Bank of America Cuts RB Global (NYSE:RBA) Price Target to $114.00

RB Global (NYSE:RBA) (TSE:RBA) had its target price reduced by Bank of America from $120.00 to $114.00 in a research note released on Friday,Benzinga reports. They currently have a buy rating on the business services provider’s stock.

Other equities analysts have also issued reports about the company. BMO Capital Markets upped their target price on RB Global from $125.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. CIBC increased their price objective on shares of RB Global from $118.00 to $121.00 and gave the company an “outperformer” rating in a research note on Friday, July 18th. Raymond James Financial boosted their target price on shares of RB Global from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Wall Street Zen raised shares of RB Global from a “hold” rating to a “buy” rating in a report on Saturday, October 25th. Finally, National Bankshares reduced their price objective on RB Global from $113.00 to $111.00 and set a “sector perform” rating for the company in a research report on Thursday, October 9th. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $122.71.

RB Global Stock Up 0.5%

Shares of RBA stock traded up $0.53 during trading hours on Friday, reaching $100.93. The company had a trading volume of 308,495 shares, compared to its average volume of 1,089,249. The company has a market capitalization of $18.74 billion, a P/E ratio of 50.04, a price-to-earnings-growth ratio of 2.48 and a beta of 0.65. 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 has a twelve month low of $86.68 and a twelve month high of $119.58. The stock’s fifty day simple moving average is $107.67 and its 200 day simple moving average is $107.68.

RB Global (NYSE:RBA) (TSE:RBA) last announced its earnings results on Thursday, November 6th. The business services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.10. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.05 billion. RB Global had a net margin of 9.46% and a return on equity of 9.42%. The business’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.71 earnings per share. As a group, sell-side analysts expect that RB Global will post 2.5 earnings per share for the current fiscal year.

RB Global Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 17th. Investors of record on Wednesday, November 26th will be given a dividend of $0.31 per share. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $1.24 dividend on an annualized basis and a yield of 1.2%. RB Global’s dividend payout ratio (DPR) is presently 59.33%.

Insider Buying and Selling

In related news, insider Michael Thomas Steven Lewis sold 2,151 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $118.15, for a total transaction of $254,140.65. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 4.32% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. SouthState Corp bought a new stake in RB Global during the 1st quarter valued at approximately $26,000. SVB Wealth LLC acquired a new stake in RB Global in the 1st quarter valued at $28,000. IFP Advisors Inc grew its holdings in shares of RB Global by 348.8% in the 1st quarter. IFP Advisors Inc now owns 359 shares of the business services provider’s stock worth $36,000 after purchasing an additional 279 shares during the last quarter. Rise Advisors LLC bought a new position in shares of RB Global in the first quarter valued at approximately $38,000. Finally, Spire Wealth Management boosted its stake in RB Global by 1,090.6% in the third quarter. Spire Wealth Management now owns 381 shares of the business services provider’s stock worth $41,000 after purchasing an additional 349 shares in the last quarter. Institutional investors 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.