RB Global (NYSE:RBA) Given New $116.00 Price Target at Royal Bank of Canada

RB Global (NYSE:RBA) (TSE:RBA) had its price objective boosted by Royal Bank of Canada from $107.00 to $116.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the business services provider’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 11.94% from the stock’s previous close.

A number of other research firms also recently commented on RBA. StockNews.com upgraded RB Global from a “hold” rating to a “buy” rating in a research note on Monday, January 27th. BMO Capital Markets lifted their price target on RB Global from $105.00 to $107.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Robert W. Baird lifted their price target on RB Global from $105.00 to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, CIBC decreased their price target on RB Global from $109.00 to $108.00 and set an “outperformer” rating for the company in a research note on Monday, February 3rd. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, RB Global presently has an average rating of “Moderate Buy” and an average target price of $107.64.

RB Global Stock Down 1.0 %

Shares of RB Global stock opened at $103.63 on Wednesday. The business has a 50-day moving average of $91.78 and a 200-day moving average of $88.25. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.28 and a quick ratio of 1.17. The company has a market capitalization of $19.14 billion, a PE ratio of 51.55, a P/E/G ratio of 4.02 and a beta of 0.96. RB Global has a 1-year low of $65.99 and a 1-year high of $106.90.

RB Global (NYSE:RBA) (TSE:RBA) last posted its quarterly earnings results on Tuesday, February 18th. The business services provider reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.23). The firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.06 billion. RB Global had a return on equity of 8.03% and a net margin of 9.64%. During the same quarter last year, the business posted $0.82 earnings per share. As a group, equities analysts forecast that RB Global will post 2.5 EPS for the current fiscal year.

Hedge Funds Weigh In On RB Global

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Central Pacific Bank Trust Division acquired a new position in RB Global in the fourth quarter valued at approximately $27,000. CIBC Asset Management Inc raised its holdings in shares of RB Global by 57.1% during 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 buying an additional 357,761 shares during the last quarter. Diversified Trust Co raised its holdings in shares of RB Global by 48.9% during the fourth quarter. Diversified Trust Co now owns 63,119 shares of the business services provider’s stock valued at $5,694,000 after buying an additional 20,724 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its holdings in shares of RB Global by 53.5% during 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 buying an additional 20,795 shares during the last quarter. Finally, Forsta AP Fonden raised its holdings 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 buying an additional 6,000 shares during the last quarter. 95.37% of the stock is currently owned by institutional investors and hedge funds.

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.