Ritchie Bros. Auctioneers Inc. (RBA) Upgraded at Zacks Investment Research
Ritchie Bros. Auctioneers Inc. (NYSE:RBA) (TSE:RBA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm presently has a $42.00 price objective on the stock. Zacks Investment Research’s target price indicates a potential upside of 11.32% from the stock’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 reports. RBC Capital Markets restated an “outperform” rating and issued a $59.00 price objective on shares of Ritchie Bros. Auctioneers in a research note on Friday, November 11th. BMO Capital Markets restated a “hold” rating and issued a $38.00 price objective on shares of Ritchie Bros. Auctioneers in a research note on Friday, November 11th. Bank of America Corp. upgraded Ritchie Bros. Auctioneers from an “underperform” rating to a “neutral” rating in a research note on Wednesday, August 31st. Jefferies Group restated a “hold” rating and issued a $32.00 price objective on shares of Ritchie Bros. Auctioneers in a research note on Thursday, November 10th. Finally, Royal Bank Of Canada upped their price target on Ritchie Bros. Auctioneers from $32.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, August 31st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company. Ritchie Bros. Auctioneers presently has a consensus rating of “Hold” and a consensus target price of $36.71.
Ritchie Bros. Auctioneers (NYSE:RBA) opened at 37.73 on Wednesday. The company’s 50-day moving average is $35.84 and its 200-day moving average is $33.63. Ritchie Bros. Auctioneers has a 52-week low of $21.03 and a 52-week high of $38.59. The company has a market capitalization of $4.02 billion, a price-to-earnings ratio of 36.45 and a beta of 0.62.
Ritchie Bros. Auctioneers (NYSE:RBA) last issued its quarterly earnings results on Wednesday, November 9th. The company reported $0.20 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.21 by $0.01. The company earned $128.90 million during the quarter, compared to analysts’ expectations of $121.06 million. Ritchie Bros. Auctioneers had a return on equity of 17.38% and a net margin of 19.91%. Ritchie Bros. Auctioneers’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same period last year, the firm posted $0.19 earnings per share. On average, analysts expect that Ritchie Bros. Auctioneers will post $1.19 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 19th. Shareholders of record on Monday, November 28th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend is Wednesday, November 23rd. Ritchie Bros. Auctioneers’s dividend payout ratio is currently 66.67%.
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In other Ritchie Bros. Auctioneers news, VP Jeroen Laurentius Johanus Rijk sold 6,600 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at $224,400. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.67% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of the company. Emerald Acquisition Ltd. bought a new stake in Ritchie Bros. Auctioneers during the second quarter worth $24,612,000. Rothschild Asset Management Inc. raised its stake in Ritchie Bros. Auctioneers by 614.9% in the second quarter. Rothschild Asset Management Inc. now owns 42,982 shares of the company’s stock worth $1,877,000 after buying an additional 36,970 shares during the period. World Asset Management Inc bought a new stake in Ritchie Bros. Auctioneers during the second quarter worth $225,000. AGF Investments Inc. raised its stake in Ritchie Bros. Auctioneers by 121.1% in the second quarter. AGF Investments Inc. now owns 2,947 shares of the company’s stock worth $100,000 after buying an additional 1,614 shares during the period. Finally, Ngam Advisors L.P. raised its stake in Ritchie Bros. Auctioneers by 7.8% in the second quarter. Ngam Advisors L.P. now owns 14,204 shares of the company’s stock worth $480,000 after buying an additional 1,025 shares during the period. 92.36% of the stock is owned by institutional investors and hedge funds.
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.
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