Sotheby’s (BID) Shares Down 2.5%
Sotheby’s (NYSE:BID) shares dropped 2.5% on Friday . The company traded as low as $32.10 and last traded at $32.24, with a volume of 706,341 shares changing hands. The stock had previously closed at $33.05.
BID has been the topic of a number of recent research reports. Zacks Investment Research upgraded Sotheby’s from a “sell” rating to a “hold” rating in a report on Tuesday, April 26th. Standpoint Research lowered Sotheby’s from a “buy” rating to a “hold” rating in a report on Thursday, April 14th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Sotheby’s has a consensus rating of “Hold” and an average target price of $35.20.
The company has a 50 day moving average price of $28.94 and a 200 day moving average price of $26.79. The firm has a market cap of $1.90 billion and a price-to-earnings ratio of 175.08.
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 analysts’ consensus estimates 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 last year, the business earned $0.11 EPS. The business’s revenue for the quarter was down 31.6% on a year-over-year basis. Equities research analysts anticipate that Sotheby’s will post $1.70 EPS for the current fiscal year.
In other news, Director Sole Domenico De bought 6,620 shares of Sotheby’s stock in a transaction on Thursday, June 2nd. The shares were purchased at an average price of $30.29 per share, for a total transaction of $200,519.80. Following the acquisition, the director now owns 33,105 shares of the company’s stock, valued at $1,002,750.45. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 price of $27.72 per share, for a total transaction of $1,386,000.00. Following the acquisition, the chief financial officer now directly owns 10,000 shares in the company, valued at approximately $277,200. The disclosure for this purchase can be found here.
Several hedge funds and institutional investors have recently bought and sold shares of the company. 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 stake in Sotheby’s during the fourth quarter valued at $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 during 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 during 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 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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