Ritchie Bros. Auctioneers Inc. (RBA) Stock Rating Upgraded by Zacks Investment Research
Ritchie Bros. Auctioneers Inc. (NYSE:RBA) (TSE:RBA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The brokerage presently has a $41.00 price target on the stock. Zacks Investment Research’s price target indicates a potential upside of 10.84% from the stock’s current price.
According to Zacks, “Ritchie Bros. Auctioneers conduct unreserved public auctions every year at locations throughout North and Central America, Europe, Asia, Australia, Africa and the Middle East. The company is known for their innovative auction methods, attention to detail and their total commitment to the unreserved auction. The confidence this gives their customers has enabled Ritchie Bros. to become one of the largest industrial auctioneer in the world. “
Several other research firms have also issued reports on RBA. RBC Capital Markets restated an “outperform” rating and issued a $59.00 price target on shares of Ritchie Bros. Auctioneers in a research report on Friday, November 11th. BMO Capital Markets reiterated a “hold” rating and set a $38.00 price objective on shares of Ritchie Bros. Auctioneers in a research report on Friday, November 11th. Bank of America Corp. upgraded shares of Ritchie Bros. Auctioneers from an “underperform” rating to a “neutral” rating in a research report on Wednesday, August 31st. Jefferies Group reiterated a “hold” rating and set a $32.00 price objective on shares of Ritchie Bros. Auctioneers in a research report on Thursday, November 10th. Finally, Royal Bank Of Canada lifted their price objective on shares of Ritchie Bros. Auctioneers from $32.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 31st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company’s stock. Ritchie Bros. Auctioneers currently has a consensus rating of “Hold” and a consensus target price of $36.63.
Ritchie Bros. Auctioneers (NYSE:RBA) opened at 36.99 on Friday. The company has a 50 day moving average price of $35.33 and a 200 day moving average price of $33.20. Ritchie Bros. Auctioneers has a 12 month low of $21.03 and a 12 month high of $37.74. The stock has a market capitalization of $3.94 billion, a price-to-earnings ratio of 28.97 and a beta of 0.62.
Ritchie Bros. Auctioneers (NYSE:RBA) last posted its quarterly earnings results on Wednesday, November 9th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by $0.01. The business earned $128.90 million during the quarter, compared to analyst estimates of $121.06 million. Ritchie Bros. Auctioneers had a return on equity of 17.40% and a net margin of 19.91%. The company’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.19 EPS. Equities research analysts predict that Ritchie Bros. Auctioneers will post $1.19 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 19th. Investors of record on Monday, November 28th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.84%. The ex-dividend date is Wednesday, November 23rd. Ritchie Bros. Auctioneers’s payout ratio is presently 66.67%.
In related news, VP Jeroen Laurentius Johanus Rijk sold 6,600 shares of Ritchie Bros. Auctioneers stock in a transaction on Friday, September 16th. The shares were sold at an average price of $34.00, for a total value of $224,400.00. Following the transaction, the vice president now owns 6,600 shares in the company, valued at approximately $224,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.67% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in RBA. Price T Rowe Associates Inc. MD increased its position in shares of Ritchie Bros. Auctioneers by 73.7% in the third quarter. Price T Rowe Associates Inc. MD now owns 5,930,945 shares of the company’s stock valued at $207,998,000 after buying an additional 2,516,811 shares during the period. Janus Capital Management LLC increased its position in shares of Ritchie Bros. Auctioneers by 4.5% in the second quarter. Janus Capital Management LLC now owns 5,867,441 shares of the company’s stock valued at $198,202,000 after buying an additional 251,789 shares during the period. Victory Capital Management Inc. purchased a new position in shares of Ritchie Bros. Auctioneers during the third quarter valued at approximately $122,557,000. CGOV Asset Management purchased a new position in shares of Ritchie Bros. Auctioneers during the third quarter valued at approximately $133,822,000. Finally, Neuberger Berman Group LLC increased its position in shares of Ritchie Bros. Auctioneers by 32.4% in the third quarter. Neuberger Berman Group LLC now owns 2,611,619 shares of the company’s stock valued at $91,589,000 after buying an additional 638,517 shares during the period. Hedge funds and other institutional investors own 93.17% of the company’s stock.
About Ritchie Bros. Auctioneers
Ritchie Bros. Auctioneers Incorporated is a holding company. The Company is an auctioneer of industrial equipment. The Company is engaged in selling industrial equipment and other assets for the construction, agricultural, transportation, energy, mining, forestry, material handling, marine and real estate industries at its unreserved auctions and online marketplaces.
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