Cortina Asset Management LLC Sells 3,449 Shares of Sothebys (NYSE:BID)

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Cortina Asset Management LLC decreased its holdings in shares of Sothebys (NYSE:BID) by 1.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 358,672 shares of the specialty retailer’s stock after selling 3,449 shares during the quarter. Sothebys accounts for about 1.3% of Cortina Asset Management LLC’s investment portfolio, making the stock its 12th biggest position. Cortina Asset Management LLC owned 0.77% of Sothebys worth $20,850,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its stake in shares of Sothebys by 34.9% during the first quarter. PNC Financial Services Group Inc. now owns 1,048 shares of the specialty retailer’s stock valued at $40,000 after buying an additional 271 shares during the last quarter. Quadrant Capital Group LLC grew its stake in shares of Sothebys by 339.6% during the first quarter. Quadrant Capital Group LLC now owns 1,609 shares of the specialty retailer’s stock valued at $59,000 after buying an additional 1,243 shares during the last quarter. Quantamental Technologies LLC bought a new position in shares of Sothebys during the first quarter valued at approximately $75,000. SG Americas Securities LLC bought a new position in shares of Sothebys during the first quarter valued at approximately $157,000. Finally, Campbell & CO Investment Adviser LLC bought a new position in Sothebys in the first quarter worth approximately $203,000.

NYSE:BID traded up $0.19 during midday trading on Tuesday, hitting $58.19. The stock had a trading volume of 213,500 shares, compared to its average volume of 614,879. Sothebys has a one year low of $32.01 and a one year high of $59.36. The stock has a market capitalization of $2.70 billion, a P/E ratio of 23.46 and a beta of 1.98. The company’s 50-day simple moving average is $51.44. The company has a quick ratio of 1.11, a current ratio of 1.16 and a debt-to-equity ratio of 2.61.

Sothebys (NYSE:BID) last announced its quarterly earnings data on Thursday, May 2nd. The specialty retailer reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.09. The company had revenue of $173.50 million for the quarter, compared to analysts’ expectations of $173.62 million. Sothebys had a return on equity of 24.25% and a net margin of 10.66%. Sothebys’s revenue was down 11.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.09 earnings per share. As a group, research analysts predict that Sothebys will post 2.63 EPS for the current year.

Several research analysts recently issued reports on BID shares. Berenberg Bank dropped their price objective on from GBX 190 ($2.48) to GBX 180 ($2.35) and set a “buy” rating on the stock in a research note on Wednesday, June 19th. ValuEngine raised United Overseas Bank from a “sell” rating to a “hold” rating in a research note on Monday, June 17th. Zacks Investment Research raised Falcon Minerals from a “sell” rating to a “hold” rating in a research note on Monday. Finally, TheStreet cut YRC Worldwide from a “c” rating to a “d+” rating in a research note on Wednesday, May 15th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $54.00.

About Sothebys

Sotheby's operates as an auctioneer of authenticated fine art, decorative art, jewelry, wine, and collectibles in the United States, the United Kingdom, Hong Kong, China, Switzerland, France, and internationally. The company operates in two segments, Agency and Finance. The Agency segment accepts property on consignment; and matches sellers to buyers through the auction or private sale process.

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Institutional Ownership by Quarter for Sothebys (NYSE:BID)

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