Pacad Investment Ltd. Trims Holdings in Sotheby’s (BID)
Pacad Investment Ltd. decreased its position in shares of Sotheby’s (NYSE:BID) by 12.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,800 shares of the specialty retailer’s stock after selling 800 shares during the quarter. Pacad Investment Ltd.’s holdings in Sotheby’s were worth $311,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of the business. Texas Permanent School Fund lifted its holdings in Sotheby’s by 0.3% during the 2nd quarter. Texas Permanent School Fund now owns 33,456 shares of the specialty retailer’s stock worth $1,796,000 after buying an additional 87 shares in the last quarter. Creative Planning lifted its holdings in Sotheby’s by 4.6% during the 1st quarter. Creative Planning now owns 2,282 shares of the specialty retailer’s stock worth $104,000 after buying an additional 100 shares in the last quarter. Arizona State Retirement System lifted its holdings in Sotheby’s by 0.5% during the 2nd quarter. Arizona State Retirement System now owns 19,300 shares of the specialty retailer’s stock worth $1,036,000 after buying an additional 100 shares in the last quarter. Meeder Asset Management Inc. lifted its holdings in Sotheby’s by 0.6% during the 2nd quarter. Meeder Asset Management Inc. now owns 19,323 shares of the specialty retailer’s stock worth $1,037,000 after buying an additional 110 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in Sotheby’s by 5.2% during the 2nd quarter. US Bancorp DE now owns 2,615 shares of the specialty retailer’s stock worth $140,000 after buying an additional 129 shares in the last quarter. 89.49% of the stock is currently owned by hedge funds and other institutional investors.
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Shares of Sotheby’s (NYSE BID) opened at 42.97 on Friday. The firm’s 50 day moving average is $49.16 and its 200 day moving average is $49.28. The company has a market cap of $2.26 billion, a PE ratio of 30.82 and a beta of 1.84. 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 quarterly earnings results on Thursday, August 3rd. The specialty retailer reported $1.43 EPS for the quarter, missing analysts’ consensus estimates of $1.51 by $0.08. The business had revenue of $314.90 million for the quarter, compared to analyst estimates of $313.90 million. Sotheby’s had a return on equity of 18.72% and a net margin of 8.49%. Sotheby’s’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.51 EPS. On average, equities analysts predict that Sotheby’s will post $1.96 earnings per share for the current year.
Sotheby’s declared that its Board of Directors has approved a share repurchase program on Tuesday, August 15th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the specialty retailer to reacquire up to 4.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
Several research firms have issued reports on BID. TheStreet raised Sotheby’s from a “c” rating to a “b” rating in a report on Monday, August 7th. 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. Finally, Sidoti reaffirmed a “buy” rating and set a $62.00 price objective (up previously from $59.00) on shares of Sotheby’s in a report on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $60.33.
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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