Ritchie Bros Auctioneers Inc (RBA) Cut to “Strong Sell” at Zacks Investment Research
Zacks Investment Research cut shares of Ritchie Bros Auctioneers Inc (NYSE:RBA) (TSE:RBA) from a hold rating to a strong sell rating in a research report released on Tuesday, May 9th.
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. “
RBA has been the topic of a number of other reports. Royal Bank of Canada set a $41.00 target price on shares of Ritchie Bros Auctioneers and gave the company a buy rating in a research note on Saturday, April 22nd. Jefferies Group LLC reaffirmed a hold rating and issued a $29.00 target price (down from $32.00) on shares of Ritchie Bros Auctioneers in a research note on Friday, April 14th. BMO Capital Markets lowered their target price on shares of Ritchie Bros Auctioneers from $38.00 to $33.00 and set a market perform rating on the stock in a research note on Friday, January 13th. Scotiabank lowered their target price on shares of Ritchie Bros Auctioneers from $40.00 to $39.00 and set an outperform rating on the stock in a research note on Monday, May 8th. Finally, William Blair reaffirmed an outperform rating on shares of Ritchie Bros Auctioneers in a research note on Monday, April 24th. Four investment analysts have rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $35.96.
Ritchie Bros Auctioneers (NYSE:RBA) remained flat at $31.58 during mid-day trading on Tuesday. 393,272 shares of the company traded hands. The stock has a 50 day moving average price of $31.61 and a 200 day moving average price of $33.57. Ritchie Bros Auctioneers has a 52 week low of $27.13 and a 52 week high of $39.96. The company has a market capitalization of $3.38 billion, a PE ratio of 46.44 and a beta of 0.62.
Ritchie Bros Auctioneers (NYSE:RBA) last announced its quarterly earnings results on Tuesday, February 21st. The business services provider reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.03. Ritchie Bros Auctioneers had a net margin of 19.91% and a return on equity of 17.38%. The firm had revenue of $146.80 million for the quarter, compared to the consensus estimate of $133.92 million. During the same period in the prior year, the firm posted $0.29 earnings per share. The company’s revenue for the quarter was up 8.3% on a year-over-year basis. On average, equities research analysts anticipate that Ritchie Bros Auctioneers will post $1.05 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 13th. Stockholders of record on Tuesday, May 23rd will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend is Friday, May 19th. Ritchie Bros Auctioneers’s dividend payout ratio is presently 66.67%.
Several institutional investors have recently bought and sold shares of RBA. Russell Investments Group Ltd. bought a new position in Ritchie Bros Auctioneers during the fourth quarter valued at about $18,305,000. First Bank & Trust acquired a new position in shares of Ritchie Bros Auctioneers during the fourth quarter worth $151,000. Grandeur Peak Global Advisors LLC raised its position in shares of Ritchie Bros Auctioneers by 15.4% in the third quarter. Grandeur Peak Global Advisors LLC now owns 348,525 shares of the business services provider’s stock worth $12,223,000 after buying an additional 46,575 shares during the period. Bell State Bank & Trust raised its position in shares of Ritchie Bros Auctioneers by 5.2% in the third quarter. Bell State Bank & Trust now owns 10,535 shares of the business services provider’s stock worth $369,000 after buying an additional 525 shares during the period. Finally, 1832 Asset Management L.P. raised its position in shares of Ritchie Bros Auctioneers by 3.6% in the third quarter. 1832 Asset Management L.P. now owns 710,530 shares of the business services provider’s stock worth $24,910,000 after buying an additional 24,876 shares during the period. 89.55% of the stock is owned by hedge funds and other institutional investors.
About Ritchie Bros Auctioneers
Ritchie Bros Auctioneers Inc is a Canada-based holding company. The Company is an industrial auctioneer and used equipment distributor, selling used equipment and other assets. Its segments include Core Auction, which is a network of auction locations that conduct live, unreserved auctions with both on-site and online bidding, and Other, which includes its EquipmentOne and Mascus International Holding B.V.
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