BMO Capital Markets Forecasts Strong Price Appreciation for RB Global (NYSE:RBA) Stock

RB Global (NYSE:RBA - Free Report) TSE: RBA had its target price increased by BMO Capital Markets from $105.00 to $107.00 in a report published on Monday,Benzinga reports. BMO Capital Markets currently has an outperform rating on the business services provider's stock.

Several other brokerages have also recently commented on RBA. Robert W. Baird boosted their price target on RB Global from $86.00 to $100.00 and gave the stock an "outperform" rating in a research report on Monday. Bank of America raised their price objective on RB Global from $79.00 to $92.50 and gave the company a "neutral" rating in a report on Monday, August 26th. Royal Bank of Canada raised their price objective on RB Global from $93.00 to $99.00 and gave the company an "outperform" rating in a report on Wednesday, August 7th. Finally, Raymond James raised their price objective on RB Global from $95.00 to $98.00 and gave the company an "outperform" rating in a report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, RB Global presently has a consensus rating of "Moderate Buy" and an average target price of $98.36.

RB Global Price Performance

NYSE:RBA traded up $1.84 during trading hours on Monday, hitting $93.70. 1,510,679 shares of the stock were exchanged, compared to its average volume of 1,021,075. The firm's fifty day moving average price is $83.81 and its 200 day moving average price is $79.91. RB Global has a 52-week low of $58.85 and a 52-week high of $94.85. The company has a market cap of $17.28 billion, a P/E ratio of 50.92, a P/E/G ratio of 5.99 and a beta of 0.92. The company has a current ratio of 1.29, a quick ratio of 1.20 and a debt-to-equity ratio of 0.55.

RB Global Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, November 27th will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend is Wednesday, November 27th. RB Global's dividend payout ratio (DPR) is presently 63.04%.

Insiders Place Their Bets

In other RB Global news, CRO James J. Jeter sold 2,920 shares of the firm's stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $78.96, for a total value of $230,563.20. Following the completion of the sale, the executive now directly owns 23,267 shares of the company's stock, valued at $1,837,162.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CRO James J. Jeter sold 3,000 shares of the business's stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $85.55, for a total value of $256,650.00. Following the sale, the executive now directly owns 20,267 shares in the company, valued at approximately $1,733,841.85. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CRO James J. Jeter sold 2,920 shares of the business's stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $78.96, for a total transaction of $230,563.20. Following the completion of the sale, the executive now owns 23,267 shares in the company, valued at approximately $1,837,162.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 44,601 shares of company stock valued at $3,720,043 in the last three months. 4.32% of the stock is currently owned by insiders.

Institutional Trading of RB Global

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Intech Investment Management LLC raised its holdings in RB Global by 16.8% in the 3rd quarter. Intech Investment Management LLC now owns 21,413 shares of the business services provider's stock valued at $1,725,000 after buying an additional 3,081 shares during the period. PCJ Investment Counsel Ltd. increased its stake in RB Global by 32.0% during the third quarter. PCJ Investment Counsel Ltd. now owns 207,660 shares of the business services provider's stock worth $16,714,000 after purchasing an additional 50,320 shares during the period. Commerce Bank increased its stake in RB Global by 10.6% during the third quarter. Commerce Bank now owns 14,906 shares of the business services provider's stock worth $1,200,000 after purchasing an additional 1,426 shares during the period. Mawer Investment Management Ltd. increased its stake in RB Global by 3.6% during the third quarter. Mawer Investment Management Ltd. now owns 104,167 shares of the business services provider's stock worth $8,384,000 after purchasing an additional 3,586 shares during the period. Finally, Swiss National Bank increased its stake in RB Global by 1.2% during the third quarter. Swiss National Bank now owns 555,543 shares of the business services provider's stock worth $44,783,000 after purchasing an additional 6,400 shares during the period. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

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.