Zacks Investment Research lowered shares of Ritchie Bros. Auctioneers Inc. (NYSE:RBA) (TSE:RBA) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning.
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 analysts also recently issued reports on RBA. BMO Capital Markets reiterated a hold rating and set a $38.00 price target on shares of Ritchie Bros. Auctioneers in a report on Friday, November 11th. TD Securities reiterated a reduce rating and set a $26.00 price target on shares of Ritchie Bros. Auctioneers in a report on Saturday, August 13th. RBC Capital Markets reiterated an outperform rating and set a $59.00 price target on shares of Ritchie Bros. Auctioneers in a report on Friday, November 11th. Jefferies Group upped their price target on shares of Ritchie Bros. Auctioneers from $28.00 to $32.00 and gave the stock a hold rating in a report on Wednesday, August 31st. Finally, Royal Bank Of Canada upped their price target on shares of Ritchie Bros. Auctioneers from $32.00 to $40.00 and gave the stock an outperform rating in a report on Wednesday, August 31st. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $36.63.
Ritchie Bros. Auctioneers (NYSE:RBA) opened at 38.15 on Tuesday. Ritchie Bros. Auctioneers has a 12-month low of $21.03 and a 12-month high of $38.49. The company has a market capitalization of $4.07 billion, a price-to-earnings ratio of 36.86 and a beta of 0.62. The firm’s 50-day moving average price is $35.70 and its 200 day moving average price is $33.51.
Ritchie Bros. Auctioneers (NYSE:RBA) last announced its quarterly earnings data on Wednesday, November 9th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.21 by $0.01. Ritchie Bros. Auctioneers had a net margin of 19.91% and a return on equity of 17.38%. The firm had revenue of $128.90 million for the quarter, compared to analyst estimates of $121.06 million. During the same quarter in the prior year, the firm earned $0.19 earnings per share. The firm’s revenue for the quarter was up 17.9% on a year-over-year basis. On average, analysts expect that Ritchie Bros. Auctioneers will post $1.19 earnings per share for the current year.
The business also recently disclosed 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. The ex-dividend date is Wednesday, November 23rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.78%. Ritchie Bros. Auctioneers’s dividend payout ratio (DPR) is presently 66.67%.
In other news, VP Jeroen Laurentius Johanus Rijk sold 6,600 shares of the 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 transaction, 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.
Institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. bought a new position in Ritchie Bros. Auctioneers during the third quarter worth about $122,557,000. CGOV Asset Management acquired a new stake in Ritchie Bros. Auctioneers during the third quarter worth $133,822,000. 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 worth $207,998,000 after buying an additional 2,516,811 shares in the last quarter. Bank of Montreal Can acquired a new stake in Ritchie Bros. Auctioneers during the second quarter worth $60,930,000. Finally, FMR LLC acquired a new stake in Ritchie Bros. Auctioneers during the second quarter worth $58,892,000. 91.44% of the stock is currently owned by 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.