Raymond James Forecasts Strong Price Appreciation for RB Global (NYSE:RBA) Stock

RB Global (NYSE:RBA) (TSE:RBA) had its target price lifted by Raymond James from $110.00 to $118.00 in a research note released on Wednesday,Benzinga reports. They currently have an outperform rating on the business services provider’s stock.

Other research analysts also recently issued reports about the company. Royal Bank of Canada boosted their price target on RB Global from $107.00 to $116.00 and gave the company an “outperform” rating in a report on Wednesday. Robert W. Baird boosted their price target on RB Global from $105.00 to $110.00 and gave the company an “outperform” rating in a report on Wednesday. CIBC dropped their price objective on RB Global from $109.00 to $108.00 and set an “outperformer” rating for the company in a report on Monday, February 3rd. StockNews.com upgraded RB Global from a “hold” rating to a “buy” rating in a report on Monday, January 27th. Finally, BMO Capital Markets upped their price objective on RB Global from $105.00 to $107.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $107.64.

RB Global Stock Performance

NYSE RBA opened at $104.43 on Wednesday. The business’s 50 day moving average is $91.62 and its two-hundred day moving average is $88.14. The stock has a market capitalization of $19.29 billion, a price-to-earnings ratio of 56.76, a PEG ratio of 4.01 and a beta of 0.96. The company has a current ratio of 1.28, a quick ratio of 1.17 and a debt-to-equity ratio of 0.52. RB Global has a 12-month low of $65.99 and a 12-month high of $106.90.

RB Global (NYSE:RBA) (TSE:RBA) last announced its quarterly earnings results on Tuesday, February 18th. The business services provider reported $0.58 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.23). RB Global had a return on equity of 7.41% and a net margin of 9.06%. The firm had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same period last year, the firm earned $0.82 EPS. Research analysts expect that RB Global will post 1.96 EPS for the current year.

RB Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be given a dividend of $0.29 per share. The ex-dividend date is Friday, February 14th. This represents a $1.16 annualized dividend and a dividend yield of 1.11%. RB Global’s payout ratio is 63.04%.

Hedge Funds Weigh In On RB Global

A number of large investors have recently bought and sold shares of RBA. Central Pacific Bank Trust Division acquired a new stake in shares of RB Global in the fourth quarter valued at approximately $27,000. CIBC Asset Management Inc increased its stake in shares of RB Global by 57.1% in the third quarter. CIBC Asset Management Inc now owns 984,364 shares of the business services provider’s stock valued at $80,076,000 after purchasing an additional 357,761 shares during the period. Diversified Trust Co increased its stake in shares of RB Global by 48.9% in the fourth quarter. Diversified Trust Co now owns 63,119 shares of the business services provider’s stock valued at $5,694,000 after purchasing an additional 20,724 shares during the period. Teachers Retirement System of The State of Kentucky increased its stake in shares of RB Global by 53.5% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 59,695 shares of the business services provider’s stock valued at $4,805,000 after purchasing an additional 20,795 shares during the period. Finally, Forsta AP Fonden increased its stake in shares of RB Global by 16.1% during the third quarter. Forsta AP Fonden now owns 43,300 shares of the business services provider’s stock valued at $3,489,000 after acquiring an additional 6,000 shares during the period. Institutional investors 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.