RB Global (NYSE:RBA) Given New $133.00 Price Target at National Bank Financial

RB Global (NYSE:RBA) (TSE:RBA) had its price target raised by stock analysts at National Bank Financial from $132.00 to $133.00 in a report released on Wednesday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the business services provider’s stock. National Bank Financial’s target price points to a potential upside of 37.27% from the stock’s current price.

Several other equities analysts have also weighed in on the stock. Raymond James Financial upgraded shares of RB Global from an “outperform” rating to a “strong-buy” rating and set a $145.00 target price on the stock in a report on Tuesday, June 30th. Royal Bank Of Canada boosted their target price on shares of RB Global from $150.00 to $152.00 and gave the stock an “outperform” rating in a research report on Wednesday. Stephens reiterated an “equal weight” rating and issued a $96.00 price target on shares of RB Global in a report on Tuesday, May 5th. BMO Capital Markets restated an “outperform” rating and issued a $135.00 price target (up from $130.00) on shares of RB Global in a research report on Tuesday, May 5th. Finally, Barclays dropped their price objective on shares of RB Global from $124.00 to $121.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 22nd. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, RB Global presently has an average rating of “Buy” and an average price target of $128.00.

RB Global Trading Down 12.8%

RB Global stock traded down $14.17 during trading on Wednesday, hitting $96.89. The company’s stock had a trading volume of 4,851,250 shares, compared to its average volume of 1,288,378. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.07 and a current ratio of 1.14. The stock has a market capitalization of $17.94 billion, a price-to-earnings ratio of 45.17, a P/E/G ratio of 2.30 and a beta of 0.56. The stock’s fifty day moving average is $110.08 and its 200 day moving average is $106.56. RB Global has a 1-year low of $93.58 and a 1-year high of $119.58.

RB Global (NYSE:RBA) (TSE:RBA) last announced its quarterly earnings data on Tuesday, August 4th. The business services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.04. RB Global had a net margin of 9.55% and a return on equity of 12.33%. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.21 billion. As a group, equities research analysts predict that RB Global will post 4.16 EPS for the current year.

Insider Buying and Selling

In other RB Global news, Director Deborah Stein bought 425 shares of RB Global stock in a transaction that occurred on Tuesday, May 19th. The stock was purchased at an average cost of $103.15 per share, for a total transaction of $43,838.75. Following the completion of the acquisition, the director owned 1,825 shares of the company’s stock, valued at approximately $188,248.75. This represents a 30.36% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.57% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio lifted its holdings in shares of RB Global by 9.2% in the first quarter. Public Employees Retirement System of Ohio now owns 207,778 shares of the business services provider’s stock valued at $19,873,000 after purchasing an additional 17,489 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of RB Global by 1.5% in the 4th 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. Wilson Asset Management International PTY Ltd. lifted its position in shares of RB Global by 8.5% in the fourth quarter. Wilson Asset Management International PTY Ltd. now owns 139,295 shares of the business services provider’s stock worth $14,329,000 after purchasing an additional 10,951 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its position in shares of RB Global by 20.5% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 173,358 shares of the business services provider’s stock worth $17,833,000 after purchasing an additional 29,530 shares in the last quarter. Finally, Tectonic Advisors LLC boosted its holdings in shares of RB Global by 78.3% during the fourth quarter. Tectonic Advisors LLC now owns 59,867 shares of the business services provider’s stock worth $6,159,000 after purchasing an additional 26,286 shares during the period. 95.37% of the stock is owned by hedge funds and other institutional investors.

RB Global News Roundup

Here are the key news stories impacting RB Global this week:

• Positive Sentiment: Strong Q2 earnings beat: RB Global reported adjusted earnings of $1.13 per share, above the $1.09 consensus estimate and up from $1.07 a year earlier. Revenue reached $1.66 billion, significantly exceeding the $1.21 billion analyst forecast. RB Global Q2 Earnings and Revenues Beat Estimates
• Positive Sentiment: RBC raises price target: Royal Bank of Canada increased its target for RB Global from $150 to $152 and assigned an “Outperform” rating. The new target implies substantial upside from the recently quoted share price. RBC raises RB Global price target
• Neutral Sentiment: Management’s Q2 earnings presentation and conference-call transcript provide additional detail on operating performance and the company’s outlook. RB Global Q2 Results Presentation RB Global Q2 Earnings Call Transcript
• Negative Sentiment: Shares declined despite the beat: The stock fell amid unusually heavy trading volume, indicating that investors may have been disappointed by factors not captured in the headline EPS and revenue figures, or may be reassessing RB Global’s premium valuation. No specific negative catalyst was identified in the provided reports.

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.