Sotheby’s (BID) Shares Bought by Arizona State Retirement System
Arizona State Retirement System raised its position in shares of Sotheby’s (NYSE:BID) by 0.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,300 shares of the specialty retailer’s stock after buying an additional 100 shares during the period. Arizona State Retirement System’s holdings in Sotheby’s were worth $1,036,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the stock. State Treasurer State of Michigan increased its stake in Sotheby’s by 1.1% in the first quarter. State Treasurer State of Michigan now owns 18,727 shares of the specialty retailer’s stock valued at $852,000 after buying an additional 200 shares during the last quarter. Commerzbank Aktiengesellschaft FI increased its stake in Sotheby’s by 14.8% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 33,221 shares of the specialty retailer’s stock valued at $1,511,000 after buying an additional 4,293 shares during the last quarter. Wright Investors Service Inc. purchased a new stake in Sotheby’s during the first quarter valued at $209,000. Wells Fargo & Company MN increased its stake in Sotheby’s by 47.3% in the first quarter. Wells Fargo & Company MN now owns 76,783 shares of the specialty retailer’s stock valued at $3,492,000 after buying an additional 24,671 shares during the last quarter. Finally, BB&T Corp purchased a new stake in Sotheby’s during the first quarter valued at $215,000. 89.49% of the stock is owned by hedge funds and other institutional investors.
Shares of Sotheby’s (NYSE BID) opened at 44.10 on Wednesday. The firm has a market capitalization of $2.32 billion, a P/E ratio of 31.64 and a beta of 1.81. The stock has a 50 day moving average price of $51.98 and a 200 day moving average price of $49.07. Sotheby’s has a 12-month low of $33.85 and a 12-month high of $57.95.
Sotheby’s (NYSE:BID) last issued its earnings results on Thursday, August 3rd. The specialty retailer reported $1.43 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.51 by $0.08. Sotheby’s had a return on equity of 18.72% and a net margin of 8.49%. The company had revenue of $314.90 million during the quarter, compared to analyst estimates of $313.90 million. During the same period in the previous year, the company posted $1.51 earnings per share. The company’s quarterly revenue was up 5.4% on a year-over-year basis. Equities analysts anticipate that Sotheby’s will post $1.96 earnings per share for the current fiscal year.
Sotheby’s declared that its Board of Directors has initiated a share buyback program on Tuesday, August 15th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the specialty retailer to purchase up to 4.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
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Several equities research analysts have recently weighed in on the company. Zacks Investment Research downgraded Sotheby’s from a “hold” rating to a “sell” rating in a report on Thursday, August 17th. BidaskClub downgraded Sotheby’s from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. TheStreet raised Sotheby’s from a “c” rating to a “b” rating in a report on Monday, August 7th. Finally, Sidoti reissued a “buy” rating and issued a $62.00 price objective (up from $59.00) on shares of Sotheby’s in a report on Friday, July 21st. Two research analysts have rated the stock with a sell rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average 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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