Pictet Asset Management SA Lowers Stock Holdings in Ritchie Bros. Auctioneers Incorporated (NYSE:RBA)

Posted by Defense World Staff on Feb 26th, 2023

Pictet Asset Management SA decreased its position in shares of Ritchie Bros. Auctioneers Incorporated (NYSE:RBA – Get Rating) (TSE:RBA) by 7.4% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 41,943 shares of the business services provider’s stock after selling 3,340 shares during the quarter. Pictet Asset Management SA’s holdings in Ritchie Bros. Auctioneers were worth $2,634,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of RBA. HighTower Advisors LLC lifted its stake in shares of Ritchie Bros. Auctioneers by 6.4% during the 1st quarter. HighTower Advisors LLC now owns 21,697 shares of the business services provider’s stock valued at $1,275,000 after buying an additional 1,306 shares in the last quarter. Citigroup Inc. lifted its stake in shares of Ritchie Bros. Auctioneers by 26.0% during the 1st quarter. Citigroup Inc. now owns 34,995 shares of the business services provider’s stock valued at $2,069,000 after buying an additional 7,218 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Ritchie Bros. Auctioneers by 11.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 19,188 shares of the business services provider’s stock valued at $1,131,000 after buying an additional 1,914 shares in the last quarter. Great West Life Assurance Co. Can lifted its stake in shares of Ritchie Bros. Auctioneers by 1.6% during the 1st quarter. Great West Life Assurance Co. Can now owns 100,957 shares of the business services provider’s stock valued at $6,322,000 after buying an additional 1,548 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Ritchie Bros. Auctioneers by 14.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 284,874 shares of the business services provider’s stock worth $16,816,000 after purchasing an additional 37,047 shares in the last quarter. Hedge funds and other institutional investors own 81.09% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on RBA shares. Bank of America cut shares of Ritchie Bros. Auctioneers from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $74.00 to $55.00 in a research note on Tuesday, November 8th. National Bankshares boosted their price target on shares of Ritchie Bros. Auctioneers from $62.00 to $63.00 and gave the stock a “sector perform” rating in a research note on Wednesday. National Bank Financial upgraded shares of Ritchie Bros. Auctioneers from an “underperform” rating to a “sector perform” rating in a research note on Monday, November 7th. Scotiabank upgraded shares of Ritchie Bros. Auctioneers from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $59.00 to $65.00 in a research report on Monday, December 5th. Finally, Robert W. Baird upped their target price on shares of Ritchie Bros. Auctioneers from $62.00 to $66.00 and gave the company an “outperform” rating in a research report on Tuesday, January 24th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $61.67.

Ritchie Bros. Auctioneers Stock Performance

Shares of NYSE:RBA opened at $60.52 on Friday. The company has a market capitalization of $6.73 billion, a price-to-earnings ratio of 21.16, a PEG ratio of 3.71 and a beta of 0.91. Ritchie Bros. Auctioneers Incorporated has a 12 month low of $48.72 and a 12 month high of $72.73. The firm’s 50-day moving average is $59.77 and its 200 day moving average is $61.44. The company has a current ratio of 1.21, a quick ratio of 1.13 and a debt-to-equity ratio of 0.45.

Ritchie Bros. Auctioneers (NYSE:RBA – Get Rating) (TSE:RBA) last issued its quarterly earnings results on Tuesday, February 21st. The business services provider reported $0.60 EPS for the quarter, beating the consensus estimate of $0.50 by $0.10. The company had revenue of $443.86 million for the quarter, compared to the consensus estimate of $430.21 million. Ritchie Bros. Auctioneers had a net margin of 18.44% and a return on equity of 25.58%. The firm’s revenue was up 23.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.27 EPS. Research analysts predict that Ritchie Bros. Auctioneers Incorporated will post 2.34 EPS for the current year.

Ritchie Bros. Auctioneers Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 3rd. Investors of record on Friday, February 10th will be issued a dividend of $0.27 per share. The ex-dividend date is Thursday, February 9th. This represents a $1.08 annualized dividend and a yield of 1.78%. Ritchie Bros. Auctioneers’s payout ratio is 37.76%.

Ritchie Bros. Auctioneers Company Profile

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Ritchie Bros. Auctioneers, Inc is an industrial auctioneer, which engages in the sale of equipment to on-site and online bidders. It operates through the following segments: Auctions and Marketplaces, Ritchie Bros. Financial Services and Mascus. The Auctions and Marketplaces segment consists of live on site auctions, online auctions and marketplaces, and brokerage service.