Sotheby’s (BID) Shares Up 4.8%
Sotheby’s (NYSE:BID)’s share price shot up 4.8% during trading on Monday . The company traded as high as $29.83 and last traded at $29.41, with a volume of 1,432,394 shares. The stock had previously closed at $28.06.
A number of brokerages have commented on BID. Zacks Investment Research raised shares of Sotheby’s from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 12th. Standpoint Research lowered shares of Sotheby’s from a “buy” rating to a “hold” rating in a report on Thursday, April 14th. Eight analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $35.20.
The company has a market capitalization of $1.74 billion and a P/E ratio of 160.76. The firm’s 50 day moving average price is $28.82 and its 200 day moving average price is $26.34.
Sotheby’s (NYSE:BID) last posted 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. The business had revenue of $106.53 million for the quarter, compared to the consensus estimate of $124.54 million. During the same period in the previous year, the company earned $0.11 EPS. The business’s revenue for the quarter was down 31.6% compared to the same quarter last year. 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 acquired 4,000 shares of Sotheby’s stock in a transaction on Monday, May 16th. The stock was bought at an average cost of $27.95 per share, for a total transaction of $111,800.00. Following the completion of the transaction, the director now owns 73,000 shares of the company’s stock, valued at approximately $2,040,350. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dennis M. Weibling bought 2,000 shares of the company’s stock in a transaction dated Tuesday, May 17th. The shares were acquired at an average cost of $28.03 per share, with a total value of $56,060.00. Following the acquisition, the director now directly owns 77,000 shares of the company’s stock, valued at $2,158,310. The disclosure for this purchase can be found here.
Several large investors have added to or reduced their stakes in the company. Marshall Wace LLP raised its stake in 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. raised its stake 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 worth $38,304,000 after buying an additional 386,637 shares during the last quarter. Carleon Capital Partners LLC acquired a new stake in Sotheby’s during the fourth quarter worth about $5,755,000. Trexquant Investment LP acquired a new stake in Sotheby’s during the fourth quarter worth about $1,422,000. Finally, Engineers Gate Manager LP raised its stake in Sotheby’s by 714.2% in the fourth quarter. Engineers Gate Manager LP now owns 55,364 shares of the company’s stock worth $1,426,000 after buying an additional 48,564 shares during the last quarter.
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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