Sotheby’s (BID) Cut to “C+” at TheStreet
A number of other analysts also recently issued reports on BID. Aegis assumed coverage on Sotheby’s in a research report on Monday, October 30th. They set a buy rating and a $60.00 price objective for the company. Zacks Investment Research downgraded Sotheby’s from a hold rating to a sell rating in a research report on Thursday, August 17th. BidaskClub downgraded Sotheby’s from a hold rating to a sell rating in a research report on Wednesday, August 9th. Consumer Edge raised Sotheby’s from a neutral rating to an overweight rating in a research report on Wednesday, October 4th. Finally, Sidoti reissued a buy rating and set a $62.00 price objective (up from $59.00) on shares of Sotheby’s in a research report on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating and four have given a buy rating to the company’s stock. Sotheby’s currently has a consensus rating of Hold and an average target price of $60.25.
Sotheby’s (NYSE:BID) opened at $46.76 on Monday. Sotheby’s has a fifty-two week low of $33.85 and a fifty-two week high of $57.95. The company has a current ratio of 1.73, a quick ratio of 1.37 and a debt-to-equity ratio of 1.91. The company has a market capitalization of $2,351.19, a price-to-earnings ratio of 21.06 and a beta of 1.89.
Sotheby’s (NYSE:BID) last issued its quarterly earnings data on Friday, November 3rd. The specialty retailer reported ($0.45) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.23. The firm had revenue of $171.39 million during the quarter, compared to the consensus estimate of $101.14 million. Sotheby’s had a return on equity of 22.48% and a net margin of 10.95%. The company’s quarterly revenue was up 87.3% on a year-over-year basis. During the same period last year, the company earned ($0.78) EPS. research analysts expect that Sotheby’s will post 2.14 earnings per share for the current year.
Sotheby’s declared that its board has authorized a stock repurchase plan on Tuesday, August 15th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the specialty retailer to repurchase up to 4.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Texas Permanent School Fund grew its position in Sotheby’s by 0.3% in the 2nd quarter. Texas Permanent School Fund now owns 33,456 shares of the specialty retailer’s stock valued at $1,796,000 after acquiring an additional 87 shares in the last quarter. Arizona State Retirement System grew its position in Sotheby’s by 0.5% in the 2nd quarter. Arizona State Retirement System now owns 19,300 shares of the specialty retailer’s stock valued at $1,036,000 after acquiring an additional 100 shares in the last quarter. Meeder Asset Management Inc. grew its position in Sotheby’s by 0.6% in the 2nd quarter. Meeder Asset Management Inc. now owns 19,323 shares of the specialty retailer’s stock valued at $1,037,000 after acquiring an additional 110 shares in the last quarter. US Bancorp DE grew its position in Sotheby’s by 5.2% in the 2nd quarter. US Bancorp DE now owns 2,615 shares of the specialty retailer’s stock valued at $140,000 after acquiring an additional 129 shares in the last quarter. Finally, Capstone Asset Management Co. grew its position in Sotheby’s by 3.6% in the 2nd quarter. Capstone Asset Management Co. now owns 5,722 shares of the specialty retailer’s stock valued at $307,000 after acquiring an additional 200 shares in the last quarter. 90.28% of the stock is owned by institutional investors.
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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