Ritchie Bros. Auctioneers Inc. (NYSE:RBA) – Northcoast Research raised their Q3 2016 earnings estimates for Ritchie Bros. Auctioneers in a report released on Monday. Northcoast Research analyst J. Healy now expects that the firm will earn $0.24 per share for the quarter, up from their previous estimate of $0.21. Northcoast Research also issued estimates for Ritchie Bros. Auctioneers’ FY2016 earnings at $1.25 EPS and FY2017 earnings at $1.31 EPS.
Other analysts also recently issued research reports about the company. Jefferies Group raised their price objective on Ritchie Bros. Auctioneers from $28.00 to $32.00 and gave the stock a “hold” rating in a research report on Wednesday, August 31st. Zacks Investment Research upgraded Ritchie Bros. Auctioneers from a “strong sell” rating to a “hold” rating in a research report on Saturday, September 3rd. BMO Capital Markets reiterated a “market perform” rating and issued a $38.00 price objective (up previously from $29.00) on shares of Ritchie Bros. Auctioneers in a research report on Thursday, September 1st. OTR Global reiterated a “negative” rating on shares of Ritchie Bros. Auctioneers in a research report on Friday, July 22nd. Finally, Bank of America Corp. upgraded Ritchie Bros. Auctioneers from an “underperform” rating to a “neutral” rating in a research report on Wednesday, August 31st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $32.55.
Ritchie Bros. Auctioneers (NYSE:RBA) opened at 35.58 on Wednesday. The company has a market cap of $3.79 billion, a PE ratio of 27.86 and a beta of 0.48. Ritchie Bros. Auctioneers has a 1-year low of $21.03 and a 1-year high of $37.23. The stock has a 50 day moving average price of $33.12 and a 200 day moving average price of $31.59.
Ritchie Bros. Auctioneers (NYSE:RBA) last released its quarterly earnings results on Tuesday, August 9th. The company reported $0.37 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by $0.07. Ritchie Bros. Auctioneers had a return on equity of 16.55% and a net margin of 25.39%. The business earned $158.80 million during the quarter, compared to the consensus estimate of $160.96 million. During the same period in the previous year, the company posted $0.43 EPS. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 23rd. Investors of record on Friday, September 2nd were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.91%. This is a boost from Ritchie Bros. Auctioneers’s previous quarterly dividend of $0.16. The ex-dividend date was Wednesday, August 31st. Ritchie Bros. Auctioneers’s dividend payout ratio (DPR) is currently 53.97%.
In related news, VP Jeroen Laurentius Johanus Rijk sold 6,600 shares of the firm’s stock in a transaction on Friday, September 16th. The stock was sold at an average price of $34.00, for a total transaction of $224,400.00. Following the completion of the sale, the vice president now directly owns 6,600 shares of the company’s stock, valued at approximately $224,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.67% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can acquired a new stake in Ritchie Bros. Auctioneers during the second quarter worth $60,930,000. FMR LLC acquired a new stake in Ritchie Bros. Auctioneers during the second quarter worth $58,892,000. Norges Bank acquired a new stake in Ritchie Bros. Auctioneers during the fourth quarter worth $34,083,000. Emerald Acquisition Ltd. acquired a new stake in Ritchie Bros. Auctioneers during the second quarter worth $24,612,000. Finally, 1832 Asset Management L.P. acquired a new stake in Ritchie Bros. Auctioneers during the first quarter worth $26,028,000. 86.29% of the stock is owned by hedge funds and other institutional investors.
About Ritchie Bros. Auctioneers
Ritchie Bros. Auctioneers Incorporated is a holding company. The Company is an auctioneer of industrial equipment. The Company is engaged in selling industrial equipment and other assets for the construction, agricultural, transportation, energy, mining, forestry, material handling, marine and real estate industries at its unreserved auctions and online marketplaces.
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