US Bancorp DE Has $140,000 Position in Sotheby’s (BID)
US Bancorp DE increased its position in shares of Sotheby’s (NYSE:BID) by 5.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,615 shares of the specialty retailer’s stock after buying an additional 129 shares during the period. US Bancorp DE’s holdings in Sotheby’s were worth $140,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Creative Planning raised its stake in Sotheby’s by 4.6% in the first quarter. Creative Planning now owns 2,282 shares of the specialty retailer’s stock worth $104,000 after buying an additional 100 shares during the period. Strs Ohio raised its stake in Sotheby’s by 2,200.0% in the first quarter. Strs Ohio now owns 2,300 shares of the specialty retailer’s stock worth $104,000 after buying an additional 2,200 shares during the period. TrimTabs Asset Management LLC raised its stake in Sotheby’s by 88.8% in the first quarter. TrimTabs Asset Management LLC now owns 2,841 shares of the specialty retailer’s stock worth $129,000 after buying an additional 1,336 shares during the period. Envestnet Asset Management Inc. raised its stake in Sotheby’s by 20.7% in the first quarter. Envestnet Asset Management Inc. now owns 3,400 shares of the specialty retailer’s stock worth $154,000 after buying an additional 582 shares during the period. Finally, Evanson Asset Management LLC bought a new stake in Sotheby’s during the second quarter worth about $211,000. Institutional investors and hedge funds own 89.49% of the company’s stock.
Shares of Sotheby’s (NYSE:BID) traded down 1.45% on Tuesday, reaching $44.05. The company had a trading volume of 118,730 shares. The firm has a 50-day moving average price of $51.98 and a 200 day moving average price of $49.07. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of 31.60 and a beta of 1.81. Sotheby’s has a 1-year low of $33.85 and a 1-year high of $57.95.
Sotheby’s (NYSE:BID) last issued its quarterly earnings results on Thursday, August 3rd. The specialty retailer reported $1.43 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.51 by $0.08. The firm had revenue of $314.90 million during the quarter, compared to analysts’ expectations of $313.90 million. Sotheby’s had a net margin of 8.49% and a return on equity of 18.72%. The firm’s revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.51 EPS. Equities research analysts predict that Sotheby’s will post $1.96 earnings per share for the current year.
Sotheby’s announced that its Board of Directors has approved a stock buyback plan on Tuesday, August 15th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the specialty retailer to reacquire up to 4.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.
A number of research firms have recently issued reports on BID. TheStreet upgraded Sotheby’s from a “c” rating to a “b” rating in a research report on Monday, August 7th. Zacks Investment Research lowered Sotheby’s from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th. BidaskClub lowered Sotheby’s from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Finally, Sidoti restated a “buy” rating and issued a $62.00 price target (up from $59.00) on shares of Sotheby’s in a research report on Friday, July 21st. Two investment analysts have rated the stock with a sell rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $60.33.
Sotheby’s Company Profile
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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