Zacks Investment Research upgraded shares of Sothebys (NYSE:BID) from a hold rating to a buy rating in a report issued on Monday morning. Zacks Investment Research currently has $59.00 price objective on the specialty retailer’s stock.

According to Zacks, “Sotheby’s Holdings, Inc. is one of the world’s second largest auctioneers of fine arts, antiques and collectibles, offering property in collecting categories, among them paintings, jewelry, decorative arts, and books. Sotheby’s Holdings, Inc is the parent company of Sotheby’s worldwide auction businesses, art-related financing and private sales activities. The Company operates in countries, with principal salesrooms located in New York and London. The company also regularly conducts auctions in other salesrooms around the world, including Australia, Hong Kong, France, Italy, the Netherlands, Switzerland and Singapore. “

A number of other equities research analysts have also recently commented on the stock. Aegis began coverage on shares of Sothebys in a research note on Monday, October 30th. They issued a buy rating and a $60.00 price objective on the stock. TheStreet cut shares of Sothebys from a b rating to a c+ rating in a research note on Monday, November 6th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company. The company currently has an average rating of Buy and an average target price of $59.25.

Sothebys (NYSE:BID) opened at $48.05 on Monday. The company has a quick ratio of 1.62, a current ratio of 1.73 and a debt-to-equity ratio of 1.91. The stock has a market cap of $2,532.75, a PE ratio of 24.39 and a beta of 1.81. Sothebys has a twelve month low of $38.97 and a twelve month high of $57.95.

Sothebys (NYSE:BID) last announced its quarterly earnings results on Friday, November 3rd. The specialty retailer reported ($0.45) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.68) by $0.23. The business had revenue of $171.39 million during the quarter, compared to the consensus estimate of $101.14 million. Sothebys had a net margin of 10.95% and a return on equity of 22.48%. The business’s revenue was up 87.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.78) EPS. analysts forecast that Sothebys will post 2.2 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of BID. Evanson Asset Management LLC acquired a new stake in Sothebys in the 4th quarter valued at about $203,000. US Bancorp DE grew its stake in Sothebys by 55.4% in the 4th quarter. US Bancorp DE now owns 4,251 shares of the specialty retailer’s stock valued at $219,000 after acquiring an additional 1,516 shares during the last quarter. Wright Investors Service Inc. acquired a new stake in Sothebys in the 4th quarter valued at about $232,000. Yorktown Management & Research Co Inc acquired a new stake in Sothebys in the 3rd quarter valued at about $233,000. Finally, Flinton Capital Management LLC grew its stake in Sothebys by 73.8% in the 2nd quarter. Flinton Capital Management LLC now owns 4,964 shares of the specialty retailer’s stock valued at $266,000 after acquiring an additional 2,108 shares during the last quarter. 92.78% of the stock is currently owned by hedge funds and other institutional investors.

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Sothebys Company Profile

Sotheby’s is a global art business company. The Company is engaged in offering its clients opportunities to connect with and transact in a range of objects. The Company offers a range of art-related services, including the brokerage of private art sales, private jewelry sales through Sotheby’s Diamonds, private selling exhibitions at its galleries, art-related financing, and art advisory services, as well as retail wine locations in New York and Hong Kong.

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