Sotheby’s (BID) Trading Down 2.5%
Sotheby’s (NYSE:BID) shares dropped 2.5% during trading on Friday . The stock traded as low as $32.10 and last traded at $32.24, with a volume of 706,341 shares. The stock had previously closed at $33.05.
BID has been the subject of several analyst reports. Standpoint Research downgraded Sotheby’s from a “buy” rating to a “hold” rating in a research note on Thursday, April 14th. Zacks Investment Research upgraded Sotheby’s from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 12th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $35.20.
The stock has a market cap of $1.90 billion and a P/E ratio of 175.08. The firm’s 50-day moving average price is $28.94 and its 200 day moving average price is $26.79.
Sotheby’s (NYSE:BID) last posted its quarterly earnings data on Monday, May 9th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by $0.12. The company earned $106.53 million during the quarter, compared to the consensus estimate of $124.54 million. During the same period in the previous year, the business posted $0.11 EPS. The business’s revenue was down 31.6% compared to the same quarter last year. Equities analysts anticipate that Sotheby’s will post $1.70 earnings per share for the current year.
In other news, CFO Michael F. Goss acquired 50,000 shares of Sotheby’s stock in a transaction that occurred on Monday, May 16th. The stock was bought at an average price 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 owns 10,000 shares in the company, valued at $277,200. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sole Domenico De acquired 6,620 shares of Sotheby’s stock in a transaction that occurred on Thursday, June 2nd. The shares were purchased at an average price of $30.29 per share, with a total value of $200,519.80. Following 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.
A number of hedge funds recently modified their holdings of the company. Sei Investments Co. boosted its stake in shares of 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 last quarter. California Public Employees Retirement System boosted its stake in shares of 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 last quarter. Carleon Capital Partners LLC bought a new stake in shares of Sotheby’s during the fourth quarter worth approximately $5,755,000. Marshall Wace LLP boosted its stake 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. Finally, Rhumbline Advisers boosted its stake in shares of 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 last quarter.
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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