.07, exceeding expectations, along with an increase in revenue, reflecting strong performance in the business services sector.

Wall Street Zen lowered shares of RB Global (NYSE:RBA - Free Report) TSE: RBA from a buy rating to a hold rating in a research note released on Friday morning.

Other equities research analysts have also issued reports about the stock. BMO Capital Markets boosted their target price on shares of RB Global from $125.00 to $130.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. CIBC increased their price objective on RB Global from $118.00 to $121.00 and gave the company an "outperformer" rating in a report on Friday, July 18th. Robert W. Baird lifted their target price on RB Global from $110.00 to $115.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Raymond James Financial upped their price target on RB Global from $125.00 to $135.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Finally, National Bankshares raised their price objective on RB Global from $112.00 to $113.00 and gave the stock a "sector perform" rating in a research report on Thursday, August 7th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $124.33.

RB Global Price Performance

RBA stock traded up $2.41 during midday trading on Friday, reaching $118.60. 1,344,632 shares of the stock were exchanged, compared to its average volume of 840,472. RB Global has a 52 week low of $78.08 and a 52 week high of $118.79. The company has a fifty day moving average price of $112.05 and a 200 day moving average price of $105.23. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.28 and a quick ratio of 1.22. The stock has a market capitalization of $22.01 billion, a PE ratio of 58.71, a P/E/G ratio of 2.70 and a beta of 0.65.

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

RB Global Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 28th will be paid a $0.31 dividend. The ex-dividend date is Thursday, August 28th. This represents a $1.24 annualized dividend and a dividend yield of 1.0%. This is a boost from RB Global's previous quarterly dividend of $0.29. RB Global's dividend payout ratio (DPR) is 61.39%.

Insider Buying and Selling

In other news, CEO James Francis Kessler sold 45,658 shares of the stock in a transaction that occurred 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 sale, the chief executive officer directly owned 107,569 shares of the company's stock, valued at $11,832,590. This represents a 29.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Darren Jeffrey Watt sold 7,400 shares of the company's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $110.00, for a total transaction of $814,000.00. Following the completion of the sale, the insider owned 24,874 shares of the company's stock, valued at approximately $2,736,140. The trade was a 22.93% decrease in their position. The disclosure for this sale can be found here. 4.32% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On RB Global

A number of institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets purchased a new stake in shares of RB Global during the 4th quarter valued at $1,578,000. Cetera Investment Advisers grew its position in RB Global by 3.6% during the fourth quarter. Cetera Investment Advisers now owns 40,020 shares of the business services provider's stock valued at $3,610,000 after buying an additional 1,403 shares during the period. Cubist Systematic Strategies LLC bought a new stake in RB Global in the fourth quarter worth about $569,000. CoreCap Advisors LLC raised its position in RB Global by 74.5% in the fourth quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock worth $25,000 after acquiring an additional 117 shares during the period. Finally, Deutsche Bank AG increased its stake in shares of RB Global by 4.4% during the 4th quarter. Deutsche Bank AG now owns 246,057 shares of the business services provider's stock worth $22,197,000 after purchasing an additional 10,393 shares during the last quarter. 95.37% of the stock is owned by 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.