Sotheby’s (BID) Downgraded by Zacks Investment Research
Sotheby’s (NYSE:BID) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Monday.
According to Zacks, “Sotheby’s Holdings, Inc. is one of the world’s second largest auctioneers of fine arts, antiques and collectibles, offering property in collecting categories, among them paintings, jewelry, decorative arts, and books. Sotheby’s Holdings, Inc is the parent company of Sotheby’s worldwide auction businesses, art-related financing and private sales activities. The Company operates in countries, with principal salesrooms located in New York and London. The company also regularly conducts auctions in other salesrooms around the world, including Australia, Hong Kong, France, Italy, the Netherlands, Switzerland and Singapore. “
Several other analysts have also recently issued reports on the stock. Cowen and Company set a $38.00 price target on shares of Sotheby’s and gave the company a “hold” rating in a report on Monday, September 19th. TheStreet upgraded shares of Sotheby’s from a “hold” rating to a “buy” rating in a research note on Tuesday, August 9th. One analyst has rated the stock with a sell rating and seven have issued a hold rating to the company. The company presently has an average rating of “Hold” and an average target price of $31.80.
Sotheby’s (NYSE:BID) traded up 1.17% during mid-day trading on Monday, hitting $38.84. 715,552 shares of the stock traded hands. The stock has a 50-day moving average of $36.50 and a 200 day moving average of $33.69. Sotheby’s has a 1-year low of $18.86 and a 1-year high of $41.23. The firm’s market cap is $2.06 billion.
Sotheby’s (NYSE:BID) last posted its quarterly earnings results on Monday, November 7th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.62) by $0.16. The company earned $91.49 million during the quarter, compared to analyst estimates of $82.90 million. Sotheby’s had a negative net margin of 0.31% and a positive return on equity of 16.53%. The company’s revenue was down 33.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.26) earnings per share. On average, equities analysts expect that Sotheby’s will post $1.57 EPS for the current year.
Hedge funds have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. raised its position in Sotheby’s by 128.1% in the second quarter. Alliancebernstein L.P. now owns 2,717,578 shares of the company’s stock valued at $74,462,000 after buying an additional 1,525,924 shares in the last quarter. Vulcan Value Partners LLC purchased a new position in Sotheby’s during the second quarter valued at approximately $59,968,000. SHANDA ASSET MANAGEMENT HOLDINGS Ltd raised its position in Sotheby’s by 88.3% in the second quarter. SHANDA ASSET MANAGEMENT HOLDINGS Ltd now owns 2,188,301 shares of the company’s stock valued at $59,959,000 after buying an additional 1,026,228 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Sotheby’s by 8.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,671,743 shares of the company’s stock valued at $45,806,000 after buying an additional 125,275 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. raised its position in Sotheby’s by 19.9% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 1,008,044 shares of the company’s stock valued at $27,620,000 after buying an additional 167,404 shares in the last quarter. Hedge funds and other institutional investors own 95.92% of the company’s stock.
Sotheby’s is a global art business company. The Company operates in two segments: Agency and Finance. The Agency segment earns commissions by matching buyers and sellers of authenticated fine art, decorative art, jewelry, wine and collectibles (collectively, art or works of art or artwork or property) through the auction or private sale process.
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