RB Global (NYSE:RBA) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

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

Several other research analysts have also weighed in on RBA. BMO Capital Markets increased their target price on RB Global from $105.00 to $107.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. CIBC cut their target price on RB Global from $109.00 to $108.00 and set an “outperformer” rating on the stock in a research report on Monday, February 3rd. Robert W. Baird increased their target price on RB Global from $105.00 to $110.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, StockNews.com raised RB Global from a “hold” rating to a “buy” rating in a research report on Monday, January 27th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, RB Global presently has an average rating of “Moderate Buy” and an average target price of $107.64.

RB Global Price Performance

RBA stock opened at $103.63 on Wednesday. RB Global has a 52-week low of $65.99 and a 52-week high of $106.90. The stock’s fifty day simple moving average is $91.78 and its 200-day simple moving average is $88.25. The company has a quick ratio of 1.17, a current ratio of 1.28 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $19.14 billion, a price-to-earnings ratio of 51.55, a price-to-earnings-growth ratio of 4.02 and a beta of 0.96.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Central Pacific Bank Trust Division purchased a new position in RB Global in the fourth quarter valued at about $27,000. CIBC Asset Management Inc raised its position in 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 raised its position in 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 raised its position in 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 grew 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 in the last quarter. 95.37% of the stock is owned by hedge funds and other institutional investors.

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.