Carillon Tower Advisers: “Ritchie Bros. Auctioneers (RBA) Remains a Compelling Secular Growth Story”

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. The second quarter witnessed a poor overall performance of mid-cap stocks. The Russell Midcap Growth Index was down 21.07% and fell more compared to its counterpart Russell Midcap Value Index (down 14.68%). In the quarter, all sector returns were negative for the Russell Midcap Growth Index due to market volatility. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Carillon Tower Advisers discussed stocks like Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) in its second quarter 2022 investor letter. Headquartered in Burnaby, Canada, Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) is an asset disposition and management company. On September 2, 2022, Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) stock closed at $70.20 per share. One-month return of Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) was 1.93% and its shares gained 11.64% of their value over the last 52 weeks. Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) has a market capitalization of $7.78 billion.

Here is what Carillon Tower Advisers specifically said about Ritchie Bros. Auctioneers Incorporated (NYSE:RBA):

“Ritchie Bros. Auctioneers Incorporated (NYSE:RBA), an international industrial equipment auctioneer, posted an exceptional quarterly report highlighted by a notable increase in gross transaction value within its core auction business. Despite a used equipment market that remains tight, the company benefited from increased pricing and continued to gain market share. In the short term, the company could benefit from any economic slowdown that would alleviate the tightness of the used equipment market. Longer-term, Ritchie Bros. remains a compelling secular growth story as management remains focused on innovating and leveraging technology to build-out its omni-channel presence.”

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Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) is not on the list of 30 Most Popular Stocks Among Hedge Funds. Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) was held by 20 hedge fund portfolios at the end of the second quarter compared to 13 in the previous quarter.

We discussed Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) in another article and shared Canadian stocks to buy amid rate hikes. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

Disclosure: None. This article is originally published at Insider Monkey.