Sotheby’s (BID) Shares Sold by BlackRock Inc.
BlackRock Inc. trimmed its stake in shares of Sotheby’s (NYSE:BID) by 11.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,289,659 shares of the specialty retailer’s stock after selling 552,607 shares during the quarter. BlackRock Inc. owned approximately 8.14% of Sotheby’s worth $230,225,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in BID. Strs Ohio boosted its stake in shares of Sotheby’s by 2,200.0% in the 1st quarter. Strs Ohio now owns 2,300 shares of the specialty retailer’s stock valued at $104,000 after purchasing an additional 2,200 shares during the last quarter. US Bancorp DE boosted its stake in Sotheby’s by 28.5% during the first quarter. US Bancorp DE now owns 2,486 shares of the specialty retailer’s stock worth $113,000 after acquiring an additional 551 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in Sotheby’s by 20.7% during the first quarter. Envestnet Asset Management Inc. now owns 3,400 shares of the specialty retailer’s stock worth $154,000 after acquiring an additional 582 shares in the last quarter. Daiwa Securities Group Inc. bought a new position in Sotheby’s during the second quarter worth $172,000. Finally, Riverhead Capital Management LLC boosted its stake in Sotheby’s by 72.9% during the second 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 in the last quarter. Institutional investors and hedge funds own 89.63% of the company’s stock.
Several research analysts recently issued reports on BID shares. Zacks Investment Research lowered shares of Sotheby’s from a “buy” rating to a “hold” rating in a research note on Friday, July 21st. Sidoti reaffirmed a “buy” rating and issued a $62.00 price objective (up from $59.00) on shares of Sotheby’s in a research note on Friday, July 21st. BidaskClub lowered shares of Sotheby’s from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. Consumer Edge upgraded shares of Sotheby’s from a “neutral” rating to an “overweight” rating in a report on Wednesday. Finally, TheStreet upgraded shares of Sotheby’s from a “c” rating to a “b” rating in a report on Monday, August 7th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. Sotheby’s has an average rating of “Hold” and a consensus target price of $60.33.
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Sotheby’s (NYSE BID) opened at 48.79 on Friday. The company has a market cap of $2.58 billion, a price-to-earnings ratio of 38.42 and a beta of 1.85. Sotheby’s has a 12 month low of $33.85 and a 12 month high of $57.95. The firm’s 50-day moving average is $45.58 and its 200-day moving average is $49.30.
Sotheby’s (NYSE:BID) last released its quarterly earnings results on Thursday, August 3rd. The specialty retailer reported $1.43 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.51 by ($0.08). Sotheby’s had a net margin of 8.49% and a return on equity of 18.72%. The business had revenue of $314.90 million for the quarter, compared to analysts’ expectations of $313.90 million. During the same period in the previous year, the company earned $1.51 EPS. Sotheby’s’s revenue for the quarter was up 5.4% compared to the same quarter last year. On average, analysts anticipate that Sotheby’s will post $1.94 EPS for the current fiscal year.
Sotheby’s declared that its board has authorized a stock buyback program on Tuesday, August 15th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the specialty retailer to repurchase up to 4.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is 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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