Royal Bank of Canada Initiates Coverage on Ritchie Bros. Auctioneers (RBA)

Equities research analysts at Royal Bank of Canada began coverage on shares of Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) in a report issued on Friday, Marketbeat Ratings reports. The brokerage set a “sector perform” rating and a $33.00 price target on the business services provider’s stock. Royal Bank of Canada’s price target suggests a potential upside of 4.30% from the stock’s current price.

RBA has been the subject of several other research reports. Scotiabank increased their price target on Ritchie Bros. Auctioneers from $35.00 to $37.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 28th. Jefferies Group reiterated a “hold” rating and set a $30.00 price target on shares of Ritchie Bros. Auctioneers in a research note on Thursday, January 18th. Bank of America increased their price target on Ritchie Bros. Auctioneers from $21.50 to $30.00 and gave the stock an “underperform” rating in a research note on Thursday, February 1st. TheStreet upgraded Ritchie Bros. Auctioneers from a “c” rating to a “b-” rating in a research note on Thursday, March 1st. Finally, Zacks Investment Research downgraded Ritchie Bros. Auctioneers from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $32.10.

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RBA stock opened at $31.64 on Friday. The company has a quick ratio of 1.21, a current ratio of 1.31 and a debt-to-equity ratio of 1.06. The firm has a market cap of $3,461.45, a PE ratio of 39.06, a PEG ratio of 3.28 and a beta of 0.69. Ritchie Bros. Auctioneers has a fifty-two week low of $24.08 and a fifty-two week high of $35.17.

Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) last posted its quarterly earnings results on Monday, February 26th. The business services provider reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.05. The company had revenue of $178.80 million during the quarter, compared to the consensus estimate of $171.97 million. Ritchie Bros. Auctioneers had a return on equity of 12.15% and a net margin of 12.29%. The firm’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.30 EPS. equities analysts forecast that Ritchie Bros. Auctioneers will post 1.04 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of RBA. Legal & General Group Plc lifted its holdings in Ritchie Bros. Auctioneers by 35.4% during the 3rd quarter. Legal & General Group Plc now owns 20,270 shares of the business services provider’s stock worth $639,000 after purchasing an additional 5,300 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in Ritchie Bros. Auctioneers by 3.2% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 120,328 shares of the business services provider’s stock worth $3,805,000 after purchasing an additional 3,727 shares in the last quarter. Grandeur Peak Global Advisors LLC lifted its holdings in Ritchie Bros. Auctioneers by 10.5% during the 3rd quarter. Grandeur Peak Global Advisors LLC now owns 657,275 shares of the business services provider’s stock worth $20,783,000 after purchasing an additional 62,600 shares in the last quarter. Zions Bancorporation purchased a new stake in Ritchie Bros. Auctioneers during the 3rd quarter worth about $127,000. Finally, Atlantic Trust Group LLC purchased a new stake in Ritchie Bros. Auctioneers during the 3rd quarter worth about $3,621,000.

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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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