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

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Zacks Investment Research lowered shares of Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) from a hold rating to a sell rating in a report published on Thursday morning, 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. “

A number of other analysts also recently issued reports on RBA. Raymond James lifted their price target on Whitecap Resources from C$8.50 to C$8.75 and gave the company a strong-buy rating in a research report on Monday, June 10th. National Bank Financial cut WestJet Airlines from a reduce rating to a tender rating and raised their price objective for the company from C$22.00 to C$31.00 in a report on Monday, May 13th. Royal Bank of Canada raised their price objective on NVIDIA to $200.00 and gave the company an outperform rating in a report on Monday, May 13th. TD Securities decreased their price objective on Ritchie Bros. Auctioneers from $30.00 to $28.00 and set a reduce rating on the stock in a report on Monday, May 13th. Finally, ValuEngine cut Woodward, Inc.Common Stock from a buy rating to a hold rating in a report on Tuesday, April 9th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $36.28.

Shares of RBA opened at $34.38 on Thursday. The company has a market cap of $3.73 billion, a P/E ratio of 31.83, a PEG ratio of 4.04 and a beta of 0.74. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.83. The firm’s 50-day simple moving average is $34.21. Ritchie Bros. Auctioneers has a 12-month low of $30.76 and a 12-month high of $38.77.

Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) last issued its quarterly earnings results on Thursday, May 9th. The business services provider reported $0.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.04). The business had revenue of $303.40 million for the quarter, compared to the consensus estimate of $268.69 million. Ritchie Bros. Auctioneers had a net margin of 10.10% and a return on equity of 14.47%. The business’s revenue was up 16.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.16 EPS. On average, equities research analysts expect that Ritchie Bros. Auctioneers will post 1.2 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Wednesday, May 29th were issued a dividend of $0.18 per share. The ex-dividend date was Tuesday, May 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.09%. Ritchie Bros. Auctioneers’s dividend payout ratio is 66.67%.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Shell Asset Management Co. increased its stake in Ritchie Bros. Auctioneers by 3.5% in the 1st quarter. Shell Asset Management Co. now owns 8,890 shares of the business services provider’s stock worth $302,000 after purchasing an additional 300 shares during the period. Brand Asset Management Group Inc. purchased a new position in Ritchie Bros. Auctioneers in the 1st quarter worth approximately $54,000. Comerica Bank increased its stake in Ritchie Bros. Auctioneers by 5.6% in the 4th quarter. Comerica Bank now owns 10,559 shares of the business services provider’s stock worth $380,000 after purchasing an additional 564 shares during the period. Gotham Asset Management LLC increased its stake in Ritchie Bros. Auctioneers by 3.1% in the 4th quarter. Gotham Asset Management LLC now owns 24,371 shares of the business services provider’s stock worth $797,000 after purchasing an additional 730 shares during the period. Finally, Manchester Capital Management LLC purchased a new position in Ritchie Bros. Auctioneers in the 1st quarter worth approximately $34,000. 90.13% of the stock is currently owned by institutional investors.

About Ritchie Bros. Auctioneers

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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