Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) Sees Large Increase in Short Interest

Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) (TSE:RBA) saw a large increase in short interest in March. As of March 31st, there was short interest totalling 2,920,000 shares, an increase of 27.5% from the March 15th total of 2,290,000 shares. Based on an average trading volume of 797,600 shares, the days-to-cover ratio is currently 3.7 days. Approximately 2.7% of the shares of the stock are short sold.

A number of analysts recently commented on the company. National Bank Financial boosted their target price on Ritchie Bros. Auctioneers from $57.00 to $59.00 and gave the company an “outperform” rating in a research report on Monday, March 8th. TD Securities decreased their target price on Ritchie Bros. Auctioneers from $68.00 to $57.00 and set a “hold” rating for the company in a research report on Monday, February 22nd. Zacks Investment Research lowered Ritchie Bros. Auctioneers from a “hold” rating to a “strong sell” rating in a report on Thursday, February 25th. Raymond James lowered their price target on Ritchie Bros. Auctioneers from $75.00 to $60.00 and set a “market perform” rating for the company in a research report on Friday, February 19th. Finally, Bank of America cut Ritchie Bros. Auctioneers from a “neutral” rating to an “underperform” rating and set a $55.00 price objective on the stock. in a research note on Thursday, February 4th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $58.36.

In other Ritchie Bros. Auctioneers news, insider Karl William Werner sold 25,820 shares of Ritchie Bros. Auctioneers stock in a transaction dated Monday, March 15th. The stock was sold at an average price of $58.25, for a total transaction of $1,504,015.00. Following the transaction, the insider now directly owns 12,612 shares of the company’s stock, valued at approximately $734,649. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Darren Jeffrey Watt sold 500 shares of Ritchie Bros. Auctioneers stock in a transaction dated Friday, March 12th. The stock was sold at an average price of $57.00, for a total value of $28,500.00. Following the transaction, the insider now directly owns 15,671 shares in the company, valued at $893,247. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,343 shares of company stock worth $3,054,464. 0.83% of the stock is currently owned by company insiders.

A number of hedge funds have recently bought and sold shares of the business. Legacy Wealth Asset Management LLC grew its holdings in Ritchie Bros. Auctioneers by 22.6% during the 1st quarter. Legacy Wealth Asset Management LLC now owns 9,471 shares of the business services provider’s stock valued at $555,000 after buying an additional 1,747 shares in the last quarter. NEXT Financial Group Inc lifted its position in shares of Ritchie Bros. Auctioneers by 4.2% in the 1st quarter. NEXT Financial Group Inc now owns 8,457 shares of the business services provider’s stock worth $495,000 after purchasing an additional 342 shares during the period. FDx Advisors Inc. lifted its position in shares of Ritchie Bros. Auctioneers by 61.1% in the 1st quarter. FDx Advisors Inc. now owns 25,402 shares of the business services provider’s stock worth $1,487,000 after purchasing an additional 9,631 shares during the period. Private Capital Group LLC lifted its position in shares of Ritchie Bros. Auctioneers by 52.8% in the 1st quarter. Private Capital Group LLC now owns 860 shares of the business services provider’s stock worth $50,000 after purchasing an additional 297 shares during the period. Finally, Curi Capital purchased a new position in Ritchie Bros. Auctioneers during the 4th quarter valued at about $65,000. 80.25% of the stock is owned by institutional investors and hedge funds.

Shares of RBA opened at $62.38 on Wednesday. The business has a 50-day moving average of $58.34 and a 200 day moving average of $62.70. Ritchie Bros. Auctioneers has a fifty-two week low of $38.80 and a fifty-two week high of $78.64. The firm has a market cap of $6.86 billion, a P/E ratio of 39.48, a price-to-earnings-growth ratio of 4.50 and a beta of 1.14. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.26 and a current ratio of 1.34.

Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) last posted its earnings results on Wednesday, February 17th. The business services provider reported $0.49 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.07). The company had revenue of $383.41 million for the quarter, compared to analysts’ expectations of $369.50 million. Ritchie Bros. Auctioneers had a net margin of 13.03% and a return on equity of 19.76%. As a group, research analysts predict that Ritchie Bros. Auctioneers will post 1.73 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, March 5th. Shareholders of record on Friday, February 12th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date of this dividend was Thursday, February 11th. Ritchie Bros. Auctioneers’s payout ratio is presently 66.17%.

Ritchie Bros. Auctioneers Company Profile

Ritchie Bros. Auctioneers, Inc is an industrial auctioneer, which engages in the sale of equipment to on-site and online bidders. It operates through the following segments: Auctions and Marketplaces, Ritchie Bros. Financial Services and Mascus. The Auctions and Marketplaces segment consists of live on site auctions, online auctions and marketplaces, and brokerage service.

Read More: Hold Rating

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