RB Global (NYSE:RBA) Sets New 12-Month High Following Analyst Upgrade

Shares of RB Global, Inc. (NYSE:RBA) (TSE:RBA) hit a new 52-week high during mid-day trading on Wednesday after BMO Capital Markets raised their price target on the stock from $116.00 to $120.00. BMO Capital Markets 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 trading hands. The stock had previously closed at $96.56.

Several other analysts have also issued reports on the company. Robert W. Baird upped their target price on RB Global from $105.00 to $110.00 and gave the stock an “outperform” rating in a report on Wednesday. CIBC cut 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 shares of RB Global from a “hold” rating to a “buy” rating in a report on Monday, January 27th. Royal Bank of Canada increased their price target on shares of RB Global from $107.00 to $116.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Raymond James boosted their price objective on shares of RB Global from $110.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, RB Global currently has an average rating of “Moderate Buy” and a consensus price target of $107.64.

Institutional Investors Weigh In On RB Global

Hedge funds have recently bought and sold shares of the stock. CTC Alternative Strategies Ltd. acquired a new stake in RB Global during the 4th quarter worth approximately $209,000. Alpine Global Management LLC acquired a new stake in shares of RB Global during the fourth quarter worth $789,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new stake in shares of RB Global during the fourth quarter worth $39,080,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of RB Global by 35.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 439,101 shares of the business services provider’s stock valued at $39,611,000 after acquiring an additional 116,106 shares during the period. Finally, Vident Advisory LLC grew its stake in shares of RB Global by 24.0% in the fourth quarter. Vident Advisory LLC now owns 3,585 shares of the business services provider’s stock valued at $323,000 after acquiring an additional 693 shares in the last quarter. 95.37% of the stock is currently owned by institutional investors and hedge funds.

RB Global Trading Up 8.2 %

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 business’s 50-day moving average is $91.62 and its 200 day moving average is $88.14. The firm has a market capitalization of $19.29 billion, a P/E ratio of 56.76, a price-to-earnings-growth ratio of 4.01 and a beta of 0.96.

RB Global (NYSE:RBA) (TSE:RBA) last released its quarterly earnings results on Tuesday, February 18th. The business services provider reported $0.58 earnings per share 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 quarter in the previous year, the firm posted $0.82 earnings per share. As a group, analysts anticipate that RB Global, Inc. will post 1.96 EPS for the current fiscal year.

RB Global Announces Dividend

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