Sotheby’s (BID) Shares Sold by Ameriprise Financial Inc.
Ameriprise Financial Inc. decreased its stake in Sotheby’s (NYSE:BID) by 71.3% during the second quarter, Holdings Channel reports. The firm owned 203,341 shares of the company’s stock after selling 504,442 shares during the period. Ameriprise Financial Inc. owned 0.35% of Sotheby’s worth $5,572,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in BID. Fuller & Thaler Asset Management Inc. boosted its position in shares of Sotheby’s by 19.9% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 1,008,044 shares of the company’s stock valued at $27,620,000 after buying an additional 167,404 shares during the period. Canada Pension Plan Investment Board raised its stake in shares of Sotheby’s by 330.2% in the first quarter. Canada Pension Plan Investment Board now owns 376,140 shares of the company’s stock valued at $10,054,000 after buying an additional 288,700 shares in the last quarter. Conestoga Capital Advisors LLC bought a new stake in shares of Sotheby’s during the second quarter valued at $10,036,000. TIAA CREF Investment Management LLC raised its stake in shares of Sotheby’s by 4.9% in the first quarter. TIAA CREF Investment Management LLC now owns 239,568 shares of the company’s stock valued at $6,404,000 after buying an additional 11,218 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of Sotheby’s by 48.0% in the first quarter. Franklin Resources Inc. now owns 117,770 shares of the company’s stock valued at $3,148,000 after buying an additional 38,184 shares in the last quarter. Hedge funds and other institutional investors own 95.80% of the company’s stock.
Shares of Sotheby’s (NYSE:BID) traded down 2.25% on Thursday, hitting $35.26. The stock had a trading volume of 150,079 shares. Sotheby’s has a 52 week low of $18.86 and a 52 week high of $41.23. The company has a market cap of $1.94 billion, a price-to-earnings ratio of 68.07 and a beta of 2.15. The firm has a 50 day moving average price of $38.18 and a 200-day moving average price of $31.96.
Sotheby’s (NYSE:BID) last posted its quarterly earnings data on Monday, August 8th. The company reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.46. The company earned $298.67 million during the quarter, compared to analysts’ expectations of $291.22 million. Sotheby’s had a return on equity of 18.52% and a net margin of 3.87%. Sotheby’s’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.04 earnings per share. Analysts anticipate that Sotheby’s will post $2.12 EPS for the current year.
BID has been the topic of several analyst reports. Zacks Investment Research raised Sotheby’s from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 12th. Cowen and Company set a $38.00 target price on Sotheby’s and gave the stock a “hold” rating in a research report on Monday, September 19th. Finally, TheStreet raised Sotheby’s from a “hold” rating to a “buy” rating in a research report on Tuesday, August 9th. Six research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $32.20.
Sotheby’s Company Profile
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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