Bank of America Corporation Lowers Ritchie Bros. Auctioneers Incorporated (RBA) Price Target to $21.50

Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) (TSE:RBA) had its price objective cut by equities research analysts at Bank of America Corporation from $22.50 to $21.50 in a note issued to investors on Thursday. The brokerage presently has an “underperform” rating on the business services provider’s stock. Bank of America Corporation’s target price points to a potential downside of 14.99% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Scotiabank raised their target price on shares of Ritchie Bros. Auctioneers from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Wednesday, August 9th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Ritchie Bros. Auctioneers in a report on Monday, November 13th. Jefferies Group LLC restated a “hold” rating and issued a $26.00 target price (down previously from $29.00) on shares of Ritchie Bros. Auctioneers in a report on Tuesday, October 10th. National Bank Financial decreased their price target on shares of Ritchie Bros. Auctioneers from $31.50 to $30.00 and set a “sector perform” rating on the stock in a research report on Wednesday, August 9th. Finally, TD Securities decreased their price target on shares of Ritchie Bros. Auctioneers from $27.00 to $25.00 and set a “reduce” rating on the stock in a research report on Wednesday, August 9th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $29.20.

Shares of Ritchie Bros. Auctioneers (NYSE RBA) traded up $0.12 during midday trading on Thursday, hitting $25.29. 970,680 shares of the company’s stock were exchanged, compared to its average volume of 735,768. Ritchie Bros. Auctioneers has a fifty-two week low of $24.08 and a fifty-two week high of $39.96. The company has a market capitalization of $2,720.00, a P/E ratio of 29.81, a price-to-earnings-growth ratio of 3.08 and a beta of 0.66. 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 posted its quarterly earnings results on Thursday, November 9th. The business services provider reported $0.09 EPS for the quarter, missing the Zacks’ 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 firm 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 company earned $0.20 EPS. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. research analysts forecast that Ritchie Bros. Auctioneers will post 0.86 earnings per share for the current year.

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In other news, CFO Sharon Ruth Driscoll acquired 1,000 shares of the firm’s stock in a transaction dated Friday, August 25th. The shares were purchased at an average cost of $28.59 per share, for a total transaction of $28,590.00. Following the transaction, the chief financial officer now directly owns 1,000 shares of the company’s stock, valued at $28,590. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.39% of the stock is owned by company insiders.

Several hedge funds have recently made changes to their positions in the company. Zions Bancorporation bought a new stake in shares of Ritchie Bros. Auctioneers during the 3rd quarter valued at $127,000. Grandeur Peak Global Advisors LLC raised its position in shares of Ritchie Bros. Auctioneers by 10.5% during the 3rd quarter. Grandeur Peak Global Advisors LLC now owns 657,275 shares of the business services provider’s stock valued at $20,783,000 after purchasing an additional 62,600 shares during the period. Oppenheimer Asset Management Inc. raised its position in shares of Ritchie Bros. Auctioneers by 3.2% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 120,328 shares of the business services provider’s stock valued at $3,805,000 after purchasing an additional 3,727 shares during the period. Mackenzie Financial Corp raised its position in shares of Ritchie Bros. Auctioneers by 51.3% during the 3rd quarter. Mackenzie Financial Corp now owns 1,468,435 shares of the business services provider’s stock valued at $46,432,000 after purchasing an additional 497,750 shares during the period. Finally, Legal & General Group Plc raised its position in shares of Ritchie Bros. Auctioneers by 35.4% during the 3rd quarter. Legal & General Group Plc now owns 20,270 shares of the business services provider’s stock valued at $639,000 after purchasing an additional 5,300 shares during the period. Hedge funds and other 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.

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