Ritchie Bros. Auctioneers (NYSE:RBA) Rating Lowered to Sell at Zacks Investment Research

Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday, 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. “

Several other analysts have also commented on RBA. ValuEngine lowered shares of Woodward, Inc.Common Stock from a “buy” rating to a “hold” rating in a research report on Tuesday, April 9th. CIBC reissued a “hold” rating and set a $37.00 price target on shares of Ritchie Bros. Auctioneers in a research report on Wednesday, May 15th. Raymond James increased their price target on shares of 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. TD Securities decreased their price target on shares of Ritchie Bros. Auctioneers from $30.00 to $28.00 and set a “reduce” rating for the company in a research report on Monday, May 13th. Finally, National Bank Financial lowered shares of WestJet Airlines from a “reduce” rating to a “tender” rating and increased their price target for the company from C$22.00 to C$31.00 in a research report on Monday, May 13th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $36.28.



RBA stock opened at $34.38 on Thursday. The stock has a market capitalization of $3.67 billion, a price-to-earnings ratio of 31.01, a price-to-earnings-growth ratio of 4.04 and a beta of 0.74. The firm’s 50-day moving average price is $34.21. Ritchie Bros. Auctioneers has a one year low of $30.76 and a one year high of $38.77. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.83.

Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) last released its quarterly earnings results on Thursday, May 9th. The business services provider reported $0.17 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by ($0.04). The firm had revenue of $303.40 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 16.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.16 earnings per share. As a group, sell-side analysts expect that Ritchie Bros. Auctioneers will post 1.2 EPS for the current year.

Several institutional investors have recently made changes to their positions in the stock. Comerica Bank increased its holdings in shares of Ritchie Bros. Auctioneers by 5.6% during the fourth 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. LPL Financial LLC increased its holdings in shares of Ritchie Bros. Auctioneers by 27.4% during the fourth quarter. LPL Financial LLC now owns 15,390 shares of the business services provider’s stock worth $504,000 after purchasing an additional 3,308 shares during the period. New York State Common Retirement Fund increased its holdings in shares of Ritchie Bros. Auctioneers by 5.3% during the fourth quarter. New York State Common Retirement Fund now owns 144,203 shares of the business services provider’s stock worth $4,718,000 after purchasing an additional 7,306 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Ritchie Bros. Auctioneers by 11.2% during the fourth quarter. Bank of New York Mellon Corp now owns 45,542 shares of the business services provider’s stock worth $1,490,000 after purchasing an additional 4,575 shares during the period. Finally, Raymond James & Associates increased its holdings in shares of Ritchie Bros. Auctioneers by 30.3% during the fourth quarter. Raymond James & Associates now owns 90,013 shares of the business services provider’s stock worth $2,946,000 after purchasing an additional 20,929 shares during the period. 90.13% of the stock is owned by hedge funds and other 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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