Ritchie Bros. Auctioneers Inc (NYSE:RBA) Sees Large Growth in Short Interest
Ritchie Bros. Auctioneers Inc (NYSE:RBA) (TSE:RBA) was the recipient of a large increase in short interest during the month of June. As of June 30th, there was short interest totalling 853,500 shares, an increase of 11.7% from the June 15th total of 763,900 shares. Based on an average trading volume of 599,500 shares, the days-to-cover ratio is currently 1.4 days. Currently, 0.8% of the company’s shares are sold short.
In related news, insider Karl William Werner sold 57,683 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $43.07, for a total transaction of $2,484,406.81. Following the completion of the sale, the insider now directly owns 6,556 shares in the company, valued at approximately $282,366.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider James J. Jeter sold 4,284 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $43.50, for a total transaction of $186,354.00. Following the sale, the insider now owns 3,527 shares of the company’s stock, valued at $153,424.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 82,282 shares of company stock valued at $3,515,136. Company insiders own 0.83% of the company’s stock.
Several large investors have recently added to or reduced their stakes in RBA. Private Capital Group LLC grew its position in shares of Ritchie Bros. Auctioneers by 109.5% in the 1st quarter. Private Capital Group LLC now owns 991 shares of the business services provider’s stock worth $34,000 after buying an additional 518 shares during the period. NumerixS Investment Technologies Inc purchased a new stake in shares of Ritchie Bros. Auctioneers in the 4th quarter worth about $39,000. Endurance Wealth Management Inc. purchased a new stake in shares of Ritchie Bros. Auctioneers in the 1st quarter worth about $156,000. CFM Wealth Partners LLC purchased a new stake in shares of Ritchie Bros. Auctioneers in the 1st quarter worth about $173,000. Finally, Algert Global LLC purchased a new stake in shares of Ritchie Bros. Auctioneers in the 4th quarter worth about $207,000. 89.84% of the stock is currently owned by hedge funds and other institutional investors.
Ritchie Bros. Auctioneers (NYSE:RBA) (TSE:RBA) last released its earnings results on Thursday, May 7th. The business services provider reported $0.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.02. The firm had revenue of $273.30 million for the quarter, compared to the consensus estimate of $302.20 million. Ritchie Bros. Auctioneers had a net margin of 11.93% and a return on equity of 17.51%. The company’s revenue was down 9.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.17 EPS. As a group, equities analysts anticipate that Ritchie Bros. Auctioneers will post 1.22 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, May 27th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date was Tuesday, May 26th. Ritchie Bros. Auctioneers’s dividend payout ratio is presently 60.15%.
A number of research firms recently commented on RBA. National Bank Financial lowered shares of Ritchie Bros. Auctioneers from a “sector perform” rating to an “underperform” rating and set a $37.00 price target for the company. in a report on Wednesday, June 10th. Barrington Research reiterated a “buy” rating and set a $42.50 price target on shares of Ritchie Bros. Auctioneers in a report on Monday, May 4th. Bank of America reiterated a “buy” rating and set a $50.00 price target (up from $42.00) on shares of Ritchie Bros. Auctioneers in a report on Friday, April 17th. Raymond James lowered shares of Ritchie Bros. Auctioneers from an “outperform” rating to a “market perform” rating and upped their price objective for the stock from $33.00 to $44.00 in a report on Monday, May 11th. Finally, OTR Global upgraded shares of Ritchie Bros. Auctioneers to a “positive” rating in a report on Monday, April 27th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. Ritchie Bros. Auctioneers presently has a consensus rating of “Hold” and a consensus price target of $42.94.
About Ritchie Bros. Auctioneers
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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