RB Global (NYSE:RBA) Hits New 1-Year High on Analyst Upgrade

Shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) hit a new 52-week high during mid-day trading on Wednesday after Robert W. Baird raised their price target on the stock from $105.00 to $110.00. Robert W. Baird currently has an outperform rating on the stock. RB Global traded as high as $106.90 and last traded at $104.03, with a volume of 352680 shares. The stock had previously closed at $96.56.

RBA has been the topic of a number of other research reports. StockNews.com upgraded RB Global from a “hold” rating to a “buy” rating in a report on Monday, January 27th. CIBC decreased their price objective on RB Global from $109.00 to $108.00 and set an “outperformer” rating on the stock in a research note on Monday, February 3rd. BMO Capital Markets boosted their target price on shares of RB Global from $105.00 to $107.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Finally, Royal Bank of Canada lifted their target price on shares of RB Global from $99.00 to $107.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $101.64.

Institutional Investors Weigh In On RB Global

A number of institutional investors have recently added to or reduced their stakes in RBA. Vanguard Group Inc. grew its holdings in shares of RB Global by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 24,916,629 shares of the business services provider’s stock worth $2,248,060,000 after purchasing an additional 358,752 shares during the period. Vontobel Holding Ltd. lifted its holdings in shares of RB Global by 9.8% during the 4th quarter. Vontobel Holding Ltd. now owns 8,451,146 shares of the business services provider’s stock valued at $762,378,000 after acquiring an additional 753,700 shares in the last quarter. State Street Corp increased its holdings in RB Global by 2.1% in the 3rd quarter. State Street Corp now owns 5,045,188 shares of the business services provider’s stock valued at $406,087,000 after purchasing an additional 103,080 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of RB Global by 7.2% in the fourth quarter. Geode Capital Management LLC now owns 3,967,159 shares of the business services provider’s stock worth $357,434,000 after buying an additional 264,778 shares during the period. Finally, Janus Henderson Group PLC grew its stake in shares of RB Global by 0.6% in the fourth quarter. Janus Henderson Group PLC now owns 3,403,086 shares of the business services provider’s stock valued at $307,033,000 after buying an additional 19,895 shares in the last quarter. Hedge funds and other institutional investors own 95.37% of the company’s stock.

RB Global Trading Up 9.4 %

The firm has a fifty day moving average of $91.45 and a 200 day moving average of $87.87. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.17 and a current ratio of 1.28. The firm has a market capitalization of $19.51 billion, a PE ratio of 56.97, a P/E/G ratio of 4.01 and a beta of 0.96.

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

RB Global Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be paid a $0.29 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.16 annualized dividend and a dividend yield of 1.10%. RB Global’s payout ratio is currently 63.04%.

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.