Zacks Investment Research Downgrades Ritchie Bros. Auctioneers Incorporated (RBA) to Sell

Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) (TSE:RBA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.

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. “

A number of other equities analysts have also recently commented on the company. Jefferies Group LLC restated a “hold” rating and set a $26.00 target price (down from $29.00) on shares of Ritchie Bros. Auctioneers in a report on Tuesday. TD Securities lowered their target price on Ritchie Bros. Auctioneers from $25.00 to $23.00 and set a “reduce” rating for the company in a report on Tuesday. Raymond James Financial, Inc. lowered their target price on Ritchie Bros. Auctioneers from $29.50 to $29.00 and set a “market perform” rating for the company in a report on Tuesday. Robert W. Baird restated a “buy” rating and set a $33.00 target price on shares of Ritchie Bros. Auctioneers in a report on Tuesday, September 12th. Finally, Scotiabank set a $34.00 target price on Ritchie Bros. Auctioneers and gave the company an “outperform” rating in a report on Tuesday, September 12th. Four analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $30.67.

Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) last announced its earnings results on Tuesday, August 8th. The business services provider reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. Ritchie Bros. Auctioneers had a return on equity of 14.72% and a net margin of 8.96%. The company had revenue of $166.20 million during the quarter, compared to analysts’ expectations of $161.85 million. During the same period last year, the business posted $0.37 EPS. Ritchie Bros. Auctioneers’s revenue for the quarter was up 4.7% on a year-over-year basis.

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In other news, CFO Sharon Ruth Driscoll purchased 1,375 shares of the company’s stock in a transaction on Thursday, September 7th. The stock was bought at an average cost of $29.77 per share, for a total transaction of $40,933.75. Following the completion of the purchase, the chief financial officer now directly owns 1,000 shares of the company’s stock, valued at approximately $29,770. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.39% of the company’s stock.

A number of large investors have recently made changes to their positions in the business. 1st Global Advisors Inc. increased its stake in Ritchie Bros. Auctioneers by 9.5% during the second quarter. 1st Global Advisors Inc. now owns 10,345 shares of the business services provider’s stock worth $297,000 after acquiring an additional 895 shares during the last quarter. Grandeur Peak Global Advisors LLC increased its stake in Ritchie Bros. Auctioneers by 22.3% during the second quarter. Grandeur Peak Global Advisors LLC now owns 594,675 shares of the business services provider’s stock worth $17,091,000 after acquiring an additional 108,350 shares during the last quarter. Bank of Nova Scotia increased its stake in Ritchie Bros. Auctioneers by 101.6% during the second quarter. Bank of Nova Scotia now owns 30,226 shares of the business services provider’s stock worth $869,000 after acquiring an additional 15,236 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in Ritchie Bros. Auctioneers by 338.0% during the second quarter. Tower Research Capital LLC TRC now owns 8,108 shares of the business services provider’s stock worth $303,000 after acquiring an additional 6,257 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Ritchie Bros. Auctioneers by 344.7% during the second quarter. The Manufacturers Life Insurance Company now owns 428,931 shares of the business services provider’s stock worth $12,303,000 after acquiring an additional 332,484 shares during the last quarter. Institutional investors own 96.01% of the company’s stock.

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.

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

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