Sotheby’s (BID) Sees Large Volume Increase
Shares of Sotheby’s (NYSE:BID) saw an uptick in trading volume on Tuesday . 2,480,364 shares traded hands during trading, an increase of 79% from the previous session’s volume of 1,386,065 shares.The stock last traded at $29.71 and had previously closed at $29.74.
A number of research firms recently issued reports on BID. Zacks Investment Research lowered Sotheby’s from a “hold” rating to a “sell” rating in a research note on Tuesday, May 3rd. Standpoint Research lowered Sotheby’s from a “buy” rating to a “hold” rating in a research note on Thursday, April 14th. Eight investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $35.20.
The stock has a 50-day moving average price of $28.82 and a 200-day moving average price of $26.34. The stock has a market capitalization of $1.74 billion and a PE ratio of 160.76.
Sotheby’s (NYSE:BID) last issued its quarterly earnings results on Monday, May 9th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by $0.12. The firm earned $106.53 million during the quarter, compared to analyst estimates of $124.54 million. The company’s quarterly revenue was down 31.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.11 earnings per share. On average, equities analysts anticipate that Sotheby’s will post $1.70 earnings per share for the current fiscal year.
In other Sotheby’s news, Director Dennis M. Weibling purchased 4,000 shares of Sotheby’s stock in a transaction dated Thursday, May 12th. The shares were acquired at an average cost of $27.52 per share, with a total value of $110,080.00. Following the completion of the transaction, the director now owns 69,000 shares in the company, valued at approximately $1,898,880. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Sole Domenico De purchased 6,620 shares of Sotheby’s stock in a transaction dated Thursday, June 2nd. The shares were acquired at an average cost of $30.29 per share, for a total transaction of $200,519.80. Following the completion of the transaction, the director now owns 33,105 shares of the company’s stock, valued at approximately $1,002,750.45. The disclosure for this purchase can be found here.
Other institutional investors have modified their holdings of the company. Marshall Wace LLP increased its position in shares of Sotheby’s by 5,556.7% in the fourth quarter. Marshall Wace LLP now owns 773,727 shares of the company’s stock worth $19,931,000 after buying an additional 760,049 shares during the last quarter. Van Berkom & Associates Inc. increased its position in Sotheby’s by 35.1% in the fourth quarter. Van Berkom & Associates Inc. now owns 1,486,975 shares of the company’s stock valued at $38,304,000 after buying an additional 386,637 shares during the last quarter. Carleon Capital Partners LLC purchased a new position in Sotheby’s during the fourth quarter valued at about $5,755,000. Paradice Investment Management LLC increased its position in Sotheby’s by 23.3% in the fourth quarter. Paradice Investment Management LLC now owns 606,432 shares of the company’s stock valued at $15,622,000 after buying an additional 114,456 shares during the last quarter. Finally, Trexquant Investment LP purchased a new position in Sotheby’s during the fourth quarter valued at about $1,422,000.
Sotheby’s is a global art business company. The Company operates in three segments: Agency, Principal and Finance. The Company’s Agency segment accepts property on consignment, stimulates buyer interest through professional marketing techniques, and matches sellers (also known as consignors) to buyers through the auction or private sale process.
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