Short Interest in Ritchie Bros. Auctioneers Inc (NYSE:RBA) Declines By 36.6%

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Ritchie Bros. Auctioneers Inc (NYSE:RBA) (TSE:RBA) was the target of a significant decline in short interest in the month of November. As of November 29th, there was short interest totalling 230,800 shares, a decline of 36.6% from the November 14th total of 364,000 shares. Based on an average daily trading volume, of 387,000 shares, the short-interest ratio is presently 0.6 days. Currently, 0.2% of the shares of the stock are short sold.

Shares of RBA stock traded down $0.34 during trading on Thursday, hitting $43.23. The company had a trading volume of 256,346 shares, compared to its average volume of 355,007. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.15 and a current ratio of 1.23. The firm has a market capitalization of $4.71 billion, a P/E ratio of 40.03, a price-to-earnings-growth ratio of 4.91 and a beta of 0.68. The stock’s 50-day moving average price is $42.00 and its 200 day moving average price is $38.09. Ritchie Bros. Auctioneers has a one year low of $30.76 and a one year high of $44.22.

Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) last issued its quarterly earnings results on Thursday, November 7th. The business services provider reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.01. The business had revenue of $289.80 million during the quarter, compared to analysts’ expectations of $289.55 million. Ritchie Bros. Auctioneers had a return on equity of 15.88% and a net margin of 9.90%. The firm’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.18 earnings per share. On average, research analysts anticipate that Ritchie Bros. Auctioneers will post 1.26 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, November 27th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.85%. The ex-dividend date is Tuesday, November 26th. Ritchie Bros. Auctioneers’s payout ratio is presently 74.07%.

Several brokerages recently issued reports on RBA. National Bank Financial cut Ritchie Bros. Auctioneers from a “sector perform” rating to an “underperform” rating and cut their price target for the company from $35.50 to $35.00 in a research note on Friday, November 8th. ValuEngine cut Ritchie Bros. Auctioneers from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. TD Securities boosted their price target on Ritchie Bros. Auctioneers from $30.00 to $31.00 and gave the company a “reduce” rating in a research note on Monday, November 11th. Raymond James set a $43.50 price target on Ritchie Bros. Auctioneers and gave the company a “market perform” rating in a research note on Monday, November 11th. Finally, Zacks Investment Research cut Ritchie Bros. Auctioneers from a “buy” rating to a “hold” rating in a research note on Tuesday, October 15th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $37.38.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA lifted its stake in Ritchie Bros. Auctioneers by 15.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 11,375,826 shares of the business services provider’s stock worth $453,895,000 after purchasing an additional 1,543,300 shares during the last quarter. Baillie Gifford & Co. lifted its stake in Ritchie Bros. Auctioneers by 0.5% during the second quarter. Baillie Gifford & Co. now owns 10,975,914 shares of the business services provider’s stock worth $364,827,000 after purchasing an additional 59,501 shares during the last quarter. Eagle Asset Management Inc. lifted its stake in Ritchie Bros. Auctioneers by 1.5% during the third quarter. Eagle Asset Management Inc. now owns 3,697,097 shares of the business services provider’s stock worth $147,510,000 after purchasing an additional 53,644 shares during the last quarter. Fiera Capital Corp lifted its stake in Ritchie Bros. Auctioneers by 23.5% during the second quarter. Fiera Capital Corp now owns 2,984,675 shares of the business services provider’s stock worth $99,276,000 after purchasing an additional 568,680 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Ritchie Bros. Auctioneers by 3.1% during the second quarter. Vanguard Group Inc. now owns 2,926,825 shares of the business services provider’s stock worth $97,230,000 after purchasing an additional 87,513 shares during the last quarter. Hedge funds and other institutional investors own 89.36% of the company’s stock.

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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