Ritchie Bros. Auctioneers Inc (NYSE:RBA) Short Interest Update

Ritchie Bros. Auctioneers Inc (NYSE:RBA) (TSE:RBA) was the recipient of a large increase in short interest during the month of July. As of July 15th, there was short interest totalling 1,600,000 shares, an increase of 28.0% from the June 30th total of 1,250,000 shares. Approximately 1.5% of the shares of the company are sold short. Based on an average trading volume of 541,400 shares, the short-interest ratio is presently 3.0 days.

Ritchie Bros. Auctioneers stock traded down $0.02 during midday trading on Friday, reaching $46.28. The stock had a trading volume of 673,995 shares, compared to its average volume of 410,436. Ritchie Bros. Auctioneers has a twelve month low of $25.92 and a twelve month high of $46.38. The stock has a market capitalization of $5.01 billion, a PE ratio of 33.78, a price-to-earnings-growth ratio of 5.30 and a beta of 0.92. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.11 and a current ratio of 1.21. The stock’s 50-day simple moving average is $41.46 and its 200 day simple moving average is $40.69.

Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) last issued its earnings results on Thursday, May 7th. The business services provider reported $0.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.02. Ritchie Bros. Auctioneers had a return on equity of 17.51% and a net margin of 11.93%. The firm had revenue of $273.30 million for the quarter, compared to analysts’ expectations of $302.20 million. During the same quarter last year, the firm earned $0.17 earnings per share. The firm’s revenue for the quarter was down 9.8% compared to the same quarter last year. Equities analysts predict that Ritchie Bros. Auctioneers will post 1.25 earnings per share for the current fiscal year.

Several research firms recently weighed in on RBA. TD Securities raised their price objective on Ritchie Bros. Auctioneers from $36.00 to $46.00 and gave the company a “hold” rating in a research note on Monday, May 11th. Zacks Investment Research raised Ritchie Bros. Auctioneers from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a research note on Wednesday, July 22nd. National Bank Financial cut Ritchie Bros. Auctioneers from a “sector perform” rating to an “underperform” rating and set a $37.00 target price on the stock. in a report on Wednesday, June 10th. Barrington Research reiterated a “buy” rating and set a $42.50 target price on shares of Ritchie Bros. Auctioneers in a report on Monday, May 4th. Finally, OTR Global upgraded Ritchie Bros. Auctioneers to a “positive” rating in a report on Monday, April 27th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $43.06.

In other news, insider James J. Jeter sold 7,289 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $41.50, for a total transaction of $302,493.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Karl William Werner sold 57,683 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $43.07, for a total value of $2,484,406.81. Following the completion of the transaction, the insider now directly owns 6,556 shares of the company’s stock, valued at $282,366.92. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 82,282 shares of company stock valued at $3,515,136. 0.83% of the stock is owned by company insiders.

Institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new position in Ritchie Bros. Auctioneers in the fourth quarter valued at about $66,197,000. Royal Bank of Canada raised its position in Ritchie Bros. Auctioneers by 78.0% in the first quarter. Royal Bank of Canada now owns 1,363,268 shares of the business services provider’s stock valued at $46,595,000 after purchasing an additional 597,557 shares during the period. Deutsche Bank AG raised its position in Ritchie Bros. Auctioneers by 66.8% in the first quarter. Deutsche Bank AG now owns 939,643 shares of the business services provider’s stock valued at $32,117,000 after purchasing an additional 376,341 shares during the period. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Ritchie Bros. Auctioneers in the second quarter valued at about $15,015,000. Finally, ArrowMark Colorado Holdings LLC raised its position in Ritchie Bros. Auctioneers by 9.2% in the first quarter. ArrowMark Colorado Holdings LLC now owns 4,281,328 shares of the business services provider’s stock valued at $146,336,000 after purchasing an additional 360,633 shares during the period. Hedge funds and other institutional investors own 89.84% 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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