Sotheby’s (BID) Shares Sold by ProShare Advisors LLC
ProShare Advisors LLC reduced its position in Sotheby’s (NYSE:BID) by 30.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,744 shares of the specialty retailer’s stock after selling 2,970 shares during the period. ProShare Advisors LLC’s holdings in Sotheby’s were worth $362,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Strs Ohio increased its stake in Sotheby’s by 2,200.0% in the 1st quarter. Strs Ohio now owns 2,300 shares of the specialty retailer’s stock valued at $104,000 after purchasing an additional 2,200 shares in the last quarter. US Bancorp DE increased its position in Sotheby’s by 28.5% during the first quarter. US Bancorp DE now owns 2,486 shares of the specialty retailer’s stock worth $113,000 after buying an additional 551 shares in the last quarter. Envestnet Asset Management Inc. increased its position in Sotheby’s by 20.7% during the first quarter. Envestnet Asset Management Inc. now owns 3,400 shares of the specialty retailer’s stock worth $154,000 after buying an additional 582 shares in the last quarter. Daiwa Securities Group Inc. purchased a new position in Sotheby’s during the second quarter worth $172,000. Finally, Riverhead Capital Management LLC increased its position in Sotheby’s by 72.9% during the second quarter. Riverhead Capital Management LLC now owns 3,630 shares of the specialty retailer’s stock worth $195,000 after buying an additional 1,530 shares in the last quarter. 89.63% of the stock is owned by hedge funds and other institutional investors.
Sotheby’s (NYSE BID) opened at 48.79 on Monday. The stock has a market cap of $2.58 billion, a P/E ratio of 38.42 and a beta of 1.85. Sotheby’s has a 52-week low of $33.85 and a 52-week high of $57.95. The firm’s 50-day moving average price is $45.58 and its 200 day moving average price is $49.30.
Sotheby’s (NYSE:BID) last announced its quarterly earnings data on Thursday, August 3rd. The specialty retailer reported $1.43 EPS for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $313.90 million. During the same quarter last year, the company posted $1.51 EPS. Sotheby’s’s revenue was up 5.4% on a year-over-year basis. Equities analysts predict that Sotheby’s will post $1.94 earnings per share for the current year.
Sotheby’s announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, August 15th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the specialty retailer to repurchase up to 4.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
Several equities analysts have weighed in on BID shares. TheStreet raised Sotheby’s from a “c” rating to a “b” rating in a research report on Monday, August 7th. 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. Zacks Investment Research raised 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 Sotheby’s from a “neutral” rating to an “overweight” rating in a research report on Wednesday, October 4th. Finally, BidaskClub downgraded Sotheby’s from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $60.33.
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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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