Sotheby’s (BID) Shares Sold by Commonwealth of Pennsylvania Public School Empls Retrmt SYS
Commonwealth of Pennsylvania Public School Empls Retrmt SYS trimmed its holdings in Sotheby’s (NYSE:BID) by 0.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,688 shares of the specialty retailer’s stock after selling 44 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Sotheby’s were worth $359,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of BID. BlackRock Inc. boosted its stake in Sotheby’s by 18,784.1% in the 1st quarter. BlackRock Inc. now owns 4,842,266 shares of the specialty retailer’s stock worth $220,225,000 after buying an additional 4,816,624 shares during the last quarter. Prudential Financial Inc. boosted its stake in Sotheby’s by 802.2% in the 2nd quarter. Prudential Financial Inc. now owns 373,218 shares of the specialty retailer’s stock worth $20,031,000 after buying an additional 331,849 shares during the last quarter. Cortina Asset Management LLC acquired a new stake in Sotheby’s in the 1st quarter worth about $14,096,000. Renaissance Technologies LLC boosted its stake in Sotheby’s by 109.9% in the 1st quarter. Renaissance Technologies LLC now owns 343,203 shares of the specialty retailer’s stock worth $15,609,000 after buying an additional 179,703 shares during the last quarter. Finally, Horseman Capital Management Ltd acquired a new stake in Sotheby’s in the 2nd quarter worth about $7,084,000. 89.49% of the stock is currently owned by hedge funds and other institutional investors.
Sotheby’s (NYSE:BID) opened at 45.59 on Friday. Sotheby’s has a 12-month low of $33.85 and a 12-month high of $57.95. The stock has a 50 day moving average price of $46.67 and a 200-day moving average price of $49.37. The stock has a market capitalization of $2.40 billion, a P/E ratio of 32.70 and a beta of 1.84.
Sotheby’s (NYSE:BID) last issued its earnings results on Thursday, August 3rd. The specialty retailer reported $1.43 EPS for the quarter, missing analysts’ consensus estimates of $1.51 by ($0.08). Sotheby’s had a net margin of 8.49% and a return on equity of 18.72%. The firm had revenue of $314.90 million during the quarter, compared to analysts’ expectations of $313.90 million. During the same quarter last year, the firm earned $1.51 EPS. The business’s revenue for the quarter was up 5.4% compared to the same quarter last year. Equities research analysts expect that Sotheby’s will post $1.94 EPS for the current year.
Sotheby’s declared that its Board of Directors has approved a share repurchase plan on Tuesday, August 15th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the specialty retailer to reacquire up to 4.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
A number of brokerages have issued reports on BID. TheStreet raised Sotheby’s from a “c” rating to a “b” rating in a research note on Monday, August 7th. Zacks Investment Research lowered Sotheby’s from a “hold” rating to a “sell” rating in a research note on Thursday, August 17th. BidaskClub lowered Sotheby’s from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. Finally, Sidoti reissued a “buy” rating and issued a $62.00 price target (up from $59.00) on shares of Sotheby’s in a research note on Friday, July 21st. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company. Sotheby’s presently has a consensus rating of “Hold” and an average price target of $60.33.
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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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