Ritchie Bros. Auctioneers (NYSE:RBA) Price Target Increased to $56.00 by Analysts at TD Securities

Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) had its target price upped by TD Securities from $46.00 to $56.00 in a research report report published on Monday morning, BayStreet.CA reports. They currently have a hold rating on the business services provider’s stock.

RBA has been the topic of several other reports. National Bank Financial boosted their target price on Ritchie Bros. Auctioneers from $37.00 to $44.00 and gave the company an underperform rating in a research note on Monday. OTR Global raised Ritchie Bros. Auctioneers to a positive rating in a research note on Monday, April 27th. Barrington Research cut Ritchie Bros. Auctioneers from an outperform rating to a market perform rating in a research note on Friday, August 7th. They noted that the move was a valuation call. Zacks Investment Research raised Ritchie Bros. Auctioneers from a hold rating to a buy rating and set a $55.00 price target on the stock in a research note on Saturday, August 8th. Finally, Raymond James upped their price target on Ritchie Bros. Auctioneers from $44.00 to $53.00 and gave the stock a market perform rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. Ritchie Bros. Auctioneers currently has an average rating of Hold and an average target price of $49.21.

Shares of RBA traded up $0.66 during mid-day trading on Monday, hitting $62.32. 12,188 shares of the company’s stock traded hands, compared to its average volume of 565,777. The company has a quick ratio of 1.17, a current ratio of 1.25 and a debt-to-equity ratio of 0.68. Ritchie Bros. Auctioneers has a 1 year low of $25.92 and a 1 year high of $62.23. The firm has a market capitalization of $6.22 billion, a P/E ratio of 44.21, a PEG ratio of 6.38 and a beta of 0.96. The business’s 50-day moving average price is $44.42 and its 200-day moving average price is $41.17.

Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) last posted its earnings results on Thursday, August 6th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.18. Ritchie Bros. Auctioneers had a return on equity of 17.77% and a net margin of 11.89%. The firm had revenue of $389.05 million for the quarter, compared to analysts’ expectations of $344.20 million. During the same period in the previous year, the firm earned $0.49 earnings per share. The business’s revenue was down 1.1% compared to the same quarter last year. Sell-side analysts anticipate that Ritchie Bros. Auctioneers will post 1.25 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, August 26th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.41%. This is an increase from Ritchie Bros. Auctioneers’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Tuesday, August 25th. Ritchie Bros. Auctioneers’s payout ratio is 60.15%.

In other Ritchie Bros. Auctioneers news, insider James J. Jeter sold 7,289 shares of the business’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $41.50, for a total value of $302,493.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CMO Matthew Ackley sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $57.57, for a total value of $115,140.00. Following the completion of the sale, the chief marketing officer now directly owns 4,157 shares in the company, valued at $239,318.49. The disclosure for this sale can be found here. Insiders sold 90,490 shares of company stock worth $4,280,279 over the last three months. Corporate insiders own 0.83% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Advisor Group Holdings Inc. bought a new stake in Ritchie Bros. Auctioneers in the first quarter worth $620,000. Citigroup Inc. boosted its holdings in Ritchie Bros. Auctioneers by 69.1% in the first quarter. Citigroup Inc. now owns 33,462 shares of the business services provider’s stock worth $1,132,000 after acquiring an additional 13,671 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of Ritchie Bros. Auctioneers during the second quarter valued at $15,015,000. Squarepoint Ops LLC bought a new position in shares of Ritchie Bros. Auctioneers during the first quarter valued at $792,000. Finally, APG Asset Management N.V. lifted its holdings in shares of Ritchie Bros. Auctioneers by 30.3% during the first quarter. APG Asset Management N.V. now owns 268,743 shares of the business services provider’s stock valued at $9,186,000 after purchasing an additional 62,500 shares in the last quarter. 89.84% 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.

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Analyst Recommendations for Ritchie Bros. Auctioneers (NYSE:RBA)

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