Ritchie Bros. Auctioneers (RBA) Releases Earnings Results, Hits Estimates

Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) posted its earnings results on Thursday. The business services provider reported $0.18 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.18, Briefing.com reports. Ritchie Bros. Auctioneers had a return on equity of 13.42% and a net margin of 12.36%. The company had revenue of $159.30 million for the quarter, compared to analyst estimates of $163.59 million. During the same quarter last year, the company earned $0.09 earnings per share. The company’s revenue for the quarter was up 13.0% on a year-over-year basis.

Shares of RBA traded up $1.89 on Friday, reaching $35.34. 1,157,400 shares of the company’s stock traded hands, compared to its average volume of 457,431. The company has a current ratio of 1.26, a quick ratio of 1.13 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $3.57 billion, a price-to-earnings ratio of 43.63, a PEG ratio of 2.30 and a beta of 0.78. Ritchie Bros. Auctioneers has a 52-week low of $24.08 and a 52-week high of $38.77.

In related news, SVP Kieran Colquhoun Holm sold 13,240 shares of the stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $38.24, for a total transaction of $506,297.60. Following the completion of the sale, the senior vice president now directly owns 11,278 shares of the company’s stock, valued at $431,270.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.30% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. increased its position in Ritchie Bros. Auctioneers by 2.0% in the second quarter. Baillie Gifford & Co. now owns 11,224,012 shares of the business services provider’s stock worth $382,894,000 after buying an additional 225,091 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in Ritchie Bros. Auctioneers by 4.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,968,491 shares of the business services provider’s stock worth $287,901,000 after buying an additional 360,298 shares during the last quarter. Janus Henderson Group PLC increased its position in Ritchie Bros. Auctioneers by 1.2% in the second quarter. Janus Henderson Group PLC now owns 6,313,823 shares of the business services provider’s stock worth $215,428,000 after buying an additional 73,866 shares during the last quarter. Fiera Capital Corp increased its position in Ritchie Bros. Auctioneers by 8,475.2% in the second quarter. Fiera Capital Corp now owns 2,709,764 shares of the business services provider’s stock worth $92,435,000 after buying an additional 2,678,164 shares during the last quarter. Finally, Eagle Asset Management Inc. increased its position in Ritchie Bros. Auctioneers by 10.1% in the third quarter. Eagle Asset Management Inc. now owns 2,039,890 shares of the business services provider’s stock worth $73,701,000 after buying an additional 187,658 shares during the last quarter. 93.82% of the stock is owned by institutional investors and hedge funds.

A number of research analysts have recently weighed in on the company. Zacks Investment Research upgraded Ritchie Bros. Auctioneers from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a report on Wednesday, August 22nd. National Bank Financial raised their target price on Ritchie Bros. Auctioneers from $35.00 to $39.00 and gave the company a “sector perform” rating in a report on Monday, August 13th. Raymond James increased their price target on Ritchie Bros. Auctioneers from $34.00 to $38.00 and gave the company a “market perform” rating in a research report on Monday, August 13th. Scotiabank set a $39.00 price target on Ritchie Bros. Auctioneers and gave the company a “hold” rating in a research report on Monday, August 13th. Finally, Royal Bank of Canada increased their price target on Ritchie Bros. Auctioneers from $34.00 to $36.00 and gave the company a “sector perform” rating in a research report on Monday, August 13th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $36.11.

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Ritchie Bros. Auctioneers Company Profile

Ritchie Bros. Auctioneers Incorporated, an asset management and disposition company, sells industrial equipment and other durable assets through its unreserved auctions, online marketplaces, listing services, and private brokerage services. The company sells a range of used and unused equipment, including earthmoving equipment, truck trailers, government surplus, oil and gas equipment, and other industrial assets.

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Earnings History for Ritchie Bros. Auctioneers (NYSE:RBA)

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