RB Global (NYSE:RBA) Cut to Hold at National Bank Financial

RB Global (NYSE:RBA) (TSE:RBA) was downgraded by National Bank Financial from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Sunday,Zacks.com reports.

A number of other research firms also recently issued reports on RBA. Royal Bank of Canada lifted their price objective on shares of RB Global from $107.00 to $116.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. National Bankshares lowered their price target on shares of RB Global from $118.00 to $115.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. Raymond James increased their price objective on shares of RB Global from $118.00 to $125.00 and gave the stock an “outperform” rating in a research note on Thursday, May 8th. CIBC raised their price objective on RB Global from $116.00 to $118.00 and gave the company an “outperformer” rating in a report on Friday, May 9th. Finally, Robert W. Baird upped their target price on RB Global from $110.00 to $115.00 and gave the stock an “outperform” rating in a report on Thursday, May 8th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $114.50.

RB Global Stock Performance

RBA opened at $104.68 on Friday. The company has a market capitalization of $19.38 billion, a price-to-earnings ratio of 52.08, a P/E/G ratio of 4.95 and a beta of 0.78. The business’s 50-day moving average price is $100.39 and its two-hundred day moving average price is $96.54. RB Global has a 1 year low of $70.27 and a 1 year high of $109.25. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.29 and a quick ratio of 1.17.

RB Global (NYSE:RBA) (TSE:RBA) last posted its quarterly earnings data on Wednesday, May 7th. The business services provider reported $0.89 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.89. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.02 billion. RB Global had a return on equity of 8.00% and a net margin of 9.64%. RB Global’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period last year, the company earned $0.90 earnings per share. Equities analysts expect that RB Global will post 2.5 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Andrew John Fesler sold 9,075 shares of the company’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $104.72, for a total value of $950,334.00. Following the transaction, the insider now owns 5,532 shares in the company, valued at approximately $579,311.04. This represents a 62.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James Francis Kessler sold 15,700 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $97.81, for a total transaction of $1,535,617.00. Following the sale, the chief executive officer now owns 107,569 shares of the company’s stock, valued at $10,521,323.89. This trade represents a 12.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,472 shares of company stock valued at $3,867,745 over the last 90 days. 4.32% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RB Global

Several institutional investors and hedge funds have recently made changes to their positions in RBA. Raymond James Financial Inc. bought a new stake in RB Global in the 4th quarter valued at $266,148,000. Norges Bank bought a new stake in shares of RB Global in the fourth quarter valued at about $209,931,000. FMR LLC grew its stake in shares of RB Global by 137.5% in the fourth quarter. FMR LLC now owns 2,804,404 shares of the business services provider’s stock valued at $252,985,000 after acquiring an additional 1,623,429 shares in the last quarter. Samlyn Capital LLC bought a new position in RB Global during the first quarter worth about $118,821,000. Finally, Third Point LLC bought a new position in RB Global during the first quarter worth about $95,285,000. Institutional investors and hedge funds 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.