Sotheby’s (BID) Shares Up 1.9%
Sotheby’s (NYSE:BID)’s share price was 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 equities research analysts recently commented on BID shares. Standpoint Research lowered shares of Sotheby’s from a “buy” rating to a “hold” rating in a report on Thursday, April 14th. Zacks Investment Research raised shares of Sotheby’s from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 12th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $35.20.
The firm has a market capitalization of $1.86 billion and a price-to-earnings ratio of 171.95. The stock has a 50 day moving average price of $28.87 and a 200-day moving average price of $26.45.
Sotheby’s (NYSE:BID) last posted its earnings results on Monday, May 9th. The company reported ($0.35) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by $0.12. The business earned $106.53 million during the quarter, compared to analysts’ expectations of $124.54 million. During the same quarter in the previous year, the company posted $0.11 EPS. 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 EPS for the current fiscal year.
In other Sotheby’s news, CFO Michael F. Goss bought 50,000 shares of Sotheby’s stock in a transaction on Monday, May 16th. The shares were purchased at an average cost of $27.72 per share, for a total transaction of $1,386,000.00. Following the completion of the acquisition, the chief financial officer now owns 10,000 shares in the company, valued at approximately $277,200. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Sole Domenico De bought 6,620 shares of Sotheby’s stock in a transaction on Thursday, June 2nd. The shares were acquired at an average price of $30.29 per share, for a total transaction of $200,519.80. Following the completion of the acquisition, 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 and institutional investors have bought and sold shares of BID. Sei Investments Co. raised 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 valued at $1,414,000 after buying an additional 1,349 shares in the last quarter. Trexquant Investment LP purchased a new stake in Sotheby’s during the fourth quarter valued at about $1,422,000. New York State Common Retirement Fund increased its stake 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 valued at $1,850,000 after buying an additional 4,300 shares in the last quarter. Rhumbline Advisers increased its stake in Sotheby’s by 2.6% in the fourth quarter. Rhumbline Advisers now owns 115,575 shares of the company’s stock valued at $2,977,000 after buying an additional 2,975 shares in the last quarter. Finally, California Public Employees Retirement System increased its stake 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 valued at $4,320,000 after buying an additional 13,700 shares in 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.