Ritchie Bros. Auctioneers Inc. (RBA) Stock Rating Lowered by Zacks Investment Research
Ritchie Bros. Auctioneers Inc. (NYSE:RBA) (TSE:RBA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
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. “
A number of other analysts also recently weighed in on the stock. KeyCorp raised shares of Ritchie Bros. Auctioneers from a “sector weight” rating to an “overweight” rating and set a $34.00 target price on the stock in a research report on Monday, August 15th. They noted that the move was a valuation call. Bank of America Corp. reaffirmed a “hold” rating and issued a $37.50 target price on shares of Ritchie Bros. Auctioneers in a research report on Monday, October 10th. RBC Capital Markets reaffirmed an “outperform” rating on shares of Ritchie Bros. Auctioneers in a research report on Tuesday, August 30th. Robert W. Baird reaffirmed an “outperform” rating and issued a $39.00 target price (up from $34.00) on shares of Ritchie Bros. Auctioneers in a research report on Wednesday, August 31st. Finally, Jefferies Group reaffirmed a “hold” rating and issued a $32.00 target price on shares of Ritchie Bros. Auctioneers in a research report on Thursday, November 10th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $36.63.
Shares of Ritchie Bros. Auctioneers (NYSE:RBA) opened at 38.15 on Tuesday. The stock has a market cap of $4.07 billion, a P/E ratio of 36.86 and a beta of 0.62. The company’s 50-day moving average is $35.70 and its 200-day moving average is $33.51. Ritchie Bros. Auctioneers has a 12-month low of $21.03 and a 12-month high of $38.49.
Ritchie Bros. Auctioneers (NYSE:RBA) last issued its quarterly earnings data on Wednesday, November 9th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.21 by $0.01. The company had revenue of $128.90 million for the quarter, compared to analysts’ expectations of $121.06 million. Ritchie Bros. Auctioneers had a net margin of 19.91% and a return on equity of 17.38%. The firm’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.19 earnings per share. On average, equities research analysts anticipate that Ritchie Bros. Auctioneers will post $1.19 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 19th. Stockholders of record on Monday, November 28th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.78%. The ex-dividend date is Wednesday, November 23rd. Ritchie Bros. Auctioneers’s payout ratio is currently 66.67%.
In other news, VP Jeroen Laurentius Johanus Rijk sold 6,600 shares of the company’s stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $34.00, for a total transaction of $224,400.00. Following the completion of the sale, the vice president now owns 6,600 shares of the company’s stock, valued at approximately $224,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.67% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in RBA. Price T Rowe Associates Inc. MD raised its stake in 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 in the last quarter. Quantitative Systematic Strategies LLC purchased a new stake in Ritchie Bros. Auctioneers during the third quarter valued at about $240,000. LPL Financial LLC raised its stake in Ritchie Bros. Auctioneers by 29.1% in the third quarter. LPL Financial LLC now owns 9,674 shares of the company’s stock valued at $340,000 after buying an additional 2,183 shares in the last quarter. Grandeur Peak Global Advisors LLC raised its stake in Ritchie Bros. Auctioneers by 15.4% in the third quarter. Grandeur Peak Global Advisors LLC now owns 348,525 shares of the company’s stock valued at $12,223,000 after buying an additional 46,575 shares in the last quarter. Finally, Credit Suisse AG raised its stake in Ritchie Bros. Auctioneers by 16.1% in the third quarter. Credit Suisse AG now owns 81,973 shares of the company’s stock valued at $2,875,000 after buying an additional 11,382 shares in the last quarter. 91.44% of the stock is owned by institutional investors.
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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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