Sotheby’s (BID) Shares Sold by Castleark Management LLC
Castleark Management LLC cut its holdings in Sotheby’s (NYSE:BID) by 1.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 177,881 shares of the specialty retailer’s stock after selling 2,124 shares during the period. Castleark Management LLC owned 0.34% of Sotheby’s worth $9,547,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of BID. US Bancorp DE lifted its holdings in 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 purchasing an additional 551 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in Sotheby’s by 20.7% in the 1st quarter. Envestnet Asset Management Inc. now owns 3,400 shares of the specialty retailer’s stock worth $154,000 after purchasing an additional 582 shares in the last quarter. Daiwa Securities Group Inc. purchased a new position in Sotheby’s in the 2nd quarter worth approximately $172,000. Riverhead Capital Management LLC lifted its holdings in Sotheby’s by 72.9% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,630 shares of the specialty retailer’s stock worth $195,000 after purchasing an additional 1,530 shares in the last quarter. Finally, ARP Americas LLC purchased a new position in Sotheby’s in the 2nd quarter worth approximately $209,000. 89.63% of the stock is currently owned by institutional investors.
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Sotheby’s (NYSE:BID) last issued its quarterly earnings data 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 firm had revenue of $314.90 million during the quarter, compared to analyst estimates of $313.90 million. During the same period in the previous year, the firm posted $1.51 earnings per share. The company’s quarterly revenue was up 5.4% compared to the same quarter last year.
Sotheby’s announced that its Board of Directors has initiated a share buyback program on Tuesday, August 15th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the specialty retailer to purchase up to 4.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
A number of research analysts recently commented on the company. Zacks Investment Research raised Sotheby’s from a “hold” rating to a “buy” rating and set a $63.00 price target on the stock in a report on Thursday, July 20th. Consumer Edge raised Sotheby’s from a “neutral” rating to an “overweight” rating in a research note on Wednesday, October 4th. Sidoti reaffirmed a “buy” rating and issued a $62.00 price objective (up previously from $59.00) on shares of Sotheby’s in a research note on Friday, July 21st. TheStreet raised Sotheby’s from a “c” rating to a “b” rating in a research note on Monday, August 7th. Finally, BidaskClub downgraded Sotheby’s from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price 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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