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

RB Global (NYSE:RBA) (TSE:RBA) had its price target increased by Scotiabank from $88.00 to $89.00 in a report published on Wednesday morning, Benzinga reports. Scotiabank currently has a sector outperform rating on the business services provider’s stock.

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

RB Global Price Performance

Shares of RBA opened at $73.37 on Wednesday. RB Global has a twelve month low of $51.07 and a twelve month high of $77.99. The company has a quick ratio of 1.23, a current ratio of 1.35 and a debt-to-equity ratio of 0.61. The company has a 50 day moving average of $74.33 and a 200-day moving average of $68.01. The stock has a market capitalization of $13.41 billion, a P/E ratio of 86.32, a P/E/G ratio of 5.51 and a beta of 0.87.

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

Insiders Place Their Bets

In other RB Global news, insider Darren Jeffrey Watt sold 1,100 shares of RB Global stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $77.05, for a total transaction of $84,755.00. Following the completion of the transaction, the insider now directly owns 21,103 shares of the company’s stock, valued at $1,625,986.15. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Darren Jeffrey Watt sold 1,100 shares of RB Global stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $77.05, for a total transaction of $84,755.00. Following the completion of the sale, the insider now owns 21,103 shares of the company’s stock, valued at $1,625,986.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO James J. Jeter sold 11,416 shares of RB Global stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $76.32, for a total value of $871,269.12. Following the sale, the executive now directly owns 30,915 shares of the company’s stock, valued at approximately $2,359,432.80. The disclosure for this sale can be found here. Insiders sold a total of 14,816 shares of company stock valued at $1,133,055 over the last ninety days. 4.32% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On RB Global

A number of hedge funds and other institutional investors have recently modified their holdings of RBA. Vanguard Group Inc. raised its stake in RB Global by 144.9% in the third quarter. Vanguard Group Inc. now owns 22,647,288 shares of the business services provider’s stock valued at $1,415,456,000 after purchasing an additional 13,400,942 shares in the last quarter. Vontobel Asset Management Inc. raised its stake in RB Global by 66.5% in the fourth quarter. Vontobel Asset Management Inc. now owns 6,649,251 shares of the business services provider’s stock valued at $467,920,000 after purchasing an additional 2,655,388 shares in the last quarter. Norges Bank acquired a new position in RB Global in the fourth quarter valued at about $141,970,000. Massachusetts Financial Services Co. MA raised its stake in RB Global by 10.5% in the third quarter. Massachusetts Financial Services Co. MA now owns 10,320,114 shares of the business services provider’s stock valued at $645,007,000 after purchasing an additional 977,171 shares in the last quarter. Finally, Canoe Financial LP acquired a new position in RB Global in the third quarter valued at about $56,967,000. Institutional investors and hedge funds own 95.37% of the company’s stock.

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.