RB Global (NYSE:RBA) Rating Increased to Buy at Wall Street Zen

Key Points

• RB Global has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, reflecting a positive outlook from analysts.
• Multiple analysts have increased their target prices for RB Global, with a consensus target price now set at $119.79.
• RB Global reported a quarterly earnings per share (EPS) of $1.07, exceeding the consensus estimate by $0.12 and showing an 8.2% revenue increase year-over-year.

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

A number of other analysts also recently weighed in on the company. Royal Bank Of Canada upped their target price on RB Global from $125.00 to $132.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Raymond James Financial boosted their price target on RB Global from $125.00 to $135.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. 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. National Bankshares boosted their price target on RB Global from $112.00 to $113.00 and gave the stock a "sector perform" rating in a report on Thursday, August 7th. Finally, 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 research note on Thursday, August 7th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $119.79.

RB Global Stock Performance

NYSE:RBA traded down $0.59 during mid-day trading on Friday, hitting $116.74. The stock had a trading volume of 1,609,097 shares, compared to its average volume of 1,090,396. RB Global has a twelve month low of $78.08 and a twelve month high of $117.76. The stock has a market cap of $21.66 billion, a price-to-earnings ratio of 57.79, a PEG ratio of 2.65 and a beta of 0.75. The company's 50 day simple moving average is $107.37 and its 200 day simple moving average is $101.95. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.22 and a current ratio of 1.28.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its earnings results on Wednesday, August 6th. The business services provider reported $1.07 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the company posted $0.94 EPS. The firm's revenue for the quarter was up 8.2% compared to the same quarter last year. On average, equities research analysts forecast that RB Global will post 2.5 earnings per share for the current year.

RB Global Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, August 28th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Thursday, August 28th. This is a boost from RB Global's previous quarterly dividend of $0.29. RB Global's payout ratio is currently 57.43%.

Insider Transactions at RB Global

In other news, Director Adam Dewitt sold 800 shares of the stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $106.17, for a total value of $84,936.00. Following the completion of the sale, the director owned 5,865 shares of the company's stock, valued at approximately $622,687.05. This represents a 12.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO James Francis Kessler sold 45,658 shares of the stock in a transaction dated Monday, July 14th. The shares were 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 approximately $11,832,590. The trade was a 29.80% decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,558 shares of company stock worth $6,528,065 in the last 90 days. 0.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On RB Global

Several institutional investors and hedge funds have recently made changes to their positions in RBA. Vanguard Group Inc. grew its stake in RB Global by 1.2% during the second quarter. Vanguard Group Inc. now owns 25,205,500 shares of the business services provider's stock worth $2,676,926,000 after purchasing an additional 289,094 shares during the period. Massachusetts Financial Services Co. MA grew its stake in RB Global by 3.6% in the first quarter. Massachusetts Financial Services Co. MA now owns 10,241,186 shares of the business services provider's stock valued at $1,027,191,000 after acquiring an additional 352,530 shares during the period. Geode Capital Management LLC grew its stake in RB Global by 7.5% in the second quarter. Geode Capital Management LLC now owns 4,552,803 shares of the business services provider's stock valued at $482,383,000 after acquiring an additional 317,781 shares during the period. Fiera Capital Corp grew its stake in RB Global by 2.7% in the second quarter. Fiera Capital Corp now owns 3,876,595 shares of the business services provider's stock valued at $411,586,000 after acquiring an additional 102,681 shares during the period. Finally, Janus Henderson Group PLC grew its stake in RB Global by 0.6% in the fourth quarter. Janus Henderson Group PLC now owns 3,403,086 shares of the business services provider's stock valued at $307,033,000 after acquiring an additional 19,895 shares during the period. Institutional investors and hedge funds own 95.37% of the company's stock.

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.