RB Global (NYSE:RBA) Lowered 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 report released on Friday.

Several other research analysts also recently issued reports on RBA. National Bank Financial downgraded shares of RB Global from a "strong-buy" rating to a "hold" rating in a report on Sunday, May 25th. BMO Capital Markets upped their target price on RB Global from $125.00 to $130.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Robert W. Baird increased their target price on RB Global from $110.00 to $115.00 and gave the company an "outperform" rating in a research report on Thursday, May 8th. CIBC boosted their price target on RB Global from $118.00 to $121.00 and gave the stock an "outperformer" rating in a report on Friday, July 18th. Finally, Royal Bank Of Canada upped their price objective on RB Global from $125.00 to $132.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, RB Global presently has an average rating of "Moderate Buy" and an average price target of $124.33.

RB Global Price Performance

Shares of RBA stock traded up $0.00 on Friday, reaching $116.30. The company had a trading volume of 495,695 shares, compared to its average volume of 1,065,082. The business's 50-day moving average is $111.58 and its 200 day moving average is $105.05. RB Global has a one year low of $78.08 and a one year high of $118.23. The company has a quick ratio of 1.22, a current ratio of 1.28 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $21.58 billion, a PE ratio of 57.53, a price-to-earnings-growth ratio of 2.69 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.12. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.14 billion. RB Global had a net margin of 9.46% and a return on equity of 9.42%. The firm's revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.94 EPS. Equities research analysts forecast that RB Global will post 2.5 EPS for the current fiscal year.

RB Global Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, August 28th will be given a $0.31 dividend. This is an increase from RB Global's previous quarterly dividend of $0.29. The ex-dividend date is Thursday, August 28th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.1%. RB Global's dividend payout ratio is presently 61.39%.

Insider Buying and Selling at RB Global

In other news, CEO James Francis Kessler sold 45,658 shares of the stock in a transaction on Monday, July 14th. The shares were sold at an average price of $110.00, for a total transaction of $5,022,380.00. Following the completion of the sale, the chief executive officer directly owned 107,569 shares in the company, valued at $11,832,590. This represents a 29.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Darren Jeffrey Watt sold 7,400 shares of the business's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $110.00, for a total transaction of $814,000.00. Following the completion of the transaction, the insider owned 24,874 shares in the company, 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. Corporate insiders own 0.28% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. CoreCap Advisors LLC raised its position in shares of RB Global by 74.5% in the 4th quarter. CoreCap Advisors LLC now owns 274 shares of the business services provider's stock worth $25,000 after acquiring an additional 117 shares in the last quarter. SouthState Corp bought a new position in shares of RB Global in the 1st quarter worth about $26,000. MV Capital Management Inc. raised its position in shares of RB Global by 5,560.0% in the 1st quarter. MV Capital Management Inc. now owns 283 shares of the business services provider's stock worth $28,000 after acquiring an additional 278 shares in the last quarter. SVB Wealth LLC bought a new position in shares of RB Global in the 1st quarter worth about $28,000. Finally, IFP Advisors Inc raised its position in shares of RB Global by 348.8% in the 1st 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 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.