Sotheby’s (BID) Shares Up 1.9%
Sotheby’s (NYSE:BID)’s share price shot up 1.9% on Monday . The stock traded as high as $31.81 and last traded at $31.65, with a volume of 890,102 shares trading hands. The stock had previously closed at $31.06.
Several research firms have recently weighed in on BID. Standpoint Research cut Sotheby’s from a “buy” rating to a “hold” rating in a report on Thursday, April 14th. Zacks Investment Research cut Sotheby’s from a “hold” rating to a “strong sell” rating in a research note on Monday, May 16th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $35.20.
The company has a market cap of $1.84 billion and a PE ratio of 170.22. The firm has a 50-day moving average of $28.92 and a 200-day moving average of $26.64.
Sotheby’s (NYSE:BID) last announced its quarterly earnings data on Monday, May 9th. The company reported ($0.35) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.23) by $0.12. During the same quarter last year, the firm earned $0.11 EPS. The firm had revenue of $106.53 million for 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. On average, equities research analysts forecast that Sotheby’s will post $1.70 earnings per share for the current fiscal year.
In related news, Director Dennis M. Weibling bought 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 17th. The shares were purchased at an average cost of $28.03 per share, with a total value of $56,060.00. Following the transaction, the director now directly owns 77,000 shares of the company’s stock, valued at approximately $2,158,310. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Michael F. Goss bought 50,000 shares of the company’s stock in a transaction that occurred on Monday, May 16th. The stock was bought at an average cost of $27.72 per share, for a total transaction of $1,386,000.00. Following the completion of the transaction, the chief financial officer now directly owns 10,000 shares in the company, valued at $277,200. The disclosure for this purchase can be found here.
Several hedge funds and institutional investors recently bought and sold shares of the stock. Sei Investments Co. increased its position in Sotheby’s by 2.5% in the fourth quarter. Sei Investments Co. now owns 54,903 shares of the company’s stock worth $1,414,000 after buying an additional 1,349 shares during the period. Trexquant Investment LP bought a new position in Sotheby’s during the fourth quarter worth approximately $1,422,000. New York State Common Retirement Fund increased its position in Sotheby’s by 6.4% in the fourth quarter. New York State Common Retirement Fund now owns 71,832 shares of the company’s stock worth $1,850,000 after buying an additional 4,300 shares during the period. Rhumbline Advisers increased its position in Sotheby’s by 2.6% in the fourth quarter. Rhumbline Advisers now owns 115,575 shares of the company’s stock worth $2,977,000 after buying an additional 2,975 shares during the period. Finally, California Public Employees Retirement System increased its position in Sotheby’s by 8.9% in the fourth quarter. California Public Employees Retirement System now owns 167,700 shares of the company’s stock worth $4,320,000 after buying an additional 13,700 shares during the period.
Sotheby’s is a global art business company. The Company operates in two segments: Agency and Finance. The Agency segment earns commissions by matching buyers and sellers of authenticated fine art, decorative art, jewelry, wine and collectibles (collectively, art or works of art or artwork or property) through the auction or private sale process.
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