Ritchie Bros. Auctioneers (RBA) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) from a hold rating to a sell rating in a research report released on Tuesday, Zacks.com reports.

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. “

Other analysts have also issued reports about the company. Bank of America set a $35.00 target price on Ritchie Bros. Auctioneers and gave the stock a sell rating in a report on Friday, March 1st. Raymond James reaffirmed a market perform rating and issued a $38.00 price objective on shares of Ritchie Bros. Auctioneers in a research note on Monday, February 25th. OTR Global raised Ritchie Bros. Auctioneers to a positive rating in a research note on Monday, February 4th. Royal Bank of Canada reduced their price objective on Ritchie Bros. Auctioneers from $36.00 to $35.00 and set a sector perform rating on the stock in a research note on Monday, March 4th. Finally, TD Securities raised their price objective on Ritchie Bros. Auctioneers from $28.00 to $30.00 and gave the company a reduce rating in a research note on Tuesday, March 5th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. Ritchie Bros. Auctioneers presently has an average rating of Hold and an average target price of $37.06.

Shares of RBA traded down $2.35 on Tuesday, hitting $32.26. The company’s stock had a trading volume of 51,938 shares, compared to its average volume of 348,010. Ritchie Bros. Auctioneers has a fifty-two week low of $30.76 and a fifty-two week high of $38.77. The firm has a market capitalization of $3.78 billion, a PE ratio of 30.05, a P/E/G ratio of 2.10 and a beta of 0.79. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.11 and a current ratio of 1.37.

Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) last posted its quarterly earnings results on Thursday, May 9th. The business services provider reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.04). Ritchie Bros. Auctioneers had a net margin of 10.38% and a return on equity of 14.68%. The business had revenue of $303.40 million during the quarter, compared to the consensus estimate of $268.69 million. During the same quarter last year, the company posted $0.16 EPS. The firm’s revenue was up 16.6% on a year-over-year basis. Equities research analysts predict that Ritchie Bros. Auctioneers will post 1.27 EPS for the current fiscal year.

Hedge funds have recently made changes to their positions in the company. LPL Financial LLC boosted its stake in shares of Ritchie Bros. Auctioneers by 27.4% during the fourth quarter. LPL Financial LLC now owns 15,390 shares of the business services provider’s stock valued at $504,000 after purchasing an additional 3,308 shares in the last quarter. Thrivent Financial for Lutherans acquired a new stake in shares of Ritchie Bros. Auctioneers during the fourth quarter valued at about $15,813,000. Jane Street Group LLC acquired a new stake in shares of Ritchie Bros. Auctioneers during the third quarter valued at about $458,000. Dimensional Fund Advisors LP boosted its stake in shares of Ritchie Bros. Auctioneers by 10.0% during the third quarter. Dimensional Fund Advisors LP now owns 31,951 shares of the business services provider’s stock valued at $1,154,000 after purchasing an additional 2,900 shares in the last quarter. Finally, CWM LLC boosted its stake in shares of Ritchie Bros. Auctioneers by 22.2% during the first quarter. CWM LLC now owns 195,558 shares of the business services provider’s stock valued at $6,649,000 after purchasing an additional 35,565 shares in the last quarter. 91.74% of the stock is currently owned by hedge funds and other institutional investors.

Ritchie Bros. Auctioneers Company Profile

Ritchie Bros. Auctioneers Incorporated, an asset management and disposition company, sells industrial equipment and other durable assets through its unreserved live on site auctions, online marketplaces, listing services, and private brokerage services. The company sells a range of used and unused equipment, including earthmoving equipment, truck trailers, government surplus, oil and gas equipment, and other industrial assets, as well as construction and heavy machinery.

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