Nationwide Fund Advisors raised its holdings in shares of Sotheby’s (NYSE:BID) by 14.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 121,662 shares of the specialty retailer’s stock after purchasing an additional 15,428 shares during the period. Nationwide Fund Advisors owned about 0.23% of Sotheby’s worth $6,530,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Strs Ohio raised its holdings in shares of Sotheby’s by 2,200.0% during the first quarter. Strs Ohio now owns 2,300 shares of the specialty retailer’s stock worth $104,000 after purchasing an additional 2,200 shares during the period. Wells Fargo & Company MN lifted its position in shares of Sotheby’s by 47.3% in the 1st quarter. Wells Fargo & Company MN now owns 76,783 shares of the specialty retailer’s stock worth $3,492,000 after buying an additional 24,671 shares during the last quarter. US Bancorp DE lifted its position in shares of Sotheby’s by 28.5% in the 1st quarter. US Bancorp DE now owns 2,486 shares of the specialty retailer’s stock worth $113,000 after buying an additional 551 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Sotheby’s by 4.1% in the 1st 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, Comerica Bank boosted its holdings in shares of Sotheby’s by 15.3% in the 1st quarter. Comerica Bank now owns 39,316 shares of the specialty retailer’s stock valued at $1,886,000 after buying an additional 5,228 shares during the period. Hedge funds and other institutional investors own 89.63% of the company’s stock.

Several research analysts have recently commented on the stock. Zacks Investment Research raised shares of Sotheby’s from a “hold” rating to a “buy” rating and set a $63.00 price objective for the company in a research report on Thursday, July 20th. Sidoti reiterated a “buy” rating and set a $62.00 price objective (up previously from $59.00) on shares of Sotheby’s in a research note on Friday, July 21st. TheStreet upgraded shares of Sotheby’s from a “c” rating to a “b” rating in a research note on Monday, August 7th. Finally, BidaskClub cut shares of Sotheby’s from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $60.33.

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Sotheby’s (BID) opened at 47.02 on Tuesday. The firm has a market cap of $2.49 billion, a price-to-earnings ratio of 37.02 and a beta of 1.85. The company’s 50-day moving average price is $45.34 and its 200-day moving average price is $49.30. Sotheby’s has a 52-week low of $33.85 and a 52-week high of $57.95.

Sotheby’s (NYSE:BID) last posted its earnings results on Thursday, August 3rd. The specialty retailer reported $1.43 earnings per share for the quarter, missing the Zacks’ 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 business had revenue of $314.90 million during the quarter, compared to the consensus estimate of $313.90 million. During the same period in the previous year, the firm earned $1.51 EPS. The business’s revenue was up 5.4% compared to the same quarter last year. Analysts predict that Sotheby’s will post $1.94 EPS for the current year.

Sotheby’s announced that its board has authorized a stock repurchase plan on Tuesday, August 15th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the specialty retailer to purchase up to 4.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Sotheby’s 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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Institutional Ownership by Quarter for Sotheby`s (NYSE:BID)

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