Swiss National Bank Raises Stake in Sotheby’s (BID)
Swiss National Bank increased its position in Sotheby’s (NYSE:BID) by 9.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 61,749 shares of the specialty retailer’s stock after buying an additional 5,100 shares during the period. Swiss National Bank owned 0.12% of Sotheby’s worth $3,314,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. grew its stake in shares of Sotheby’s by 18,784.1% in the 1st quarter. BlackRock Inc. now owns 4,842,266 shares of the specialty retailer’s stock valued at $220,225,000 after buying an additional 4,816,624 shares during the period. Vanguard Group Inc. grew its stake in shares of Sotheby’s by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 3,617,503 shares of the specialty retailer’s stock valued at $164,524,000 after buying an additional 93,927 shares during the period. Paradice Investment Management LLC grew its stake in shares of Sotheby’s by 6.3% in the 2nd quarter. Paradice Investment Management LLC now owns 1,042,007 shares of the specialty retailer’s stock valued at $55,925,000 after buying an additional 61,500 shares during the period. Conestoga Capital Advisors LLC grew its stake in shares of Sotheby’s by 6.7% in the 2nd quarter. Conestoga Capital Advisors LLC now owns 720,668 shares of the specialty retailer’s stock valued at $38,678,000 after buying an additional 45,475 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Sotheby’s by 9.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 594,804 shares of the specialty retailer’s stock valued at $31,924,000 after buying an additional 52,543 shares during the period. Institutional investors own 89.49% of the company’s stock.
Several brokerages have recently commented on BID. TheStreet upgraded Sotheby’s from a “c” rating to a “b” rating in a research note on Monday, August 7th. Zacks Investment Research downgraded Sotheby’s from a “hold” rating to a “sell” rating in a research note on Thursday, August 17th. BidaskClub downgraded Sotheby’s from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. Finally, Sidoti restated a “buy” rating and issued a $62.00 target price (up from $59.00) on shares of Sotheby’s in a research note on Friday, July 21st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $60.33.
Sotheby’s (NYSE:BID) opened at 46.27 on Thursday. The company has a 50-day moving average of $46.67 and a 200 day moving average of $49.37. Sotheby’s has a 12 month low of $33.85 and a 12 month high of $57.95. The company has a market cap of $2.45 billion, a PE ratio of 36.43 and a beta of 1.84.
Sotheby’s (NYSE:BID) last announced its quarterly earnings results on Thursday, August 3rd. The specialty retailer reported $1.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.51 by ($0.08). Sotheby’s had a net margin of 8.49% and a return on equity of 18.72%. The company had revenue of $314.90 million for the quarter, compared to analysts’ expectations of $313.90 million. During the same quarter in the prior year, the firm earned $1.51 EPS. Sotheby’s’s quarterly revenue was up 5.4% compared to the same quarter last year. On average, equities analysts forecast that Sotheby’s will post $1.94 earnings per share for the current fiscal year.
Sotheby’s declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, August 15th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to reacquire up to 4.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
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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