Scotiabank Increases RB Global (NYSE:RBA) Price Target to $89.00

RB Global (NYSE:RBA) (TSE:RBA) had its price objective raised by equities research analysts at Scotiabank from $88.00 to $89.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “sector outperform” rating on the business services provider’s stock. Scotiabank’s price objective would suggest a potential upside of 21.40% from the company’s current price.

RBA has been the subject of several other reports. Royal Bank of Canada raised their target price on RB Global from $75.00 to $93.00 and gave the company an “outperform” rating in a research note on Monday, February 26th. Raymond James lifted their target price on RB Global from $78.00 to $90.00 and gave the company an “outperform” rating in a research report on Monday, February 26th. Finally, StockNews.com upgraded RB Global from a “sell” rating to a “hold” rating in a report on Friday, February 9th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $83.00.

RB Global Stock Performance

Shares of RBA opened at $73.31 on Wednesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.35 and a quick ratio of 1.23. The stock has a 50-day moving average of $74.43 and a 200-day moving average of $68.05. The company has a market cap of $13.40 billion, a PE ratio of 86.26, a P/E/G ratio of 5.51 and a beta of 0.87. RB Global has a one year low of $51.07 and a one year high of $77.99.

RB Global (NYSE:RBA) (TSE:RBA) last issued its earnings results on Friday, February 23rd. The business services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.68 by $0.14. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.04 billion. RB Global had a return on equity of 4.19% and a net margin of 5.61%. The firm’s revenue for the quarter was up 134.5% compared to the same quarter last year. During the same period last year, the business posted $0.40 EPS. On average, equities research analysts predict that RB Global will post 1.9 EPS for the current fiscal year.

Insider Transactions at RB Global

In other news, insider Darren Jeffrey Watt sold 2,300 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $76.97, for a total transaction of $177,031.00. Following the completion of the transaction, the insider now owns 21,103 shares in the company, valued at approximately $1,624,297.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CRO James J. Jeter sold 11,416 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $76.32, for a total transaction of $871,269.12. Following the sale, the executive now owns 30,915 shares of the company’s stock, valued at approximately $2,359,432.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Darren Jeffrey Watt sold 2,300 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $76.97, for a total value of $177,031.00. Following the sale, the insider now directly owns 21,103 shares in the company, valued at approximately $1,624,297.91. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,816 shares of company stock worth $1,133,055. 4.32% of the stock is owned by company insiders.

Institutional Trading of RB Global

A number of institutional investors have recently added to or reduced their stakes in RBA. SG Americas Securities LLC lifted its holdings in RB Global by 120.4% during the 3rd quarter. SG Americas Securities LLC now owns 7,089 shares of the business services provider’s stock worth $443,000 after purchasing an additional 3,872 shares in the last quarter. WASHINGTON TRUST Co purchased a new stake in shares of RB Global in the 3rd quarter valued at about $56,000. Cardinal Point Capital Management ULC purchased a new stake in shares of RB Global in the 3rd quarter valued at about $413,000. Arcadia Investment Management Corp MI raised its holdings in shares of RB Global by 12.8% in the 3rd quarter. Arcadia Investment Management Corp MI now owns 8,000 shares of the business services provider’s stock valued at $500,000 after acquiring an additional 905 shares in the last quarter. Finally, Cigna Investments Inc. New purchased a new stake in shares of RB Global in the 3rd quarter valued at about $209,000. Hedge funds and other institutional investors own 95.37% of the company’s stock.

RB Global Company Profile

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.