Ritchie Bros. Auctioneers Inc. (RBA) Upgraded by Zacks Investment Research to “Buy”
Ritchie Bros. Auctioneers Inc. (NYSE:RBA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The firm presently has a $40.00 price target on the stock. Zacks Investment Research’s price objective suggests a potential upside of 13.15% 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. “
RBA has been the topic of a number of other research reports. KeyCorp raised Ritchie Bros. Auctioneers from a “sector weight” rating to an “overweight” rating and set a $34.00 price target on the stock in a research report on Monday, August 15th. They noted that the move was a valuation call. BMO Capital Markets reaffirmed a “market perform” rating and issued a $38.00 price target (up previously from $29.00) on shares of Ritchie Bros. Auctioneers in a research report on Thursday, September 1st. Jefferies Group increased their price target on Ritchie Bros. Auctioneers from $28.00 to $32.00 and gave the company a “hold” rating in a research report on Wednesday, August 31st. Robert W. Baird reaffirmed an “outperform” rating and issued a $39.00 price target (up previously from $34.00) on shares of Ritchie Bros. Auctioneers in a research report on Wednesday, August 31st. Finally, TD Securities reaffirmed a “reduce” rating and issued a $26.00 price target on shares of Ritchie Bros. Auctioneers in a research report on Saturday, August 13th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the stock. Ritchie Bros. Auctioneers presently has an average rating of “Hold” and an average price target of $34.50.
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Shares of Ritchie Bros. Auctioneers (NYSE:RBA) opened at 35.35 on Wednesday. The stock’s 50 day moving average price is $34.85 and its 200-day moving average price is $32.15. Ritchie Bros. Auctioneers has a 52 week low of $21.03 and a 52 week high of $37.23. The stock has a market cap of $3.77 billion, a price-to-earnings ratio of 27.68 and a beta of 0.48.
Ritchie Bros. Auctioneers (NYSE:RBA) last announced its earnings results on Tuesday, August 9th. The company reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by $0.07. Ritchie Bros. Auctioneers had a net margin of 25.39% and a return on equity of 16.55%. The firm had revenue of $158.80 million for the quarter, compared to analysts’ expectations of $160.96 million. During the same quarter last year, the business earned $0.43 earnings per share. The business’s revenue was up 2.1% compared to the same quarter last year. Equities analysts anticipate that Ritchie Bros. Auctioneers will post $1.17 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Wednesday, August 31st. This is a positive change from Ritchie Bros. Auctioneers’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a dividend yield of 1.92%. Ritchie Bros. Auctioneers’s dividend payout ratio (DPR) is currently 53.97%.
In other news, VP Jeroen Laurentius Johanus Rijk sold 6,600 shares of the stock in a transaction on Friday, September 16th. The stock was sold at an average price of $34.00, for a total value of $224,400.00. Following the completion of the sale, the vice president now owns 6,600 shares in the company, valued at $224,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.67% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Commerce Bank raised its stake in Ritchie Bros. Auctioneers by 0.5% in the second quarter. Commerce Bank now owns 20,131 shares of the company’s stock worth $680,000 after buying an additional 95 shares during the last quarter. FineMark National Bank & Trust raised its stake in Ritchie Bros. Auctioneers by 2.4% in the second quarter. FineMark National Bank & Trust now owns 4,158 shares of the company’s stock worth $141,000 after buying an additional 97 shares during the last quarter. Glenmede Trust Co. NA raised its stake in Ritchie Bros. Auctioneers by 1.2% in the second quarter. Glenmede Trust Co. NA now owns 18,427 shares of the company’s stock worth $621,000 after buying an additional 227 shares during the last quarter. 1st Global Advisors Inc. raised its stake in Ritchie Bros. Auctioneers by 6.7% in the second quarter. 1st Global Advisors Inc. now owns 9,025 shares of the company’s stock worth $305,000 after buying an additional 570 shares during the last quarter. Finally, Loomis Sayles & Co. L P raised its stake in Ritchie Bros. Auctioneers by 0.8% in the first quarter. Loomis Sayles & Co. L P now owns 88,546 shares of the company’s stock worth $2,398,000 after buying an additional 734 shares during the last quarter. Institutional investors own 86.29% of the company’s stock.
Ritchie Bros. Auctioneers Company Profile
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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