National Bank Financial Downgrades Ritchie Bros. Auctioneers (NYSE:RBA) to Underperform

Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) was downgraded by research analysts at National Bank Financial from a “sector perform” rating to an “underperform” rating in a research note issued on Friday, The Fly reports.

A number of other equities research analysts have also recently issued reports on the stock. Robert W. Baird upped their price target on shares of Ritchie Bros. Auctioneers from $38.00 to $40.00 and gave the company an “outperform” rating in a report on Monday, August 12th. Raymond James restated a “market perform” rating and set a $36.50 price target on shares of Ritchie Bros. Auctioneers in a report on Monday, October 21st. Bank of America upped their price target on shares of Ritchie Bros. Auctioneers from $32.00 to $33.50 and gave the company an “underperform” rating in a report on Friday, August 9th. Royal Bank of Canada upped their price target on shares of Ritchie Bros. Auctioneers from $34.00 to $36.00 and gave the company a “hold” rating in a report on Monday, August 12th. Finally, TD Securities upped their price target on shares of Ritchie Bros. Auctioneers from $28.00 to $29.00 and gave the company a “reduce” rating in a report on Monday, August 12th. Three analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $36.25.

NYSE:RBA traded down $0.38 during trading hours on Friday, reaching $41.28. The company’s stock had a trading volume of 1,072,627 shares, compared to its average volume of 346,689. The company has a market cap of $4.39 billion, a price-to-earnings ratio of 38.22, a price-to-earnings-growth ratio of 4.67 and a beta of 0.69. Ritchie Bros. Auctioneers has a one year low of $30.76 and a one year high of $42.97. The business’s 50-day moving average is $39.84 and its 200-day moving average is $36.72. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.24 and a quick ratio of 1.12.

Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) last issued its quarterly earnings data on Thursday, November 7th. The business services provider reported $0.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.01. Ritchie Bros. Auctioneers had a net margin of 10.08% and a return on equity of 15.27%. The firm had revenue of $289.80 million during the quarter, compared to analysts’ expectations of $289.55 million. During the same period in the prior year, the company posted $0.18 earnings per share. Ritchie Bros. Auctioneers’s revenue for the quarter was up 18.1% on a year-over-year basis. On average, sell-side analysts predict that Ritchie Bros. Auctioneers will post 1.27 EPS for the current fiscal year.

In related news, insider Todd Donald Wohler sold 2,000 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $39.80, for a total value of $79,600.00. Following the completion of the sale, the insider now owns 11,919 shares in the company, valued at $474,376.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Darren Jeffrey Watt sold 2,279 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $39.33, for a total transaction of $89,633.07. Following the completion of the sale, the insider now owns 5,626 shares of the company’s stock, valued at approximately $221,270.58. The disclosure for this sale can be found here. Insiders have sold 8,709 shares of company stock valued at $344,944 over the last 90 days. Corporate insiders own 1.60% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quest Capital Management Inc. ADV bought a new stake in shares of Ritchie Bros. Auctioneers in the third quarter valued at about $39,000. Arcadia Investment Management Corp MI raised its position in Ritchie Bros. Auctioneers by 233.3% in the second quarter. Arcadia Investment Management Corp MI now owns 3,000 shares of the business services provider’s stock worth $100,000 after purchasing an additional 2,100 shares in the last quarter. NEXT Financial Group Inc raised its position in Ritchie Bros. Auctioneers by 9.4% in the second quarter. NEXT Financial Group Inc now owns 3,557 shares of the business services provider’s stock worth $118,000 after purchasing an additional 307 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Ritchie Bros. Auctioneers by 101.5% in the third quarter. Tower Research Capital LLC TRC now owns 3,840 shares of the business services provider’s stock worth $153,000 after purchasing an additional 1,934 shares in the last quarter. Finally, Hengehold Capital Management LLC acquired a new position in Ritchie Bros. Auctioneers in the third quarter worth about $212,000. Institutional investors and hedge funds own 89.73% of the company’s stock.

Ritchie Bros. Auctioneers Company Profile

Ritchie Bros. Auctioneers Incorporated, an asset management and disposition company, sells industrial equipment and other durable assets through its unreserved live on site auctions, online marketplaces, listing services, and private brokerage services. The company sells a range of used and unused equipment, including earthmoving equipment, truck trailers, government surplus, oil and gas equipment, and other industrial assets, as well as construction and heavy machinery.

Read More: Diluted Earnings Per Share

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