Sothebys (BID) Raised to “B-” at TheStreet
A number of other research analysts also recently commented on BID. Sidoti started coverage on shares of Sothebys in a research report on Thursday, December 29th. They set a buy rating on the stock. Zacks Investment Research raised shares of Sothebys from a hold rating to a buy rating and set a $45.00 price objective on the stock in a research report on Friday, February 24th. Finally, Cowen and Company boosted their price objective on shares of Sothebys from $53.00 to $56.00 and gave the company an outperform rating in a research report on Thursday, March 16th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $51.67.
Shares of Sothebys (NYSE:BID) opened at 47.33 on Thursday. The stock has a market cap of $2.51 billion, a P/E ratio of 37.27 and a beta of 1.96. Sothebys has a 1-year low of $24.20 and a 1-year high of $49.87. The company’s 50-day moving average is $43.25 and its 200 day moving average is $39.56.
Sothebys (NYSE:BID) last released its quarterly earnings results on Monday, February 27th. The company reported $1.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.18. Sothebys had a negative net margin of 0.31% and a positive return on equity of 16.53%. The business had revenue of $308.69 million for the quarter, compared to analyst estimates of $277.28 million. During the same quarter in the previous year, the business earned $1.19 earnings per share. The firm’s revenue was down 8.1% compared to the same quarter last year. Equities research analysts anticipate that Sothebys will post $1.94 EPS for the current year.
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In other news, COO Adam Chinn acquired 2,425 shares of Sothebys stock in a transaction dated Friday, March 10th. The stock was acquired at an average cost of $46.60 per share, for a total transaction of $113,005.00. Following the completion of the purchase, the chief operating officer now owns 67,425 shares of the company’s stock, valued at $3,142,005. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Kevin M. Delaney sold 1,806 shares of the business’s stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $48.04, for a total transaction of $86,760.24. Following the completion of the sale, the senior vice president now owns 1,212 shares of the company’s stock, valued at $58,224.48. The disclosure for this sale can be found here. Insiders own 11.98% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Vulcan Value Partners LLC boosted its stake in shares of Sothebys by 0.6% in the fourth quarter. Vulcan Value Partners LLC now owns 2,005,014 shares of the company’s stock worth $79,920,000 after buying an additional 11,887 shares during the last quarter. Victory Capital Management Inc. purchased a new stake in shares of Sothebys during the third quarter worth $33,961,000. Fisher Asset Management LLC boosted its stake in shares of Sothebys by 1.4% in the third quarter. Fisher Asset Management LLC now owns 855,711 shares of the company’s stock worth $32,534,000 after buying an additional 11,843 shares during the last quarter. Norges Bank purchased a new stake in shares of Sothebys during the fourth quarter worth $28,745,000. Finally, Conestoga Capital Advisors LLC boosted its stake in shares of Sothebys by 5.6% in the third quarter. Conestoga Capital Advisors LLC now owns 386,945 shares of the company’s stock worth $14,712,000 after buying an additional 20,655 shares during the last quarter. Institutional investors and hedge funds own 88.23% 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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