Ritchie Bros. Auctioneers Inc (NYSE:RBA) Sees Large Drop in Short Interest
Ritchie Bros. Auctioneers Inc (NYSE:RBA) (TSE:RBA) saw a significant drop in short interest in January. As of January 15th, there was short interest totalling 429,600 shares, a drop of 58.7% from the December 31st total of 1,040,000 shares. Currently, 0.4% of the company’s stock are short sold. Based on an average daily trading volume, of 396,300 shares, the short-interest ratio is presently 1.1 days.
RBA has been the topic of several recent research reports. Raymond James set a $43.50 target price on Ritchie Bros. Auctioneers and gave the company a “market perform” rating in a report on Monday, November 11th. Barrington Research reissued a “hold” rating on shares of Ritchie Bros. Auctioneers in a research report on Friday, November 8th. TD Securities lifted their price objective on Ritchie Bros. Auctioneers from $30.00 to $31.00 and gave the company a “reduce” rating in a report on Monday, November 11th. National Bank Financial lifted their price objective on Ritchie Bros. Auctioneers from $35.00 to $38.00 and gave the company an “underperform” rating in a report on Tuesday, January 7th. Finally, ValuEngine downgraded Ritchie Bros. Auctioneers from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $38.50.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC acquired a new position in shares of Ritchie Bros. Auctioneers in the 4th quarter valued at $358,000. NEXT Financial Group Inc grew its holdings in shares of Ritchie Bros. Auctioneers by 15.9% in the 4th quarter. NEXT Financial Group Inc now owns 4,837 shares of the business services provider’s stock valued at $208,000 after buying an additional 662 shares during the period. Janney Montgomery Scott LLC grew its holdings in shares of Ritchie Bros. Auctioneers by 34.2% in the 4th quarter. Janney Montgomery Scott LLC now owns 11,419 shares of the business services provider’s stock valued at $490,000 after buying an additional 2,907 shares during the period. Wedbush Securities Inc. acquired a new position in shares of Ritchie Bros. Auctioneers in the 4th quarter valued at $212,000. Finally, Carroll Financial Associates Inc. grew its holdings in shares of Ritchie Bros. Auctioneers by 1,469.8% in the 4th quarter. Carroll Financial Associates Inc. now owns 5,620 shares of the business services provider’s stock valued at $241,000 after buying an additional 5,262 shares during the period. 87.66% of the stock is owned by hedge funds and other institutional investors.
Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) last posted its quarterly earnings data on Thursday, November 7th. The business services provider reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.01. Ritchie Bros. Auctioneers had a net margin of 9.90% and a return on equity of 15.88%. The firm had revenue of $289.80 million during the quarter, compared to analysts’ expectations of $289.55 million. During the same quarter in the previous year, the company posted $0.18 EPS. Ritchie Bros. Auctioneers’s revenue was up 18.1% on a year-over-year basis. Equities analysts expect that Ritchie Bros. Auctioneers will post 1.25 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 6th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend is Thursday, February 13th. Ritchie Bros. Auctioneers’s dividend payout ratio is presently 74.07%.
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.
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