RB Global (NYSE:RBA) Cut to Hold at Wall Street Zen

by · The Markets Daily

Wall Street Zen cut shares of RB Global (NYSE:RBA – Free Report) (TSE:RBA) from a buy rating to a hold rating in a report issued on Friday.

RBA has been the subject of several other research reports. National Bank Financial cut RB Global from a “strong-buy” rating to a “hold” rating in a research note on Sunday, May 25th. CIBC raised their target price on shares of RB Global from $118.00 to $121.00 and gave the stock an “outperformer” rating in a research note on Friday, July 18th. National Bankshares lifted their target price on shares of RB Global from $112.00 to $113.00 and gave the company a “sector perform” rating in a report on Thursday, August 7th. Royal Bank Of Canada increased their price target on shares of RB Global from $125.00 to $132.00 and gave the stock an “outperform” rating in a report on Thursday, August 7th. Finally, Raymond James Financial raised their price objective on shares of RB Global from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $124.33.

Read Our Latest Stock Report on RB Global

RB Global Trading Down 0.9%

NYSE RBA opened at $115.02 on Friday. The firm’s fifty day moving average is $111.19 and its two-hundred day moving average is $104.88. RB Global has a one year low of $78.08 and a one year high of $118.23. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.22 and a current ratio of 1.28. The firm has a market cap of $21.35 billion, a PE ratio of 56.94, a P/E/G ratio of 2.68 and a beta of 0.65.

RB Global (NYSE:RBA – Get Free Report) (TSE:RBA) last announced its earnings results on Wednesday, August 6th. The business services provider reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.12. RB Global had a net margin of 9.46% and a return on equity of 9.42%. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the firm earned $0.94 earnings per share. The business’s quarterly revenue was up 8.2% compared to the same quarter last year. Analysts expect that RB Global will post 2.5 earnings per share for the current year.

RB Global Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, August 28th will be issued a $0.31 dividend. 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%. This is an increase from RB Global’s previous quarterly dividend of $0.29. RB Global’s payout ratio is currently 61.39%.

Insider Activity at RB Global

In related news, CEO James Francis Kessler sold 45,658 shares of RB Global stock in a transaction on Monday, July 14th. The stock was sold at an average price of $110.00, for a total transaction of $5,022,380.00. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Adam Dewitt sold 800 shares of the company’s stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $106.17, for a total value of $84,936.00. Following the completion of the sale, the director directly owned 5,865 shares in the company, valued at $622,687.05. This trade represents a 12.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 57,558 shares of company stock valued at $6,314,145 in the last ninety days. Corporate insiders own 0.28% of the company’s stock.

Institutional Trading of RB Global

Institutional investors and hedge funds have recently modified their holdings of the business. Osaic Holdings Inc. increased its stake in shares of RB Global by 81.4% during the 2nd quarter. Osaic Holdings Inc. now owns 18,372 shares of the business services provider’s stock worth $1,899,000 after purchasing an additional 8,243 shares in the last quarter. Squarepoint Ops LLC grew its holdings in RB Global by 3.3% during the 2nd quarter. Squarepoint Ops LLC now owns 10,878 shares of the business services provider’s stock valued at $1,155,000 after buying an additional 348 shares during the last quarter. Thrivent Financial for Lutherans increased its position in RB Global by 0.8% during the second quarter. Thrivent Financial for Lutherans now owns 43,604 shares of the business services provider’s stock worth $4,630,000 after buying an additional 366 shares in the last quarter. NewGen Asset Management Ltd purchased a new position in RB Global during the second quarter worth $2,655,000. Finally, State of Wyoming acquired a new position in shares of RB Global in the second quarter worth $46,000. Hedge funds and other institutional investors own 95.37% of the company’s stock.

RB Global Company Profile

(Get Free Report)

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.

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