RB Global (NYSE:RBA) Stock Gets Price Target Reduction from Royal Bank Of Canada

RB Global (NYSE:RBA) (TSE:RBA) had its price objective decreased by Royal Bank Of Canada from $152.00 to $134.00 in a research report released on Tuesday morning,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the business services provider’s stock.

Several other equities research analysts have also recently issued reports on RBA. Zacks Research cut shares of RB Global from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of RB Global in a research report on Wednesday, August 5th. Wall Street Zen downgraded shares of RB Global from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Barclays decreased their price target on shares of RB Global from $121.00 to $110.00 and set an “overweight” rating on the stock in a report on Tuesday, October 6th. Finally, National Bank Financial boosted their price objective on shares of RB Global from $130.00 to $132.00 and gave the company an “outperform” rating in a research note on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $125.67.

RB Global Stock Performance

NYSE RBA opened at $94.39 on Tuesday. The business’s 50-day moving average price is $85.65 and its 200 day moving average price is $99.00. The company has a current ratio of 1.31, a quick ratio of 1.22 and a debt-to-equity ratio of 0.59. RB Global has a twelve month low of $78.05 and a twelve month high of $119.33. The company has a market capitalization of $17.11 billion, a PE ratio of 23.62, a price-to-earnings-growth ratio of 1.63 and a beta of 0.48.

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

RB Global Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders of record on Wednesday, November 25th will be issued a dividend of $0.33 per share. The ex-dividend date is Wednesday, November 25th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.4%. RB Global’s payout ratio is presently 50.77%.

RB Global announced that its Board of Directors has initiated a share buyback program on Tuesday, September 15th that permits the company to repurchase $500 million in outstanding shares. This buyback authorization permits the business services provider to purchase up to 3.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other RB Global news, Director Chloe Harford purchased 1,200 shares of RB Global 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 completion of the transaction, the director directly owned 1,200 shares in the company, valued at approximately $100,488. This represents a ? increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Deborah Stein purchased 500 shares of RB Global 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 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 SEC filing for this purchase provides additional information. 0.57% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RB Global

A number of hedge funds have recently made changes to their positions in RBA. Addison Advisors LLC acquired a new stake in RB Global in the 2nd quarter valued at $26,000. J.Safra Asset Management Corp acquired a new stake in shares of RB Global in the second quarter valued at about $32,000. Integrated Wealth Concepts LLC acquired a new stake in shares of RB Global in the second quarter valued at about $35,000. Cassaday & Co Wealth Management LLC purchased a new stake in shares of RB Global during the 1st quarter valued at about $43,000. Finally, Axiom Investment Management LLC purchased a new stake in shares of RB Global during the 1st quarter valued at about $76,000. Hedge funds and other institutional investors own 95.37% of the company’s stock.

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.