Ritchie Bros. Auctioneers (NYSE:RBA) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) from a buy rating to a hold rating in a report issued 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. “

RBA has been the topic of several other research reports. OTR Global raised shares of Ritchie Bros. Auctioneers to a positive rating in a research note on Friday, October 25th. Raymond James set a $43.50 price objective on shares of Ritchie Bros. Auctioneers and gave the company a market perform rating in a report on Monday, November 11th. TD Securities boosted their price objective on shares of Ritchie Bros. Auctioneers from $30.00 to $31.00 and gave the company a reduce rating in a research report on Monday, November 11th. National Bank Financial upped their target price on shares of Ritchie Bros. Auctioneers from $35.00 to $38.00 and gave the stock an underperform rating in a research note on Tuesday, January 7th. Finally, ValuEngine lowered shares of Ritchie Bros. Auctioneers from a buy rating to a hold rating in a research report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $38.50.

RBA traded up $0.05 during trading hours on Thursday, reaching $43.37. 260,315 shares of the company’s stock traded hands, compared to its average volume of 394,882. The firm has a 50-day moving average price of $43.49 and a 200 day moving average price of $40.06. Ritchie Bros. Auctioneers has a 52-week low of $31.84 and a 52-week high of $45.16. The company has a quick ratio of 1.15, a current ratio of 1.23 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $4.74 billion, a PE ratio of 35.84, a PEG ratio of 4.31 and a beta of 0.68.

Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) last released its earnings results on Thursday, November 7th. The business services provider reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.01. Ritchie Bros. Auctioneers had a return on equity of 15.88% and a net margin of 9.90%. The business had revenue of $289.80 million for the quarter, compared to analyst estimates of $289.55 million. During the same quarter last year, the firm posted $0.18 earnings per share. The business’s revenue was up 18.1% compared to the same quarter last year. Equities analysts predict that Ritchie Bros. Auctioneers will post 1.25 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of RBA. Bank of New York Mellon Corp lifted its holdings in shares of Ritchie Bros. Auctioneers by 32.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 82,356 shares of the business services provider’s stock worth $2,736,000 after acquiring an additional 20,029 shares during the last quarter. Parametric Portfolio Associates LLC raised its position in Ritchie Bros. Auctioneers by 0.6% during the second quarter. Parametric Portfolio Associates LLC now owns 86,742 shares of the business services provider’s stock valued at $2,882,000 after purchasing an additional 493 shares in the last quarter. HighTower Advisors LLC raised its position in Ritchie Bros. Auctioneers by 5.4% during the second quarter. HighTower Advisors LLC now owns 11,259 shares of the business services provider’s stock valued at $373,000 after purchasing an additional 578 shares in the last quarter. BlackRock Inc. raised its position in Ritchie Bros. Auctioneers by 8,593.5% during the second quarter. BlackRock Inc. now owns 22,603 shares of the business services provider’s stock valued at $751,000 after purchasing an additional 22,343 shares in 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. 89.15% of the stock is currently owned by institutional investors and hedge funds.

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.

Further Reading: Cash Flow

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