Shares of Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) (TSE:RBA) traded up 8.6% during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $30.73 and last traded at $29.64, with a volume of 2,781,753 shares. The stock had previously closed at $27.30.
The business services provider reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $166.20 million for the quarter, compared to the consensus estimate of $161.85 million. During the same quarter in the prior year, the business earned $0.37 EPS. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, August 25th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.39%. The ex-dividend date of this dividend is Wednesday, August 23rd. Ritchie Bros. Auctioneers’s dividend payout ratio is 144.68%.
Several research analysts have issued reports on the company. Royal Bank Of Canada set a $41.00 price objective on Ritchie Bros. Auctioneers and gave the stock a “buy” rating in a report on Saturday, April 22nd. Raymond James Financial, Inc. reduced their price objective on Ritchie Bros. Auctioneers from $33.50 to $29.50 and set a “market perform” rating on the stock in a report on Tuesday, July 11th. National Bank Financial reaffirmed a “sector perform under weight” rating on shares of Ritchie Bros. Auctioneers in a report on Thursday, June 29th. BidaskClub raised Ritchie Bros. Auctioneers from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Finally, TD Securities reduced their price objective on Ritchie Bros. Auctioneers from $28.00 to $27.00 and set a “reduce” rating on the stock in a report on Monday, July 10th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. Ritchie Bros. Auctioneers has a consensus rating of “Hold” and a consensus price target of $33.42.
Several hedge funds have recently added to or reduced their stakes in RBA. Lloyds Banking Group plc boosted its stake in Ritchie Bros. Auctioneers by 59.1% in the second quarter. Lloyds Banking Group plc now owns 4,456 shares of the business services provider’s stock worth $128,000 after buying an additional 1,656 shares in the last quarter. First Bank & Trust boosted its stake in Ritchie Bros. Auctioneers by 3.8% in the second quarter. First Bank & Trust now owns 5,387 shares of the business services provider’s stock worth $155,000 after buying an additional 196 shares in the last quarter. FNY Managed Accounts LLC purchased a new stake in Ritchie Bros. Auctioneers during the first quarter worth approximately $176,000. Forward Management LLC boosted its stake in Ritchie Bros. Auctioneers by 11.0% in the second quarter. Forward Management LLC now owns 6,137 shares of the business services provider’s stock worth $176,000 after buying an additional 609 shares in the last quarter. Finally, World Asset Management Inc boosted its stake in Ritchie Bros. Auctioneers by 0.7% in the first quarter. World Asset Management Inc now owns 6,613 shares of the business services provider’s stock worth $218,000 after buying an additional 43 shares in the last quarter. Institutional investors and hedge funds own 94.17% of the company’s stock.
The stock has a market capitalization of $3.04 billion, a price-to-earnings ratio of 61.52 and a beta of 0.55. The company’s 50 day moving average price is $28.11 and its 200-day moving average price is $30.65.
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Ritchie Bros. Auctioneers Company Profile
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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