Barclays Has Lowered Expectations for RB Global (NYSE:RBA) Stock Price

RB Global (NYSE:RBA) (TSE:RBA) had its price objective dropped by Barclays from $121.00 to $110.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the business services provider’s stock. Barclays‘s target price would indicate a potential upside of 36.94% from the company’s previous close.

Several other research analysts have also recently weighed in on the company. Zacks Research cut RB Global from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. Wall Street Zen cut RB Global from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of RB Global in a research note on Wednesday, August 5th. National Bank Financial cut their price target on shares of RB Global from $133.00 to $130.00 and set a “sector outperform” rating on the stock in a report on Monday, September 14th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $152.00 price target on shares of RB Global in a research report on Wednesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $126.00.

RB Global Price Performance

RB Global stock opened at $80.33 on Tuesday. RB Global has a 52 week low of $78.05 and a 52 week high of $119.33. The company’s 50 day moving average price is $86.76 and its two-hundred day moving average price is $99.19. The company has a quick ratio of 1.22, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. The stock has a market cap of $14.56 billion, a P/E ratio of 34.47, a P/E/G ratio of 1.38 and a beta of 0.53.

RB Global (NYSE:RBA) (TSE:RBA) last released its earnings results on Tuesday, August 4th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.04. The company had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.21 billion. RB Global had a return on equity of 12.37% and a net margin of 9.99%. On average, equities analysts predict that RB Global will post 4.06 earnings per share for the current year.

Insider Activity

In other RB Global news, Director Chloe Harford bought 1,200 shares of the business’s stock in a transaction on Monday, August 24th. The stock was purchased at an average price of $83.74 per share, for a total transaction of $100,488.00. Following the completion of the transaction, the director directly owned 1,200 shares of the company’s stock, valued at $100,488. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Deborah Stein bought 500 shares of RB Global stock in a transaction dated Wednesday, September 9th. The stock was acquired at an average price of $80.91 per share, with a total value of $40,455.00. Following the purchase, the director directly owned 2,325 shares of the company’s stock, valued at approximately $188,115.75. This represents a 27.40% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 0.57% of the company’s stock.

Institutional Trading of RB Global

A number of institutional investors have recently modified their holdings of RBA. BlackRock Inc. purchased a new position in RB Global in the 2nd quarter valued at approximately $1,816,059,000. EdgePoint Investment Group Inc. lifted its position in shares of RB Global by 14.4% during the first quarter. EdgePoint Investment Group Inc. now owns 8,812,865 shares of the business services provider’s stock worth $845,337,000 after acquiring an additional 1,111,217 shares in the last quarter. Royal Bank of Canada boosted its holdings in shares of RB Global by 13.1% in the first quarter. Royal Bank of Canada now owns 5,043,648 shares of the business services provider’s stock worth $483,432,000 after acquiring an additional 585,617 shares during the period. Jupiter Topco LLC bought a new position in shares of RB Global in the second quarter worth $514,871,000. Finally, Janus Henderson Group PLC grew its position in shares of RB Global by 7.0% in the first quarter. Janus Henderson Group PLC now owns 4,371,610 shares of the business services provider’s stock valued at $418,876,000 after purchasing an additional 285,713 shares in the last quarter. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

RB Global Company Profile

RB Global, Inc (NYSE: RBA) is a global marketplace and service provider for used commercial and industrial assets. The company connects buyers and sellers of construction and agricultural equipment, trucks, trailers, transportation assets, vehicles and other specialized equipment through live auctions, online auctions and fixed-price marketplaces.

Its portfolio includes the Ritchie Bros. auction business, IronPlanet, Marketplace-E, GovPlanet, TruckPlanet, Rouse and SmartEquip. RB Global also operates IAA, a marketplace focused on salvage vehicles and automotive remarketing.