Sotheby’s (BID) Shares Sold by ClariVest Asset Management LLC
ClariVest Asset Management LLC lessened its stake in Sotheby’s (NYSE:BID) by 14.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 64,995 shares of the specialty retailer’s stock after selling 10,601 shares during the quarter. ClariVest Asset Management LLC owned about 0.12% of Sotheby’s worth $2,998,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in the business. SG Americas Securities LLC raised its stake in shares of Sotheby’s by 36.6% in the 3rd quarter. SG Americas Securities LLC now owns 123,060 shares of the specialty retailer’s stock valued at $5,674,000 after acquiring an additional 32,989 shares during the period. Quantbot Technologies LP purchased a new position in shares of Sotheby’s in the 3rd quarter valued at $703,000. Rhumbline Advisers raised its stake in shares of Sotheby’s by 5.7% in the 3rd quarter. Rhumbline Advisers now owns 94,036 shares of the specialty retailer’s stock valued at $4,336,000 after acquiring an additional 5,038 shares during the period. New York State Common Retirement Fund raised its stake in shares of Sotheby’s by 3.7% in the 3rd quarter. New York State Common Retirement Fund now owns 58,763 shares of the specialty retailer’s stock valued at $2,710,000 after acquiring an additional 2,100 shares during the period. Finally, Retirement Systems of Alabama increased its stake in Sotheby’s by 102.7% during the 3rd quarter. Retirement Systems of Alabama now owns 119,753 shares of the specialty retailer’s stock worth $5,522,000 after buying an additional 60,679 shares during the period. Institutional investors own 91.59% of the company’s stock.
Sotheby’s (NYSE BID) traded up $1.01 during mid-day trading on Tuesday, hitting $48.08. 276,300 shares of the company’s stock were exchanged, compared to its average volume of 520,610. Sotheby’s has a one year low of $37.84 and a one year high of $57.95. The company has a market cap of $2,510.00, a P/E ratio of 22.20 and a beta of 1.89. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.73 and a quick ratio of 1.62.
Sotheby’s (NYSE:BID) last released its quarterly earnings results on Friday, November 3rd. The specialty retailer reported ($0.45) EPS for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.23. Sotheby’s had a net margin of 10.95% and a return on equity of 22.48%. The company had revenue of $171.39 million for the quarter, compared to the consensus estimate of $101.14 million. During the same period in the previous year, the firm earned ($0.78) EPS. Sotheby’s’s revenue was up 87.3% on a year-over-year basis. sell-side analysts anticipate that Sotheby’s will post 2.14 EPS for the current year.
Sotheby’s announced that its board has approved a share repurchase program on Tuesday, August 15th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the specialty retailer to purchase up to 4.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
Several research firms recently issued reports on BID. Consumer Edge raised shares of Sotheby’s from a “neutral” rating to an “overweight” rating in a research note on Wednesday, October 4th. TheStreet raised shares of Sotheby’s from a “c” rating to a “b” rating in a report on Monday, August 7th. BidaskClub lowered shares of Sotheby’s from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Zacks Investment Research raised shares of Sotheby’s from a “sell” rating to a “hold” rating in a report on Monday, October 16th. Finally, Aegis began coverage on shares of Sotheby’s in a report on Monday, October 30th. They issued a “buy” rating and a $60.00 price target for the company. Two analysts have rated the stock with a sell rating and four have issued a buy rating to the stock. Sotheby’s has an average rating of “Hold” and an average price target of $60.25.
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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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