Ritchie Bros. Auctioneers Incorporated (RBA) Given a $34.00 Price Target at Scotiabank

Scotiabank set a $34.00 price target on Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) (TSE:RBA) in a research note published on Friday. The firm currently has an outperform rating on the business services provider’s stock.

Other equities research analysts also recently issued reports about the stock. Raymond James Financial, Inc. reduced their price objective on shares of Ritchie Bros. Auctioneers from $33.50 to $29.50 and set a market perform rating for the company in a research report on Tuesday, July 11th. National Bank Financial reaffirmed a sector perform under weight rating on shares of Ritchie Bros. Auctioneers in a research report on Thursday, June 29th. TD Securities reduced their price objective on shares of Ritchie Bros. Auctioneers from $28.00 to $27.00 and set a reduce rating for the company in a research report on Monday, July 10th. Jefferies Group LLC reaffirmed a hold rating and issued a $26.00 price objective (down from $29.00) on shares of Ritchie Bros. Auctioneers in a research report on Tuesday, October 10th. Finally, Zacks Investment Research downgraded shares of Ritchie Bros. Auctioneers from a hold rating to a sell rating in a research report on Wednesday, October 11th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. Ritchie Bros. Auctioneers currently has a consensus rating of Hold and a consensus target price of $30.67.

Shares of Ritchie Bros. Auctioneers (RBA) traded down 0.62% during trading on Friday, hitting $28.75. The stock had a trading volume of 1,036,726 shares. The firm has a 50-day moving average of $29.88 and a 200 day moving average of $29.87. The company has a market capitalization of $3.08 billion, a P/E ratio of 62.64 and a beta of 0.57. Ritchie Bros. Auctioneers has a 1-year low of $26.68 and a 1-year high of $39.96.

Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) last posted its earnings results on Tuesday, August 8th. The business services provider reported $0.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.01. Ritchie Bros. Auctioneers had a net margin of 8.96% and a return on equity of 14.72%. The company had revenue of $166.20 million for the quarter, compared to analyst estimates of $161.85 million. During the same quarter in the prior year, the business posted $0.37 EPS. The firm’s revenue was up 4.7% compared to the same quarter last year. Equities research analysts predict 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 1,375 shares of Ritchie Bros. Auctioneers stock in a transaction dated Thursday, September 7th. The stock was purchased at an average cost of $29.77 per share, with a total value of $40,933.75. Following the transaction, the chief financial officer now directly owns 1,000 shares of the company’s stock, valued at $29,770. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.39% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the company. Lloyds Banking Group plc grew its position in shares of Ritchie Bros. Auctioneers by 59.1% during the 2nd quarter. Lloyds Banking Group plc now owns 4,456 shares of the business services provider’s stock valued at $128,000 after acquiring an additional 1,656 shares during the period. First Bank & Trust grew its position 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 acquiring an additional 196 shares during the period. Forward Management LLC grew its position 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 acquiring an additional 609 shares during the period. Comerica Bank grew its position in shares of Ritchie Bros. Auctioneers by 0.7% during the 1st 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 period. Finally, Stephens Inc. AR grew its position 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 acquiring an additional 642 shares during the period. 96.17% 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.

Analyst Recommendations for Ritchie Bros. Auctioneers (NYSE:RBA)

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