Barclays Issues Positive Forecast for RB Global (NYSE:RBA) Stock Price

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

Other equities research analysts have also recently issued research reports about the company. Zacks Research cut RB Global from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of RB Global in a research note on Wednesday, August 5th. Wall Street Zen cut RB Global from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. National Bank Financial lifted their price target on RB Global from $130.00 to $132.00 and gave the stock an “outperform” rating in a report on Thursday, October 15th. Finally, Weiss Ratings downgraded RB Global from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, September 18th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $125.67.

RB Global Stock Performance

Shares of RBA stock traded down $1.07 on Wednesday, reaching $95.08. The stock had a trading volume of 104,349 shares, compared to its average volume of 1,526,264. The company has a quick ratio of 1.22, a current ratio of 1.31 and a debt-to-equity ratio of 0.59. The firm’s 50-day moving average is $85.16 and its two-hundred day moving average is $99.21. The firm has a market capitalization of $17.24 billion, a price-to-earnings ratio of 36.53, a P/E/G ratio of 1.64 and a beta of 0.48. RB Global has a 12 month low of $78.05 and a 12 month high of $119.33.

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

RB Global announced that its board has authorized a share repurchase plan on Tuesday, September 15th that authorizes the company to repurchase $500 million in shares. This buyback authorization authorizes the business services provider to buy up to 3.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at RB Global

In related news, Director Chloe Harford purchased 1,200 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The stock was acquired at an average price of $83.74 per share, with a total value of $100,488.00. Following the completion of the purchase, the director directly owned 1,200 shares in the company, valued at $100,488. This trade represents a ? increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Deborah Stein purchased 500 shares of the company’s stock in a transaction that occurred on Wednesday, September 9th. The stock was bought at an average cost of $80.91 per share, with a total value of $40,455.00. Following the purchase, the director owned 2,325 shares of the company’s stock, valued at $188,115.75. This represents a 27.40% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.57% of the company’s stock.

Hedge Funds Weigh In On RB Global

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in RB Global during the second quarter valued at approximately $1,816,059,000. EdgePoint Investment Group Inc. boosted its holdings in shares of RB Global by 14.4% in the 1st quarter. EdgePoint Investment Group Inc. now owns 8,812,865 shares of the business services provider’s stock valued at $845,337,000 after purchasing an additional 1,111,217 shares in the last quarter. Royal Bank of Canada increased its stake in shares of RB Global by 13.1% in the 1st quarter. Royal Bank of Canada now owns 5,043,648 shares of the business services provider’s stock valued at $483,432,000 after purchasing an additional 585,617 shares during the last quarter. Jupiter Topco LLC bought a new position in shares of RB Global in the 2nd quarter valued at $514,871,000. Finally, Janus Henderson Group PLC increased its stake in shares of RB Global by 7.0% in the 1st quarter. Janus Henderson Group PLC now owns 4,371,610 shares of the business services provider’s stock valued at $418,876,000 after purchasing an additional 285,713 shares during the last quarter. 95.37% of the stock is owned by institutional investors.

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.