12,538 Shares in Sothebys (BID) Purchased by Teacher Retirement System of Texas
Teacher Retirement System of Texas purchased a new stake in Sothebys (NYSE:BID) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 12,538 shares of the specialty retailer’s stock, valued at approximately $647,000.
A number of other institutional investors and hedge funds have also made changes to their positions in BID. Evanson Asset Management LLC acquired a new position in Sothebys in the fourth quarter valued at approximately $203,000. US Bancorp DE boosted its holdings in shares of Sothebys by 55.4% in the fourth quarter. US Bancorp DE now owns 4,251 shares of the specialty retailer’s stock valued at $219,000 after acquiring an additional 1,516 shares during the period. Wright Investors Service Inc. acquired a new stake in shares of Sothebys in the fourth quarter valued at approximately $232,000. Yorktown Management & Research Co Inc acquired a new stake in shares of Sothebys in the third quarter valued at approximately $233,000. Finally, Crossmark Global Holdings Inc. acquired a new stake in shares of Sothebys in the third quarter valued at approximately $278,000. 89.50% of the stock is owned by hedge funds and other institutional investors.
Shares of Sothebys (NYSE BID) opened at $53.00 on Friday. The firm has a market capitalization of $2,780.43, a P/E ratio of 23.66 and a beta of 1.86. Sothebys has a fifty-two week low of $42.78 and a fifty-two week high of $57.95. The company has a quick ratio of 1.21, a current ratio of 1.25 and a debt-to-equity ratio of 1.38.
In related news, Director Olivier Reza sold 65,000 shares of the stock in a transaction on Wednesday, March 7th. The stock was sold at an average price of $51.64, for a total transaction of $3,356,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Kevin M. Delaney sold 1,821 shares of the stock in a transaction on Wednesday, March 7th. The stock was sold at an average price of $51.71, for a total value of $94,163.91. Following the sale, the senior vice president now directly owns 798 shares of the company’s stock, valued at $41,264.58. The disclosure for this sale can be found here. Insiders sold 76,821 shares of company stock valued at $3,962,164 over the last three months. Corporate insiders own 13.81% of the company’s stock.
Several research firms have recently weighed in on BID. Zacks Investment Research raised Sothebys from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a report on Monday, January 8th. Cowen reissued a “buy” rating and issued a $63.00 price objective on shares of Sothebys in a report on Friday, March 2nd. One research analyst has rated the stock with a sell rating and five have given a buy rating to the stock. Sothebys has a consensus rating of “Buy” and a consensus price target of $61.00.
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Sothebys Company Profile
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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