RB Global (NYSE:RBA) Stock Rating Lowered by Wall Street Zen

RB Global (NYSE:RBA) (TSE:RBA) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday.

Other analysts also recently issued research reports about the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of RB Global in a research report on Tuesday, May 26th. Raymond James Financial upgraded RB Global from an “outperform” rating to a “strong-buy” rating and set a $145.00 price objective on the stock in a research report on Tuesday, June 30th. National Bank Financial upped their target price on RB Global from $130.00 to $132.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Royal Bank Of Canada raised their target price on RB Global from $146.00 to $150.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 5th. Finally, Stephens reiterated an “equal weight” rating and set a $96.00 price target on shares of RB Global in a research note on Tuesday, May 5th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, RB Global has an average rating of “Buy” and an average target price of $128.00.

RB Global Stock Performance

NYSE:RBA opened at $111.76 on Friday. The firm’s 50-day moving average is $108.04 and its 200-day moving average is $106.12. The company has a market cap of $20.78 billion, a price-to-earnings ratio of 51.98, a PEG ratio of 1.75 and a beta of 0.55. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.07 and a current ratio of 1.14. RB Global has a 52-week low of $93.58 and a 52-week high of $119.58.

RB Global (NYSE:RBA) (TSE:RBA) last released its earnings results on Monday, May 4th. The business services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.04. RB Global had a net margin of 9.55% and a return on equity of 12.33%. The business had revenue of $888.01 million during the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter last year, the company earned $0.89 earnings per share. The firm’s revenue was up 11.4% on a year-over-year basis. Equities research analysts anticipate that RB Global will post 4.16 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Deborah Stein acquired 425 shares of the firm’s stock in a transaction on Tuesday, May 19th. The shares were bought at an average cost of $103.15 per share, with a total value of $43,838.75. Following the completion of the acquisition, the director owned 1,825 shares of the company’s stock, valued at $188,248.75. This trade represents a 30.36% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.57% of the company’s stock.

Hedge Funds Weigh In On RB Global

Hedge funds have recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. boosted its position in RB Global by 6,120,490.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,448,236 shares of the business services provider’s stock valued at $251,851,000 after buying an additional 2,448,196 shares in the last quarter. Norges Bank acquired a new stake in shares of RB Global during the fourth quarter worth approximately $231,813,000. Lazard Asset Management LLC acquired a new stake in shares of RB Global during the first quarter worth approximately $210,091,000. EdgePoint Investment Group Inc. boosted its stake in RB Global by 14.4% in the first quarter. EdgePoint Investment Group Inc. now owns 8,812,865 shares of the business services provider’s stock worth $845,337,000 after purchasing an additional 1,111,217 shares in the last quarter. Finally, Royal Bank of Canada grew its holdings in shares of RB Global by 13.1% during the first quarter. Royal Bank of Canada now owns 5,043,648 shares of the business services provider’s stock worth $483,432,000 after purchasing an additional 585,617 shares during the last quarter. 95.37% of the stock is owned by institutional investors and hedge funds.

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.