Independent Franchise Partners LL recently announced the acquisition of new stake in RB Global Inc. (NYSE:RBA). The institutional investor has increased its shareholding in the Industrials company by 8.26% to 16.08 million shares with purchase of 1.23 million shares. This fresh investment now brings its stake to 8.83% valued currently at $992.34 million. In addition, Massachusetts Financial Services raised its holdings by 1.38 million to 9.34 million shares. And Edgepoint Investment Group, Inc. has lifted its position by 21.58% or 1.34 million shares – to 7.53 million shares.
With over 5.33 million RB Global Inc. (RBA) shares trading Monday and a closing price of $65.75 on the day, the dollar volume was approximately $350.42 million. The shares have shown a positive half year performance of 27.03% and its price on 09/18/23 gained nearly 0.87%. Currently, there are 181.86M common shares owned by the public and among those 180.10M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 9 analysts who have offered their price forecasts for RBA have a consensus price objective of $72.33. The analysts have set the share’s price value over the next 12 months at a high of $76.00 and a low of $64.00. The average price target is 7.77% above its recent price level and a downside to the estimated low will see the stock lose -2.73% over that period. But an upside of 13.49% will see the stock hit the forecast high price target while median target price for the stock is $74.00.
The top 3 mutual fund holders in RB Global Inc. are MFS International Growth Fund, John Hancock III – Disciplined Va, and Vanguard Extended Market Index Fu. MFS International Growth Fund owns 3.22 million shares of the company’s stock, all valued at over $198.88 million. The company bought an additional 47456.0 shares recently to bring their total holdings to about 1.77% of the shares outstanding. Vanguard Extended Market Index Fu bought 8966.0 shares to bring its total holdings to over 2.54 million shares at a value of $156.71 million. Vanguard Extended Market Index Fu now owns shares totaling to 1.39% of the shares outstanding.
Shares of RB Global Inc. (NYSE: RBA) opened at $65.05, down -$0.13 from a prior closing price of $65.18. However, the script later moved the day high at 66.04, up 0.87%. The company’s stock has a 5-day price change of -1.22% and 15.17% over the past three months. RBA shares are trading 16.07% year to date (YTD), with the 12-month market performance up to 2.54% higher. It has a 12-month low price of $47.72 and touched a high of $66.99 over the same period. RBA has an average intraday trading volume of 1.74 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 5.80%, 7.10%, and 13.44% respectively.
Institutional ownership of RB Global Inc. (NYSE: RBA) shares accounts for 84.90% of the company’s 181.86M shares outstanding. Mutual fund holders own 44.15%, while other institutional holders and individual stakeholders account for 51.15% and 0.23% respectively.
It has a market capitalization of $11.97B and a beta (3y monthly) value of 0.92. The stock’s trailing 12-month PE ratio is 71.00, while the earnings-per-share (ttm) stands at $0.93. The company has a PEG of 10.14 and a Quick Ratio of 1.20 with the debt-to-equity ratio at 0.64. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.42% over the week and 2.13% over the month.
Analysts forecast that RB Global Inc. (RBA) will achieve an EPS of $0.51 for the current quarter, $0.59 for the next quarter and $2.94 for 2024. The lowest estimate earnings-per-share for the quarter is $0.23 while analysts give the company a high EPS estimate of $0.69. Comparatively, EPS for the current quarter was $0.53 a year ago. Earnings per share for the fiscal year are expected to increase by 109.60%, and 18.48% over the next financial year. EPS should shrink at an annualized rate of 7.00% over the next five years, compared to 32.70% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 9 brokerage firm advisors rate RB Global Inc. (RBA) as a “Strong Buy” at a consensus score of 1.90. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 2 of the 9 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the RBA, a number of firms have released research notes about the stock. Raymond James stated their Outperform rating for the stock in a research note on July 20, 2023, with the firm’s price target at $60-$75.
