Investors Buy Large Volume of Sothebys Put Options (NYSE:BID)
Sothebys (NYSE:BID) was the target of unusually large options trading on Thursday. Stock traders acquired 1,359 put options on the stock. This represents an increase of 2,128% compared to the average daily volume of 61 put options.
In other news, Director Dennis M. Weibling sold 21,000 shares of Sothebys stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $58.27, for a total transaction of $1,223,670.00. Following the completion of the sale, the director now directly owns 70,000 shares in the company, valued at $4,078,900. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 16.03% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC raised its holdings in Sothebys by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 372,738 shares of the specialty retailer’s stock worth $14,812,000 after purchasing an additional 4,493 shares in the last quarter. Norges Bank bought a new position in Sothebys in the fourth quarter worth about $24,710,000. Amalgamated Bank bought a new position in Sothebys in the fourth quarter worth about $224,000. California Public Employees Retirement System raised its holdings in Sothebys by 9.8% in the first quarter. California Public Employees Retirement System now owns 115,709 shares of the specialty retailer’s stock worth $4,368,000 after purchasing an additional 10,341 shares in the last quarter. Finally, Retirement Systems of Alabama raised its holdings in Sothebys by 0.5% in the second quarter. Retirement Systems of Alabama now owns 43,046 shares of the specialty retailer’s stock worth $2,502,000 after purchasing an additional 210 shares in the last quarter.
Sothebys (NYSE:BID) last released its quarterly earnings data on Tuesday, July 30th. The specialty retailer reported $1.47 earnings per share for the quarter, missing the consensus estimate of $1.58 by ($0.11). The firm had revenue of $361.78 million during the quarter, compared to the consensus estimate of $336.58 million. Sothebys had a net margin of 10.47% and a return on equity of 28.39%. During the same quarter in the previous year, the firm earned $1.09 earnings per share. On average, analysts anticipate that Sothebys will post 2.63 earnings per share for the current fiscal year.
Several research firms have recently weighed in on BID. TheStreet downgraded Sothebys from a “b-” rating to a “c” rating in a research report on Wednesday, May 15th. Evercore ISI reiterated a “hold” rating and set a $57.00 target price on shares of Sothebys in a research report on Thursday, August 8th. ValuEngine upgraded Sothebys from a “hold” rating to a “buy” rating in a report on Monday, June 17th. Zacks Investment Research downgraded Sothebys from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Finally, Berenberg Bank restated a “hold” rating and issued a $57.00 price objective on shares of Sothebys in a report on Wednesday, June 19th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $54.80.
Sothebys Company Profile
Sotheby's operates as an auctioneer of authenticated fine art, decorative art, jewelry, wine, and collectibles in the United States, the United Kingdom, Hong Kong, China, Switzerland, France, and internationally. The company operates in two segments, Agency and Finance. The Agency segment accepts property on consignment; and matches sellers to buyers through the auction or private sale process.
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