Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) (TSE:RBA) had its price objective reduced by research analysts at Raymond James Financial, Inc. from $33.50 to $29.50 in a research note issued to investors on Tuesday. The firm presently has a “market perform” rating on the business services provider’s stock. Raymond James Financial, Inc.’s price target indicates a potential upside of 9.38% from the company’s current price.

Several other brokerages have also recently issued reports on RBA. National Bank Financial reaffirmed a “sector perform under weight” rating on shares of Ritchie Bros. Auctioneers in a research note on Thursday, June 29th. Jefferies Group LLC reissued a “hold” rating and set a $29.00 price target on shares of Ritchie Bros. Auctioneers in a research report on Friday, May 5th. Zacks Investment Research cut shares of Ritchie Bros. Auctioneers from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 9th. CIBC cut shares of Ritchie Bros. Auctioneers from a “sector outperform” rating to a “sector perform” rating and set a $28.00 price target on the stock. in a research report on Monday. Finally, TD Securities reissued a “sell” rating on shares of Ritchie Bros. Auctioneers in a research report on Tuesday, May 9th. Four research analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. Ritchie Bros. Auctioneers presently has an average rating of “Hold” and a consensus price target of $33.75.

Ritchie Bros. Auctioneers (NYSE RBA) traded up 1.89% during trading on Tuesday, reaching $27.48. 498,100 shares of the company’s stock traded hands. The firm has a market capitalization of $2.94 billion, a PE ratio of 40.41 and a beta of 0.56. Ritchie Bros. Auctioneers has a one year low of $26.68 and a one year high of $39.96. The company has a 50-day moving average price of $30.60 and a 200 day moving average price of $32.21.

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 13th. Shareholders of record on Tuesday, May 23rd were given a $0.17 dividend. The ex-dividend date was Friday, May 19th. This represents a $0.68 dividend on an annualized basis and a yield of 2.52%. Ritchie Bros. Auctioneers’s payout ratio is currently 100.00%.

COPYRIGHT VIOLATION WARNING: “Raymond James Financial, Inc. Lowers Ritchie Bros. Auctioneers Incorporated (RBA) Price Target to $29.50” was reported by American Banking News and is the sole property of of American Banking News. If you are viewing this news story on another website, it was illegally copied and republished in violation of US & international copyright legislation. The correct version of this news story can be viewed at https://www.americanbankingnews.com/2017/07/11/raymond-james-financial-inc-lowers-ritchie-bros-auctioneers-incorporated-rba-price-target-to-29-50.html.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. CGOV Asset Management raised its stake in shares of Ritchie Bros. Auctioneers by 150.2% in the first quarter. CGOV Asset Management now owns 6,956,054 shares of the business services provider’s stock worth $304,466,000 after buying an additional 4,175,593 shares during the period. Victory Capital Management Inc. acquired a new stake in shares of Ritchie Bros. Auctioneers during the third quarter worth about $122,557,000. Bank of Montreal Can acquired a new stake in shares of Ritchie Bros. Auctioneers during the second quarter worth about $60,930,000. Norges Bank acquired a new stake in shares of Ritchie Bros. Auctioneers during the fourth quarter worth about $53,619,000. Finally, Champlain Investment Partners LLC raised its stake in shares of Ritchie Bros. Auctioneers by 87.9% in the first quarter. Champlain Investment Partners LLC now owns 2,868,155 shares of the business services provider’s stock worth $94,362,000 after buying an additional 1,341,355 shares during the period. 95.12% of the stock is currently owned by 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.

Analyst Recommendations for Ritchie Bros. Auctioneers (NYSE:RBA)

Receive News & Ratings for Ritchie Bros. Auctioneers Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ritchie Bros. Auctioneers Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.