Weiss Ratings Upgrades RB Global (NYSE:RBA) to “Buy (B-)”

by · The Cerbat Gem

RB Global (NYSE:RBA – Get Free Report) (TSE:RBA) was upgraded by equities researchers at Weiss Ratings from a “hold (c+)” rating to a “buy (b-)” rating in a report released on Wednesday,Weiss Ratings reports.

A number of other research firms have also issued reports on RBA. Raymond James Financial boosted their price objective on RB Global from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. National Bankshares boosted their price objective on RB Global from $112.00 to $113.00 and gave the company a “sector perform” rating in a research note on Thursday, August 7th. CIBC boosted their price objective on RB Global from $118.00 to $121.00 and gave the company an “outperformer” rating in a research note on Friday, July 18th. BMO Capital Markets boosted their price objective on RB Global from $125.00 to $130.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. Finally, Royal Bank Of Canada boosted 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. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $124.00.

Check Out Our Latest Stock Report on RB Global

RB Global Stock Performance

Shares of RBA opened at $103.63 on Wednesday. The firm has a market cap of $19.24 billion, a PE ratio of 51.30, a PEG ratio of 2.46 and a beta of 0.65. The stock’s fifty day moving average price is $113.32 and its two-hundred day moving average price is $106.86. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.28 and a quick ratio of 1.22. RB Global has a 1 year low of $78.55 and a 1 year high of $119.58.

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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.12. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.14 billion. RB Global had a return on equity of 9.42% and a net margin of 9.46%.The business’s revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 earnings per share. On average, equities research analysts forecast that RB Global will post 2.5 EPS for the current year.

Insiders Place Their Bets

In other RB Global news, insider Darren Jeffrey Watt sold 7,400 shares of the company’s stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $110.00, for a total value of $814,000.00. Following the transaction, the insider directly owned 24,874 shares in the company, valued at $2,736,140. This represents a 22.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael Thomas Steven Lewis sold 2,151 shares of the company’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $118.15, for a total value of $254,140.65. The disclosure for this sale can be found here. Insiders have sold 55,209 shares of company stock worth $6,090,521 in the last ninety days. 4.32% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RB Global

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of RB Global by 1.2% during the 2nd quarter. Vanguard Group Inc. now owns 25,205,500 shares of the business services provider’s stock valued at $2,676,926,000 after purchasing an additional 289,094 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of RB Global by 3.6% during the 1st 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 purchasing an additional 352,530 shares during the last quarter. Geode Capital Management LLC increased its position in shares of RB Global by 7.5% during the 2nd quarter. Geode Capital Management LLC now owns 4,552,803 shares of the business services provider’s stock valued at $482,383,000 after purchasing an additional 317,781 shares during the last quarter. Fiera Capital Corp increased its position in shares of RB Global by 2.7% during the 2nd quarter. Fiera Capital Corp now owns 3,876,595 shares of the business services provider’s stock valued at $411,586,000 after purchasing an additional 102,681 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of RB Global by 26.9% during the 1st quarter. Invesco Ltd. now owns 2,436,296 shares of the business services provider’s stock valued at $244,360,000 after purchasing an additional 516,865 shares during the last quarter. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

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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