Profund Advisors LLC Has $352,000 Position in Sotheby’s (BID)
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.
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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.
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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