Ritchie Bros. Auctioneers Inc (RBA) Stock Price Down 7% After Analyst Downgrade

Ritchie Bros. Auctioneers Inc (TSE:RBA) (NYSE:RBA) traded down 7% during mid-day trading on Tuesday after TD Securities lowered their price target on the stock to C$29.00. TD Securities currently has a reduce rating on the stock. Ritchie Bros. Auctioneers traded as low as C$34.22 and last traded at C$34.59. 322,053 shares changed hands during mid-day trading, an increase of 138% from the average session volume of 135,365 shares. The stock had previously closed at C$37.19.

Other research analysts also recently issued reports about the company. National Bank Financial reissued a “sector perform under weight” rating on shares of Ritchie Bros. Auctioneers in a research note on Thursday, June 29th. Raymond James Financial, Inc. lowered their target price on Ritchie Bros. Auctioneers to C$36.00 and set a “market perform” rating on the stock in a report on Tuesday. Scotiabank reissued an “outperform” rating and set a C$41.00 price objective on shares of Ritchie Bros. Auctioneers in a report on Tuesday, September 12th. Finally, CIBC lowered Ritchie Bros. Auctioneers from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from C$36.00 to C$28.00 in a report on Monday, July 10th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of C$37.90.

In other Ritchie Bros. Auctioneers news, insider Sharon Driscoll bought 1,000 shares of the firm’s stock in a transaction on Friday, August 25th. The stock was purchased at an average cost of C$35.72 per share, with a total value of C$35,720.00.

The stock has a market capitalization of $3.74 billion and a P/E ratio of 76.14. The firm has a 50-day moving average of $37.14 and a 200-day moving average of $39.11.

The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, August 25th were paid a dividend of $0.17 per share. The ex-dividend date was Wednesday, August 23rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.95%.

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About Ritchie Bros. Auctioneers

Ritchie Bros Auctioneers Inc is a Canada-based holding company. The Company is an industrial auctioneer and used equipment distributor, selling used equipment and other assets. Its segments include Core Auction, which is a network of auction locations that conduct live, unreserved auctions with both on-site and online bidding, and Other, which includes its EquipmentOne and Mascus International Holding B.V.

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