Ritchie Bros. Auctioneers (NYSE:RBA) Upgraded by StockNews.com to Buy

StockNews.com upgraded shares of Ritchie Bros. Auctioneers (NYSE:RBAGet Rating) (TSE:RBA) from a hold rating to a buy rating in a report released on Friday morning.

Several other brokerages also recently weighed in on RBA. Robert W. Baird reduced their target price on Ritchie Bros. Auctioneers from $82.00 to $70.00 in a research note on Tuesday, February 22nd. Royal Bank of Canada upped their target price on Ritchie Bros. Auctioneers from $60.00 to $67.00 and gave the stock an outperform rating in a research note on Thursday. TD Securities upped their target price on Ritchie Bros. Auctioneers from $55.00 to $58.00 and gave the stock a hold rating in a research note on Thursday. National Bankshares reduced their target price on Ritchie Bros. Auctioneers from $68.00 to $55.00 and set a sector perform rating for the company in a research note on Tuesday, February 22nd. Finally, National Bank Financial reduced their price objective on Ritchie Bros. Auctioneers from $68.00 to $55.00 and set a sector perform rating for the company in a research note on Tuesday, February 22nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $60.14.

Ritchie Bros. Auctioneers stock traded up $2.95 during mid-day trading on Friday, hitting $61.86. The company had a trading volume of 793,154 shares, compared to its average volume of 482,398. The company has a current ratio of 1.21, a quick ratio of 1.12 and a debt-to-equity ratio of 1.29. Ritchie Bros. Auctioneers has a 12-month low of $48.65 and a 12-month high of $76.18. The company’s fifty day moving average is $57.30 and its 200-day moving average is $61.01. The company has a market capitalization of $6.85 billion, a price-to-earnings ratio of 22.83, a P/E/G ratio of 5.55 and a beta of 1.12.

Ritchie Bros. Auctioneers (NYSE:RBAGet Rating) (TSE:RBA) last released its quarterly earnings data on Monday, May 9th. The business services provider reported $0.46 EPS for the quarter, topping the consensus estimate of $0.20 by $0.26. Ritchie Bros. Auctioneers had a return on equity of 28.84% and a net margin of 20.40%. The business had revenue of $393.92 million for the quarter, compared to analyst estimates of $344.15 million. During the same quarter in the prior year, the firm posted $0.25 EPS. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, sell-side analysts expect that Ritchie Bros. Auctioneers will post 1.5 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 17th. Shareholders of record on Friday, May 27th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend is Thursday, May 26th. Ritchie Bros. Auctioneers’s dividend payout ratio (DPR) is presently 36.90%.

In related news, CEO Ann Fandozzi bought 9,560 shares of the business’s stock in a transaction on Monday, February 28th. The stock was acquired at an average cost of $52.25 per share, with a total value of $499,510.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.71% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Beutel Goodman & Co Ltd. boosted its holdings in Ritchie Bros. Auctioneers by 63.8% during the 1st quarter. Beutel Goodman & Co Ltd. now owns 5,492,048 shares of the business services provider’s stock valued at $324,530,000 after acquiring an additional 2,139,411 shares during the period. Jarislowsky Fraser Ltd acquired a new stake in Ritchie Bros. Auctioneers in the 1st quarter valued at about $124,175,000. Norges Bank acquired a new stake in Ritchie Bros. Auctioneers in the 4th quarter valued at about $64,309,000. Capital Research Global Investors raised its position in Ritchie Bros. Auctioneers by 114.6% in the 4th quarter. Capital Research Global Investors now owns 1,542,261 shares of the business services provider’s stock valued at $94,380,000 after purchasing an additional 823,682 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Ritchie Bros. Auctioneers by 22.8% in the 1st quarter. JPMorgan Chase & Co. now owns 1,897,359 shares of the business services provider’s stock valued at $112,001,000 after purchasing an additional 352,776 shares in the last quarter. Institutional investors and hedge funds own 81.62% of the company’s stock.

Ritchie Bros. Auctioneers Company Profile (Get Rating)

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

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