Profund Advisors LLC lowered its position in shares of Sotheby’s (NYSE:BID) by 25.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,558 shares of the specialty retailer’s stock after selling 2,200 shares during the period. Profund Advisors LLC’s holdings in Sotheby’s were worth $352,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Strs Ohio increased its position 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 valued at $104,000 after acquiring an additional 2,200 shares in the last quarter. US Bancorp DE increased its position in shares of Sotheby’s by 28.5% during the first quarter. US Bancorp DE now owns 2,486 shares of the specialty retailer’s stock valued at $113,000 after acquiring an additional 551 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Sotheby’s by 20.7% during the first quarter. Envestnet Asset Management Inc. now owns 3,400 shares of the specialty retailer’s stock valued at $154,000 after acquiring an additional 582 shares in the last quarter. Daiwa Securities Group Inc. bought a new stake in shares of Sotheby’s during the second quarter valued at approximately $172,000. Finally, Riverhead Capital Management LLC increased its position in shares of Sotheby’s by 72.9% during the second quarter. Riverhead Capital Management LLC now owns 3,630 shares of the specialty retailer’s stock valued at $195,000 after acquiring an additional 1,530 shares in the last quarter. 89.63% of the stock is owned by institutional investors.

Shares of Sotheby’s (NYSE BID) opened at 48.79 on Friday. Sotheby’s has a 52-week low of $33.85 and a 52-week high of $57.95. The company has a market cap of $2.58 billion, a P/E ratio of 38.42 and a beta of 1.85. The firm has a 50-day moving average of $45.58 and a 200-day moving average of $49.30.

Sotheby’s (NYSE:BID) last posted its quarterly 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). The company had revenue of $314.90 million during the quarter, compared to analysts’ expectations of $313.90 million. Sotheby’s had a return on equity of 18.72% and a net margin of 8.49%. The company’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.51 EPS. Equities research analysts forecast that Sotheby’s will post $1.94 earnings per share for the current year.

Sotheby’s declared that its board 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 buy up to 4.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

ILLEGAL ACTIVITY NOTICE: This piece was published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this piece on another site, it was stolen and republished in violation of US & international copyright and trademark law. The original version of this piece can be read at https://www.thecerbatgem.com/2017/10/07/profund-advisors-llc-has-352000-position-in-sothebys-bid.html.

Several brokerages recently weighed in on BID. Zacks Investment Research raised shares of Sotheby’s from a “hold” rating to a “buy” rating and set a $63.00 price target for the company in a research report on Thursday, July 20th. Consumer Edge raised shares of Sotheby’s from a “neutral” rating to an “overweight” rating in a research report on Wednesday. Sidoti reissued a “buy” rating and set a $62.00 price target (up previously from $59.00) on shares of Sotheby’s in a research report on Friday, July 21st. TheStreet raised shares of Sotheby’s from a “c” rating to a “b” rating in a research report on Monday, August 7th. Finally, BidaskClub downgraded shares of Sotheby’s from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $60.33.

About Sotheby’s

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.

Want to see what other hedge funds are holding BID? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sotheby’s (NYSE:BID).

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

Receive News & Stock Ratings for Sotheby's Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sotheby's and related stocks with our FREE daily email newsletter.