KeyCorp Comments on Ritchie Bros. Auctioneers Inc.’s Q3 2016 Earnings (RBA)
Ritchie Bros. Auctioneers Inc. (NYSE:RBA) – Stock analysts at KeyCorp upped their Q3 2016 earnings estimates for shares of Ritchie Bros. Auctioneers in a research report issued to clients and investors on Sunday. KeyCorp analyst J. Box now anticipates that the firm will earn $0.21 per share for the quarter, up from their previous estimate of $0.18. KeyCorp currently has a “Overweight” rating and a $34.00 price target on the stock. KeyCorp also issued estimates for Ritchie Bros. Auctioneers’ FY2016 earnings at $1.18 EPS, Q1 2017 earnings at $0.28 EPS, Q3 2017 earnings at $0.25 EPS, Q4 2017 earnings at $0.37 EPS and FY2017 earnings at $1.34 EPS.
Ritchie Bros. Auctioneers (NYSE:RBA) last released its quarterly earnings results on Tuesday, August 9th. The company reported $0.37 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate 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 company had revenue of $158.80 million for the quarter, compared to the consensus estimate of $160.96 million. During the same period in the prior year, the firm posted $0.43 EPS. The business’s revenue for the quarter was up 2.1% on a year-over-year basis.
Other analysts have also recently issued research reports about the company. Jefferies Group cut Ritchie Bros. Auctioneers from a “buy” rating to a “hold” rating and set a $35.00 price objective for the company. in a research report on Friday, July 15th. They noted that the move was a valuation call. BMO Capital Markets reissued a “market perform” rating and issued a $38.00 price objective (up previously from $29.00) on shares of Ritchie Bros. Auctioneers in a research report on Thursday, September 1st. Robert W. Baird reissued an “outperform” rating and issued a $39.00 price objective (up previously from $34.00) on shares of Ritchie Bros. Auctioneers in a research report on Wednesday, August 31st. Royal Bank Of Canada raised their price objective on Ritchie Bros. Auctioneers from $32.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 31st. Finally, Zacks Investment Research raised Ritchie Bros. Auctioneers from a “strong sell” rating to a “hold” rating in a research report on Saturday, September 3rd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $33.95.
Shares of Ritchie Bros. Auctioneers (NYSE:RBA) opened at 35.71 on Wednesday. The company has a market cap of $3.81 billion, a price-to-earnings ratio of 27.96 and a beta of 0.48. The firm’s 50-day moving average price is $34.04 and its 200 day moving average price is $31.87. Ritchie Bros. Auctioneers has a 12-month low of $21.03 and a 12-month high of $37.23.
Several institutional investors have recently made changes to their positions in the stock. Ngam Advisors L.P. boosted its position in shares of Ritchie Bros. Auctioneers by 23.7% in the first quarter. Ngam Advisors L.P. now owns 13,179 shares of the company’s stock valued at $357,000 after buying an additional 2,525 shares in the last quarter. NN Investment Partners Holdings N.V. bought a new position in shares of Ritchie Bros. Auctioneers during the first quarter valued at $875,000. M&T Bank Corp bought a new position in shares of Ritchie Bros. Auctioneers during the first quarter valued at $225,000. 1832 Asset Management L.P. bought a new position in shares of Ritchie Bros. Auctioneers during the first quarter valued at $26,028,000. Finally, OMERS ADMINISTRATION Corp boosted its position in shares of Ritchie Bros. Auctioneers by 111.7% in the first quarter. OMERS ADMINISTRATION Corp now owns 36,200 shares of the company’s stock valued at $982,000 after buying an additional 19,100 shares in the last quarter. Hedge funds and other institutional investors own 86.29% of the company’s stock.
In related news, VP Jeroen Laurentius Johanus Rijk sold 6,600 shares of Ritchie Bros. Auctioneers stock in a transaction dated 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 transaction, the vice president now owns 6,600 shares in the company, valued at approximately $224,400. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.67% of the stock is owned by corporate insiders.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 23rd. Investors of record on Friday, September 2nd were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.90%. The ex-dividend date was Wednesday, August 31st. This is a positive change from Ritchie Bros. Auctioneers’s previous quarterly dividend of $0.16. Ritchie Bros. Auctioneers’s payout ratio is currently 53.97%.
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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