RB Global (NYSE:RBA) Hits New 52-Week High Following Analyst Upgrade

Shares of RB Global, Inc. (NYSE:RBA - Get Free Report) TSE: RBA reached a new 52-week high 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 changing hands. The stock had previously closed at $96.56.

Several other research firms also recently commented on RBA. CIBC decreased their price objective on RB Global from $109.00 to $108.00 and set an "outperformer" rating on the stock in a research note on Monday, February 3rd. Robert W. Baird lifted their target price on RB Global from $105.00 to $110.00 and gave the company an "outperform" rating in a research note on Wednesday. Royal Bank of Canada raised their price target on RB Global from $107.00 to $116.00 and gave the company an "outperform" rating in a report on Wednesday. StockNews.com upgraded RB Global from a "hold" rating to a "buy" rating in a report on Monday, January 27th. Finally, Raymond James raised their price target on RB Global from $110.00 to $118.00 and gave the company an "outperform" rating in a report on Wednesday. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $107.64.

Institutional Investors Weigh In On RB Global

A number of institutional investors and hedge funds have recently modified their holdings of RBA. Raymond James Financial Inc. bought a new stake in shares of RB Global during the 4th quarter worth approximately $266,148,000. Norges Bank bought a new stake in shares of RB Global during the 4th quarter worth approximately $209,931,000. FMR LLC lifted its stake in shares of RB Global by 137.5% during the 4th quarter. FMR LLC now owns 2,804,404 shares of the business services provider's stock worth $252,985,000 after acquiring an additional 1,623,429 shares during the last quarter. Vontobel Holding Ltd. lifted its stake in shares of RB Global by 9.8% during the 4th quarter. Vontobel Holding Ltd. now owns 8,451,146 shares of the business services provider's stock worth $762,378,000 after acquiring an additional 753,700 shares during the last quarter. Finally, National Bank of Canada FI lifted its stake in shares of RB Global by 309.6% during the 3rd quarter. National Bank of Canada FI now owns 808,172 shares of the business services provider's stock worth $65,014,000 after acquiring an additional 610,843 shares during the last quarter. 95.37% of the stock is owned by institutional investors.

RB Global Price Performance

The company has a current ratio of 1.29, a quick ratio of 1.17 and a debt-to-equity ratio of 0.50. The stock has a 50 day moving average of $91.78 and a 200-day moving average of $88.25. The stock has a market capitalization of $18.95 billion, a P/E ratio of 51.05, a price-to-earnings-growth ratio of 4.36 and a beta of 0.96.

RB Global (NYSE:RBA - Get Free Report) TSE: RBA last issued its 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 firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.06 billion. RB Global had a net margin of 9.64% and a return on equity of 8.00%. During the same period last year, the firm earned $0.82 earnings per share. On average, equities research analysts anticipate that RB Global, Inc. will post 2.5 earnings per share for the current fiscal year.

RB Global Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Friday, February 14th will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.16 annualized dividend and a yield of 1.13%. RB Global's dividend payout ratio (DPR) is 57.71%.

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.