Horseman Capital Management Ltd Takes Position in Sotheby’s (BID)
Horseman Capital Management Ltd acquired a new stake in shares of Sotheby’s (NYSE:BID) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 132,000 shares of the specialty retailer’s stock, valued at approximately $7,084,000. Sotheby’s makes up 2.0% of Horseman Capital Management Ltd’s holdings, making the stock its 21st largest position. Horseman Capital Management Ltd owned approximately 0.25% of Sotheby’s as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Creative Planning raised its position in Sotheby’s by 4.6% in the first quarter. Creative Planning now owns 2,282 shares of the specialty retailer’s stock valued at $104,000 after buying an additional 100 shares in the last quarter. Strs Ohio raised its position in Sotheby’s by 2,200.0% in the first quarter. Strs Ohio now owns 2,300 shares of the specialty retailer’s stock valued at $104,000 after buying an additional 2,200 shares during the period. US Bancorp DE raised its position in Sotheby’s by 28.5% in the first quarter. US Bancorp DE now owns 2,486 shares of the specialty retailer’s stock valued at $113,000 after buying an additional 551 shares during the period. TrimTabs Asset Management LLC raised its position in Sotheby’s by 88.8% in the first quarter. TrimTabs Asset Management LLC now owns 2,841 shares of the specialty retailer’s stock valued at $129,000 after buying an additional 1,336 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in Sotheby’s by 20.7% in the first quarter. Envestnet Asset Management Inc. now owns 3,400 shares of the specialty retailer’s stock valued at $154,000 after buying an additional 582 shares during the period. 89.49% of the stock is currently owned by institutional investors and hedge funds.
Sotheby’s (NYSE BID) traded up 1.67% during trading on Friday, reaching $45.62. The company had a trading volume of 67,619 shares. The company has a market capitalization of $2.40 billion, a P/E ratio of 32.73 and a beta of 1.81. The stock has a 50 day moving average of $50.93 and a 200-day moving average of $49.18. Sotheby’s has a 12 month low of $33.85 and a 12 month high of $57.95.
Sotheby’s (NYSE:BID) last released its quarterly earnings results on Thursday, August 3rd. The specialty retailer reported $1.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.51 by $0.08. The company had revenue of $314.90 million for the quarter, compared to the consensus estimate of $313.90 million. Sotheby’s had a return on equity of 18.72% and a net margin of 8.49%. The business’s revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.51 EPS. Equities research analysts expect that Sotheby’s will post $1.96 EPS for the current fiscal year.
Sotheby’s announced that its board has initiated a stock repurchase program on Tuesday, August 15th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the specialty retailer to buy up to 4.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.
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BID has been the topic of several recent research reports. Zacks Investment Research lowered Sotheby’s from a “hold” rating to a “sell” rating in a research report on Wednesday, May 10th. TheStreet lowered Sotheby’s from a “b-” rating to a “c” rating in a research report on Wednesday, May 10th. Sidoti reissued a “buy” rating and set a $62.00 price target (up from $59.00) on shares of Sotheby’s in a research report on Friday, July 21st. Finally, BidaskClub lowered Sotheby’s from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $60.33.
Sotheby’s 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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