Scotiabank Increases Ritchie Bros. Auctioneers (RBA) Price Target to $35.00

Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) had its price target increased by analysts at Scotiabank from $29.00 to $35.00 in a research report issued on Wednesday. The brokerage presently has an “outperform” rating on the business services provider’s stock. Scotiabank’s price target points to a potential upside of 10.48% from the stock’s current price.

Several other equities research analysts also recently weighed in on RBA. TD Securities raised their price target on shares of Ritchie Bros. Auctioneers from $22.00 to $25.00 and gave the company a “reduce” rating in a research report on Wednesday. National Bank Financial raised their price target on shares of Ritchie Bros. Auctioneers from $30.50 to $35.00 and gave the company an “outperform” rating in a research report on Wednesday. Robert W. Baird reissued a “buy” rating and set a $33.00 price target on shares of Ritchie Bros. Auctioneers in a research report on Tuesday, September 12th. Jefferies Group reissued a “hold” rating and set a $26.00 price target (down previously from $29.00) on shares of Ritchie Bros. Auctioneers in a research report on Tuesday, October 10th. Finally, Raymond James Financial reduced their price target on shares of Ritchie Bros. Auctioneers from $29.50 to $29.00 and set a “market perform” rating for the company in a research report on Tuesday, October 10th. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $30.30.

Ritchie Bros. Auctioneers (RBA) traded up $0.74 during mid-day trading on Wednesday, hitting $31.68. 356,199 shares of the stock traded hands, compared to its average volume of 678,003. Ritchie Bros. Auctioneers has a 1 year low of $24.08 and a 1 year high of $35.21. The stock has a market capitalization of $3,400.00, a price-to-earnings ratio of 51.93, a price-to-earnings-growth ratio of 3.40 and a beta of 0.63. The company has a quick ratio of 1.11, a current ratio of 1.20 and a debt-to-equity ratio of 1.11.

Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) last released its earnings results on Thursday, November 9th. The business services provider reported $0.09 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.05). Ritchie Bros. Auctioneers had a net margin of 11.43% and a return on equity of 13.04%. The business had revenue of $141.05 million for the quarter, compared to analysts’ expectations of $139.96 million. During the same quarter in the previous year, the business posted $0.20 earnings per share. Ritchie Bros. Auctioneers’s revenue for the quarter was up 9.4% on a year-over-year basis. analysts forecast that Ritchie Bros. Auctioneers will post 0.85 earnings per share for the current year.

In other Ritchie Bros. Auctioneers news, insider Karl William Werner sold 5,400 shares of Ritchie Bros. Auctioneers stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $28.68, for a total value of $154,872.00. Following the completion of the sale, the insider now owns 5,400 shares of the company’s stock, valued at approximately $154,872. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.39% of the company’s stock.

Large investors have recently bought and sold shares of the business. Legal & General Group Plc grew its position in shares of Ritchie Bros. Auctioneers by 32.7% during the 2nd quarter. Legal & General Group Plc now owns 14,970 shares of the business services provider’s stock valued at $430,000 after acquiring an additional 3,693 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Ritchie Bros. Auctioneers by 10.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,492 shares of the business services provider’s stock valued at $244,000 after acquiring an additional 836 shares during the period. Principal Financial Group Inc. bought a new stake in shares of Ritchie Bros. Auctioneers during the 2nd quarter valued at $6,725,000. Stephens Inc. AR grew its position in shares of Ritchie Bros. Auctioneers by 8.4% during the 2nd quarter. Stephens Inc. AR now owns 8,296 shares of the business services provider’s stock valued at $238,000 after acquiring an additional 642 shares during the period. Finally, Ameriprise Financial Inc. grew its position in shares of Ritchie Bros. Auctioneers by 148.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,256,159 shares of the business services provider’s stock valued at $35,631,000 after acquiring an additional 750,038 shares during the period. 96.61% of the stock is owned by institutional investors and hedge funds.

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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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