Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) Cut to Sell at Zacks Investment Research

Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) (TSE:RBA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday, October 11th.

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. “

Several other equities research analysts also recently issued reports on the stock. Jefferies Group LLC reiterated a “hold” rating and issued a $26.00 target price (down from $29.00) on shares of Ritchie Bros. Auctioneers in a research note on Tuesday, October 10th. TD Securities cut their price objective on shares of Ritchie Bros. Auctioneers from $25.00 to $23.00 and set a “reduce” rating for the company in a research report on Tuesday, October 10th. Raymond James Financial, Inc. cut their price objective on shares of Ritchie Bros. Auctioneers from $29.50 to $29.00 and set a “market perform” rating for the company in a research report on Tuesday, October 10th. Robert W. Baird reissued a “buy” rating and issued a $33.00 price objective on shares of Ritchie Bros. Auctioneers in a research note on Tuesday, September 12th. Finally, Scotiabank set a $34.00 price objective on shares of Ritchie Bros. Auctioneers and gave the company an “outperform” rating in a research note on Tuesday, September 12th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. Ritchie Bros. Auctioneers has a consensus rating of “Hold” and a consensus target price of $30.67.

Ritchie Bros. Auctioneers (NYSE:RBA) traded down 0.62% during midday trading on Wednesday, reaching $28.75. The company had a trading volume of 1,036,726 shares. The firm has a market capitalization of $3.08 billion, a PE ratio of 61.17 and a beta of 0.57. Ritchie Bros. Auctioneers has a 12 month low of $26.68 and a 12 month high of $39.96. The firm’s 50-day moving average price is $29.88 and its 200 day moving average price is $29.87.

Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) last released its earnings results on Tuesday, August 8th. The business services provider reported $0.33 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $166.20 million during the quarter, compared to analysts’ expectations of $161.85 million. During the same quarter in the prior year, the company earned $0.37 EPS. The company’s revenue was up 4.7% on a year-over-year basis. Equities analysts anticipate that Ritchie Bros. Auctioneers will post $0.83 earnings per share for the current fiscal year.

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In related news, CFO Sharon Ruth Driscoll bought 1,000 shares of the company’s stock in a transaction on Friday, August 25th. The shares were purchased at an average cost of $28.59 per share, for a total transaction of $28,590.00. Following the completion of the purchase, the chief financial officer now directly owns 1,000 shares in the company, valued at $28,590. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.39% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Comerica Bank boosted its stake in Ritchie Bros. Auctioneers by 0.7% in the first quarter. Comerica Bank now owns 6,737 shares of the business services provider’s stock valued at $221,000 after acquiring an additional 44 shares during the last quarter. First Bank & Trust lifted its stake in shares of Ritchie Bros. Auctioneers by 3.8% during the 2nd quarter. First Bank & Trust now owns 5,387 shares of the business services provider’s stock valued at $155,000 after buying an additional 196 shares in the last quarter. Forward Management LLC lifted its stake in shares of Ritchie Bros. Auctioneers by 11.0% during the 2nd quarter. Forward Management LLC now owns 6,137 shares of the business services provider’s stock valued at $176,000 after buying an additional 609 shares in the last quarter. Stephens Inc. AR lifted its stake in shares of Ritchie Bros. Auctioneers by 8.4% during the 2nd quarter. Stephens Inc. AR now owns 8,296 shares of the business services provider’s stock valued at $238,000 after buying an additional 642 shares in the last quarter. Finally, Commerce Bank lifted its stake in shares of Ritchie Bros. Auctioneers by 4.0% during the 2nd quarter. Commerce Bank now owns 19,957 shares of the business services provider’s stock valued at $574,000 after buying an additional 761 shares in the last quarter. Hedge funds and other institutional investors own 96.17% of the company’s stock.

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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