Royal Bank Of Canada set a $40.00 target price on Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) (TSE:RBA) in a research note issued to investors on Wednesday. The brokerage currently has a buy rating on the business services provider’s stock.
A number of other research analysts have also recently issued reports on RBA. BidaskClub cut Ritchie Bros. Auctioneers from a sell rating to a strong sell rating in a report on Saturday, August 5th. National Bank Financial reissued a sector perform under weight rating on shares of Ritchie Bros. Auctioneers in a report on Thursday, June 29th. Zacks Investment Research raised Ritchie Bros. Auctioneers from a strong sell rating to a hold rating in a report on Saturday, July 8th. Jefferies Group LLC reissued a hold rating and set a $29.00 price objective on shares of Ritchie Bros. Auctioneers in a report on Friday, July 14th. Finally, TheStreet cut Ritchie Bros. Auctioneers from a b rating to a c+ rating in a report on Monday, May 8th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $33.46.
Ritchie Bros. Auctioneers (RBA) traded down 0.33% during trading on Wednesday, reaching $27.10. 629,327 shares of the company’s stock traded hands. The firm’s 50 day moving average is $28.18 and its 200-day moving average is $30.79. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of 58.66 and a beta of 0.55. Ritchie Bros. Auctioneers has a 12 month low of $26.68 and a 12 month high of $39.96.
Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) last released its quarterly earnings results on Tuesday, August 8th. 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 14.72% and a net margin of 8.96%. The business had revenue of $166.20 million during the quarter, compared to analysts’ expectations of $161.85 million. During the same period in the previous year, the business posted $0.37 earnings per share. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. Analysts expect that Ritchie Bros. Auctioneers will post $1.05 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, August 25th will be given a $0.17 dividend. The ex-dividend date is Wednesday, August 23rd. This represents a $0.68 annualized dividend and a dividend yield of 2.51%. Ritchie Bros. Auctioneers’s dividend payout ratio is presently 144.68%.
A number of institutional investors have recently added to or reduced their stakes in RBA. Morgan Stanley increased its position in Ritchie Bros. Auctioneers by 1.7% in the first quarter. Morgan Stanley now owns 451,080 shares of the business services provider’s stock worth $14,841,000 after buying an additional 7,478 shares during the period. Mackenzie Financial Corp increased its position in Ritchie Bros. Auctioneers by 2,029.1% in the first quarter. Mackenzie Financial Corp now owns 480,485 shares of the business services provider’s stock worth $15,808,000 after buying an additional 457,917 shares during the period. CGOV Asset Management increased its position in 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. Granite Investment Partners LLC increased its position in Ritchie Bros. Auctioneers by 88.5% in the first quarter. Granite Investment Partners LLC now owns 55,499 shares of the business services provider’s stock worth $1,826,000 after buying an additional 26,063 shares during the period. Finally, Bank of America Corp DE increased its position in Ritchie Bros. Auctioneers by 8.6% in the first quarter. Bank of America Corp DE now owns 871,136 shares of the business services provider’s stock worth $28,661,000 after buying an additional 69,062 shares during the period. 97.26% of the stock is owned by hedge funds and other 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.
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