TheStreet upgraded shares of Sothebys (NYSE:BID) from a c+ rating to a b- rating in a research note released on Monday, March 19th.
BID has been the topic of a number of other reports. Zacks Investment Research raised shares of Sothebys from a hold rating to a buy rating and set a $58.00 target price on the stock in a report on Monday, January 8th. Cowen reaffirmed a buy rating and issued a $63.00 target price on shares of Sothebys in a report on Friday, March 2nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. The company currently has an average rating of Buy and an average target price of $61.00.
Shares of BID stock traded up $0.98 during trading on Monday, reaching $54.05. The company’s stock had a trading volume of 256,654 shares, compared to its average volume of 398,615. The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.21 and a current ratio of 1.25. The stock has a market capitalization of $2,786.20, a P/E ratio of 23.71 and a beta of 1.77. Sothebys has a 1-year low of $42.78 and a 1-year high of $57.95.
Sothebys (NYSE:BID) last issued its quarterly earnings results on Thursday, March 1st. The specialty retailer reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.07. The company had revenue of $315.56 million during the quarter, compared to the consensus estimate of $306.70 million. Sothebys had a net margin of 12.01% and a return on equity of 22.31%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.35 earnings per share. research analysts forecast that Sothebys will post 2.51 EPS for the current fiscal year.
Sothebys declared that its board has authorized a share buyback program on Thursday, March 1st that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
In related news, Director Olivier Reza sold 65,000 shares of the business’s stock in a transaction dated Wednesday, March 7th. The shares were sold at an average price of $51.64, for a total value of $3,356,600.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Kevin M. Delaney sold 1,821 shares of the business’s stock in a transaction dated Wednesday, March 7th. The stock was sold at an average price of $51.71, for a total transaction of $94,163.91. Following the completion of the sale, the senior vice president now owns 798 shares in the company, valued at $41,264.58. The disclosure for this sale can be found here. Insiders sold a total of 76,821 shares of company stock worth $3,962,164 over the last quarter. Insiders own 13.81% of the company’s stock.
Several hedge funds have recently made changes to their positions in BID. First Trust Advisors LP lifted its holdings in shares of Sothebys by 11.6% during the 3rd quarter. First Trust Advisors LP now owns 45,251 shares of the specialty retailer’s stock worth $2,087,000 after acquiring an additional 4,702 shares during the period. Aperio Group LLC increased its position in Sothebys by 10.1% during the 3rd quarter. Aperio Group LLC now owns 13,004 shares of the specialty retailer’s stock worth $600,000 after purchasing an additional 1,198 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new stake in Sothebys during the 3rd quarter worth approximately $278,000. New York State Common Retirement Fund increased its position in Sothebys by 3.7% during the 3rd quarter. New York State Common Retirement Fund now owns 58,763 shares of the specialty retailer’s stock worth $2,710,000 after purchasing an additional 2,100 shares in the last quarter. Finally, Rhumbline Advisers increased its position in Sothebys by 5.7% during the 3rd quarter. Rhumbline Advisers now owns 94,036 shares of the specialty retailer’s stock worth $4,336,000 after purchasing an additional 5,038 shares in the last quarter. Institutional investors and hedge funds own 90.10% of the company’s stock.
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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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