Sotheby’s (BID) Shares Bought by UBS Asset Management Americas Inc.
UBS Asset Management Americas Inc. increased its stake in shares of Sotheby’s (NYSE:BID) by 25.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,259 shares of the specialty retailer’s stock after buying an additional 5,143 shares during the period. UBS Asset Management Americas Inc.’s holdings in Sotheby’s were worth $1,149,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in BID. Van Berkom & Associates Inc. raised its position in Sotheby’s by 9.7% in the first quarter. Van Berkom & Associates Inc. now owns 1,448,429 shares of the specialty retailer’s stock worth $65,875,000 after buying an additional 127,560 shares during the last quarter. Norges Bank acquired a new position in Sotheby’s during the fourth quarter worth $28,745,000. Conestoga Capital Advisors LLC raised its position in Sotheby’s by 8.1% in the first quarter. Conestoga Capital Advisors LLC now owns 675,193 shares of the specialty retailer’s stock worth $30,708,000 after buying an additional 50,488 shares during the last quarter. Bank of New York Mellon Corp raised its position in Sotheby’s by 4.1% in the first quarter. Bank of New York Mellon Corp now owns 542,261 shares of the specialty retailer’s stock worth $24,662,000 after buying an additional 21,210 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in Sotheby’s during the fourth quarter worth $6,517,000. Institutional investors and hedge funds own 91.91% of the company’s stock.
Sotheby’s (NYSE:BID) opened at 55.16 on Monday. Sotheby’s has a 52-week low of $27.65 and a 52-week high of $56.21. The company’s 50-day moving average is $52.27 and its 200-day moving average is $45.65. The firm has a market capitalization of $2.91 billion, a price-to-earnings ratio of 34.60 and a beta of 1.79.
Sotheby’s (NYSE:BID) last posted its earnings results on Wednesday, May 10th. The specialty retailer reported ($0.21) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.38) by $0.17. Sotheby’s had a net margin of 10.00% and a return on equity of 20.73%. The firm had revenue of $187.50 million during the quarter, compared to the consensus estimate of $111.66 million. During the same period last year, the firm posted ($0.35) EPS. The firm’s revenue for the quarter was up 76.1% on a year-over-year basis. Equities analysts predict that Sotheby’s will post $2.07 earnings per share for the current year.
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BID has been the topic of a number of recent research reports. Zacks Investment Research lowered shares of Sotheby’s from a “hold” rating to a “sell” rating in a research report on Monday, March 20th. TheStreet lowered shares of Sotheby’s from a “b-” rating to a “c” rating in a research report on Wednesday, May 10th.
Sotheby’s is a global art business company. The Company is engaged in offering its clients opportunities to connect with and transact in a range of objects. The Company offers a range of art-related services, including the brokerage of private art sales, private jewelry sales through Sotheby’s Diamonds, private selling exhibitions at its galleries, art-related financing, and art advisory services, as well as retail wine locations in New York and Hong Kong.
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