Ritchie Bros. Auctioneers Incorporated (RBA) Stock Price Down 5.9% on Analyst Downgrade
Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) (TSE:RBA) traded down 5.9% on Wednesday after National Bank Financial lowered their price target on the stock from $31.50 to $30.00. National Bank Financial currently has a sector perform rating on the stock. Ritchie Bros. Auctioneers traded as low as $27.10 and last traded at $27.90, with a volume of 2,200,962 shares traded. The stock had previously closed at $29.64.
Several other equities research analysts have also weighed in on the company. TD Securities cut their target price on Ritchie Bros. Auctioneers from $27.00 to $25.00 and set a “reduce” rating on the stock in a research report on Wednesday. Royal Bank Of Canada set a $40.00 target price on Ritchie Bros. Auctioneers and gave the stock a “buy” rating in a research report on Wednesday. BidaskClub lowered Ritchie Bros. Auctioneers from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 5th. Jefferies Group LLC reissued a “hold” rating and set a $29.00 target price on shares of Ritchie Bros. Auctioneers in a research report on Friday, July 14th. Finally, Raymond James Financial, Inc. cut their target price on Ritchie Bros. Auctioneers from $33.50 to $29.50 and set a “market perform” rating on the stock in a research report on Tuesday, July 11th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $33.46.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lloyds Banking Group plc raised its position in Ritchie Bros. Auctioneers by 59.1% in the second quarter. Lloyds Banking Group plc now owns 4,456 shares of the business services provider’s stock valued at $128,000 after buying an additional 1,656 shares during the period. First Bank & Trust raised its position in Ritchie Bros. Auctioneers by 3.8% in the second quarter. First Bank & Trust now owns 5,387 shares of the business services provider’s stock valued at $155,000 after buying an additional 196 shares during the period. FNY Managed Accounts LLC purchased a new position in Ritchie Bros. Auctioneers during the first quarter valued at approximately $176,000. Forward Management LLC raised its position in Ritchie Bros. Auctioneers by 11.0% in the second quarter. Forward Management LLC now owns 6,137 shares of the business services provider’s stock valued at $176,000 after buying an additional 609 shares during the period. Finally, World Asset Management Inc raised its position in Ritchie Bros. Auctioneers by 0.7% in the first quarter. World Asset Management Inc now owns 6,613 shares of the business services provider’s stock valued at $218,000 after buying an additional 43 shares during the period. 97.26% of the stock is currently owned by institutional investors.
The company has a 50-day moving average of $28.24 and a 200-day moving average of $30.85. The stock has a market cap of $2.98 billion, a P/E ratio of 41.03 and a beta of 0.55.
Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) last posted its earnings results on Tuesday, August 8th. The business services provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.32 by $0.01. Ritchie Bros. Auctioneers had a return on equity of 15.19% and a net margin of 13.02%. The firm had revenue of $166.20 million for the quarter, compared to analysts’ expectations of $161.85 million. During the same period last year, the firm earned $0.37 EPS. The firm’s revenue was up 4.7% compared to the same quarter last year. On average, equities research analysts expect that Ritchie Bros. Auctioneers Incorporated will post $1.05 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, August 25th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend is Wednesday, August 23rd. Ritchie Bros. Auctioneers’s dividend payout ratio is currently 100.00%.
Ritchie Bros. Auctioneers Company Profile
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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