Shares of Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) (TSE:RBA) were up 8.6% during trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $30.73 and last traded at $29.64, with a volume of 2,781,753 shares. The stock had previously closed at $27.30.

The business services provider reported $0.33 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.01. Ritchie Bros. Auctioneers had a return on equity of 15.19% and a net margin of 13.02%. The company had revenue of $166.20 million during the quarter, compared to the consensus estimate of $161.85 million. During the same period in the previous year, the company posted $0.37 earnings per share. Ritchie Bros. Auctioneers’s revenue for the quarter was up 4.7% on a year-over-year basis.

Several research analysts have recently weighed in on RBA shares. Royal Bank Of Canada set a $41.00 target price on Ritchie Bros. Auctioneers and gave the stock a “buy” rating in a research note on Saturday, April 22nd. TheStreet downgraded Ritchie Bros. Auctioneers from a “b” rating to a “c+” rating in a research note on Monday, May 8th. BidaskClub raised Ritchie Bros. Auctioneers from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Jefferies Group LLC reaffirmed a “hold” rating and set a $29.00 target price on shares of Ritchie Bros. Auctioneers in a research note on Monday, May 15th. Finally, Zacks Investment Research raised Ritchie Bros. Auctioneers from a “strong sell” rating to a “hold” rating in a research note on Saturday, July 8th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $33.75.

Hedge funds have recently modified their holdings of the company. Lloyds Banking Group plc boosted its stake in shares of Ritchie Bros. Auctioneers by 59.1% in the second quarter. Lloyds Banking Group plc now owns 4,456 shares of the business services provider’s stock valued at $128,000 after buying an additional 1,656 shares during the last quarter. First Bank & Trust boosted its stake in shares of Ritchie Bros. Auctioneers by 16.3% in the first quarter. First Bank & Trust now owns 5,191 shares of the business services provider’s stock valued at $171,000 after buying an additional 727 shares during the last quarter. FNY Managed Accounts LLC purchased a new stake in shares of Ritchie Bros. Auctioneers during the first quarter valued at approximately $176,000. Forward Management LLC boosted its stake in shares of Ritchie Bros. Auctioneers by 3.5% in the first quarter. Forward Management LLC now owns 5,528 shares of the business services provider’s stock valued at $182,000 after buying an additional 188 shares during the last quarter. Finally, World Asset Management Inc boosted its stake in shares of Ritchie Bros. Auctioneers by 0.7% in the first quarter. World Asset Management Inc now owns 6,613 shares of the business services provider’s stock valued at $218,000 after buying an additional 43 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

The stock has a market capitalization of $3.17 billion, a PE ratio of 43.59 and a beta of 0.55. The company has a 50 day moving average of $28.30 and a 200 day moving average of $30.91.

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Ritchie Bros. Auctioneers Company Profile

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.

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