Barclays Cuts RB Global (NYSE:RBA) Price Target to $121.00

RB Global (NYSE:RBA) (TSE:RBA) had its price target reduced by Barclays from $124.00 to $121.00 in a research report sent to investors on Wednesday,Benzinga reports. Barclays currently has an overweight rating on the business services provider’s stock.

RBA has been the subject of several other reports. Zacks Research raised RB Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 3rd. Wall Street Zen downgraded RB Global from a “buy” rating to a “hold” rating in a research report on Saturday, July 18th. Stephens restated an “equal weight” rating and set a $96.00 price target on shares of RB Global in a report on Tuesday, May 5th. Raymond James Financial raised shares of RB Global from an “outperform” rating to a “strong-buy” rating and set a $145.00 price objective for the company in a research note on Tuesday, June 30th. Finally, National Bank Financial boosted their price objective on shares of RB Global from $130.00 to $132.00 and gave the company an “outperform” rating in a research report on Monday, July 13th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $127.57.

RB Global Trading Up 2.3%

Shares of RB Global stock opened at $111.68 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.40. The firm has a market cap of $20.71 billion, a price-to-earnings ratio of 51.95, a PEG ratio of 1.71 and a beta of 0.55. RB Global has a twelve month low of $93.58 and a twelve month high of $119.58. The business has a 50-day moving average price of $108.82 and a 200-day moving average price of $106.35.

RB Global (NYSE:RBA) (TSE:RBA) last released its quarterly earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.04. RB Global had a return on equity of 12.33% and a net margin of 9.55%.The business had revenue of $888.01 million during the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter last year, the business posted $0.89 EPS. The firm’s revenue for the quarter was up 11.4% compared to the same quarter last year. Equities research analysts anticipate that RB Global will post 4.16 EPS for the current fiscal year.

RB Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Wednesday, May 27th were issued a dividend of $0.31 per share. The ex-dividend date was Wednesday, May 27th. This represents a $1.24 dividend on an annualized basis and a yield of 1.1%. RB Global’s payout ratio is presently 57.67%.

Insider Buying and Selling

In other RB Global news, Director Deborah Stein acquired 425 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were bought at an average price of $103.15 per share, with a total value of $43,838.75. Following the transaction, the director directly owned 1,825 shares of the company’s stock, valued at $188,248.75. The trade was a 30.36% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. 0.57% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. lifted its holdings in shares of RB Global by 6,120,490.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,448,236 shares of the business services provider’s stock worth $251,851,000 after buying an additional 2,448,196 shares during the period. Norges Bank purchased a new position in shares of RB Global during the fourth quarter valued at $231,813,000. Lazard Asset Management LLC purchased a new position in shares of RB Global during the first quarter valued at $210,091,000. EdgePoint Investment Group Inc. raised its holdings in shares of RB Global by 14.4% in the first quarter. EdgePoint Investment Group Inc. now owns 8,812,865 shares of the business services provider’s stock valued at $845,337,000 after acquiring an additional 1,111,217 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in shares of RB Global by 13.1% in the first quarter. Royal Bank of Canada now owns 5,043,648 shares of the business services provider’s stock valued at $483,432,000 after acquiring an additional 585,617 shares in the last quarter. 95.37% of the stock is currently owned by institutional investors.

RB Global Company Profile

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.