Ritchie Bros. Auctioneers Inc. (RBA) Upgraded at 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 released on Wednesday. The firm presently has a $42.00 price objective on the stock. Zacks Investment Research’s target price would indicate a potential upside of 11.32% from the company’s previous close.
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. “
Other analysts have also issued reports about the stock. 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 restated a “hold” rating and issued a $38.00 price target on shares of Ritchie Bros. Auctioneers in a research report on Friday, November 11th. Royal Bank Of Canada raised their price target 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. 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. Finally, TD Securities restated a “reduce” rating and issued a $26.00 price target on shares of Ritchie Bros. Auctioneers in a research report on Wednesday, August 31st. Two research analysts have rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company’s stock. Ritchie Bros. Auctioneers presently has an average rating of “Hold” and a consensus price target of $36.71.
Shares of Ritchie Bros. Auctioneers (NYSE:RBA) opened at 37.73 on Wednesday. Ritchie Bros. Auctioneers has a 12 month low of $21.03 and a 12 month high of $38.59. The stock has a market capitalization of $4.02 billion, a PE ratio of 36.45 and a beta of 0.62. The company’s 50-day moving average is $35.84 and its 200-day moving average is $33.63.
Ritchie Bros. Auctioneers (NYSE:RBA) last released its quarterly earnings results on Wednesday, November 9th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by $0.01. The business had revenue of $128.90 million for the quarter, compared to the consensus estimate 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 quarter in the prior year, the business posted $0.19 EPS. Equities research analysts expect that Ritchie Bros. Auctioneers will post $1.19 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 19th. Investors of record on Monday, November 28th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend is Wednesday, November 23rd. Ritchie Bros. Auctioneers’s dividend payout ratio (DPR) is 66.67%.
In related news, VP Jeroen Laurentius Johanus Rijk sold 6,600 shares of the stock in a transaction on 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 transaction, the vice president now owns 6,600 shares in the company, valued at $224,400. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.67% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. 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 during the period. 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 during the period. 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 during the period. 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 during the period. 92.36% of the stock is currently owned by hedge funds and other institutional investors.
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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