Mutual of America Capital Management LLC Boosts Position in Sotheby’s (BID)
Mutual of America Capital Management LLC boosted its position in Sotheby’s (NYSE:BID) by 1.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 36,723 shares of the specialty retailer’s stock after buying an additional 508 shares during the quarter. Mutual of America Capital Management LLC owned approximately 0.07% of Sotheby’s worth $1,971,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in the stock. Thrivent Financial For Lutherans raised its position in Sotheby’s by 6.3% in the 2nd quarter. Thrivent Financial For Lutherans now owns 9,260 shares of the specialty retailer’s stock valued at $497,000 after buying an additional 550 shares during the last quarter. Nationwide Fund Advisors boosted its position in Sotheby’s by 14.5% during the 2nd quarter. Nationwide Fund Advisors now owns 121,662 shares of the specialty retailer’s stock worth $6,530,000 after acquiring an additional 15,428 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Sotheby’s by 33.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 282,062 shares of the specialty retailer’s stock worth $15,135,000 after acquiring an additional 70,238 shares during the last quarter. Teachers Advisors LLC boosted its position in Sotheby’s by 307.5% during the 2nd quarter. Teachers Advisors LLC now owns 351,540 shares of the specialty retailer’s stock worth $18,867,000 after acquiring an additional 265,267 shares during the last quarter. Finally, Riverhead Capital Management LLC boosted its position in Sotheby’s by 72.9% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,630 shares of the specialty retailer’s stock worth $195,000 after acquiring an additional 1,530 shares during the last quarter. 89.63% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have recently weighed in on the stock. Zacks Investment Research cut shares of Sotheby’s from a “buy” rating to a “hold” rating in a research note on Friday, July 21st. Sidoti reissued a “buy” rating and issued a $62.00 price objective (up previously from $59.00) on shares of Sotheby’s in a research report on Friday, July 21st. BidaskClub lowered shares of Sotheby’s from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Finally, TheStreet upgraded shares of Sotheby’s from a “c” rating to a “b” rating in a report on Monday, August 7th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $60.33.
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Sotheby’s (BID) opened at 47.69 on Wednesday. The stock has a 50 day moving average price of $45.33 and a 200 day moving average price of $49.30. The company has a market cap of $2.53 billion, a PE ratio of 37.55 and a beta of 1.85. Sotheby’s has a one year low of $33.85 and a one year high of $57.95.
Sotheby’s (NYSE:BID) last issued its earnings results on Thursday, August 3rd. The specialty retailer reported $1.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.51 by ($0.08). Sotheby’s had a return on equity of 18.72% and a net margin of 8.49%. The firm had revenue of $314.90 million during the quarter, compared to the consensus estimate of $313.90 million. During the same quarter in the prior year, the business earned $1.51 earnings per share. Sotheby’s’s revenue for the quarter was up 5.4% on a year-over-year basis. On average, equities analysts anticipate that Sotheby’s will post $1.94 EPS for the current fiscal year.
Sotheby’s declared that its board has authorized a share repurchase plan on Tuesday, August 15th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the specialty retailer to repurchase up to 4.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
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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