RB Global (NYSE:RBA) Stock Price Expected to Rise, Barclays Analyst Says

RB Global (NYSE:RBA) (TSE:RBA) had its price objective raised by investment analysts at Barclays from $110.00 to $112.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the business services provider’s stock. Barclays‘s price target suggests a potential upside of 17.80% from the stock’s current price.

Other analysts also recently issued research reports about the company. Weiss Ratings downgraded RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, September 18th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of RB Global in a research report on Wednesday, August 5th. Royal Bank Of Canada reduced their price objective on RB Global from $152.00 to $134.00 and set an “outperform” rating for the company in a research report on Tuesday. National Bank Financial increased their price objective on RB Global from $130.00 to $132.00 and gave the stock an “outperform” rating in a report on Thursday, October 15th. Finally, Zacks Research lowered RB Global from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, RB Global currently has an average rating of “Moderate Buy” and a consensus target price of $125.67.

RB Global Stock Down 1.1%

RBA traded down $1.07 during trading on Wednesday, reaching $95.08. The company had a trading volume of 104,349 shares, compared to its average volume of 1,526,264. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.31 and a quick ratio of 1.22. RB Global has a 12 month low of $78.05 and a 12 month high of $119.33. The business’s fifty day moving average price is $85.16 and its 200 day moving average price is $99.21. The company has a market cap of $17.24 billion, a P/E ratio of 36.53, a PEG ratio of 1.64 and a beta of 0.48.

RB Global (NYSE:RBA) (TSE:RBA) last issued its quarterly earnings data on Monday, November 9th. The business services provider reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.04. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.16 billion. RB Global had a net margin of 10.29% and a return on equity of 13.97%. Equities analysts anticipate that RB Global will post 4.06 EPS for the current year.

RB Global declared that its board has authorized a share repurchase plan on Tuesday, September 15th that allows the company to repurchase $500 million in outstanding shares. This repurchase authorization allows the business services provider to buy up to 3.3% of its shares through open market purchases. Share repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at RB Global

In other RB Global news, Director Chloe Harford purchased 1,200 shares of the business’s stock in a transaction on Monday, August 24th. The shares were purchased at an average cost of $83.74 per share, with a total value of $100,488.00. Following the transaction, the director directly owned 1,200 shares of the company’s stock, valued at $100,488. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Deborah Stein purchased 500 shares of the business’s stock in a transaction on Wednesday, September 9th. The shares were acquired at an average cost of $80.91 per share, for a total transaction of $40,455.00. Following the completion of the transaction, the director directly owned 2,325 shares in the company, valued at approximately $188,115.75. This represents a 27.40% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.57% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Private Advisor Group LLC acquired a new stake in shares of RB Global in the 3rd quarter valued at approximately $293,000. Voya Investment Management LLC grew its stake in shares of RB Global by 38.3% in the third quarter. Voya Investment Management LLC now owns 28,848 shares of the business services provider’s stock valued at $2,348,000 after buying an additional 7,989 shares in the last quarter. Public Sector Pension Investment Board grew its stake in shares of RB Global by 2.6% in the third quarter. Public Sector Pension Investment Board now owns 11,834 shares of the business services provider’s stock valued at $1,049,000 after buying an additional 300 shares in the last quarter. Cibc World Market Inc. grew its stake in shares of RB Global by 20.4% in the third quarter. Cibc World Market Inc. now owns 177,449 shares of the business services provider’s stock valued at $14,456,000 after buying an additional 30,074 shares in the last quarter. Finally, Bridges Investment Management Inc. increased its holdings in RB Global by 21.5% during the third quarter. Bridges Investment Management Inc. now owns 31,989 shares of the business services provider’s stock worth $2,604,000 after buying an additional 5,666 shares during the last quarter. 95.37% of the stock is owned by institutional investors and hedge funds.

RB Global Company Profile

RB Global operates a global marketplace for commercial assets and vehicles, connecting sellers with buyers through live auctions, online platforms and other sales channels. Its offerings include asset marketing and disposition services, along with support such as inspections and transaction services. The company serves businesses, governments and other organizations across industries including construction, transportation, agriculture, mining and energy. Through its IAA business, it also facilitates sales of salvage and used vehicles to buyers such as licensed dealers and vehicle rebuilders.