Sotheby’s (BID) Shares Sold by Convergence Investment Partners LLC
Convergence Investment Partners LLC decreased its stake in Sotheby’s (NYSE:BID) by 17.3% during the second quarter, Holdings Channel reports. The firm owned 23,420 shares of the specialty retailer’s stock after selling 4,900 shares during the period. Convergence Investment Partners LLC’s holdings in Sotheby’s were worth $1,257,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in BID. Wright Investors Service Inc. purchased a new position in shares of Sotheby’s during the first quarter valued at about $209,000. Wells Fargo & Company MN boosted its position in shares of Sotheby’s by 47.3% in the first quarter. Wells Fargo & Company MN now owns 76,783 shares of the specialty retailer’s stock valued at $3,492,000 after buying an additional 24,671 shares during the period. BB&T Corp purchased a new position in shares of Sotheby’s during the first quarter valued at about $215,000. Oregon Public Employees Retirement Fund boosted its position in shares of Sotheby’s by 1.1% in the first quarter. Oregon Public Employees Retirement Fund now owns 18,157 shares of the specialty retailer’s stock valued at $826,000 after buying an additional 200 shares during the period. Finally, Strs Ohio boosted its position in shares of Sotheby’s by 2,200.0% in the first quarter. Strs Ohio now owns 2,300 shares of the specialty retailer’s stock valued at $104,000 after buying an additional 2,200 shares during the period. Hedge funds and other institutional investors own 91.88% of the company’s stock.
Shares of Sotheby’s (NYSE BID) opened at 46.33 on Wednesday. The firm has a 50-day moving average price of $53.68 and a 200-day moving average price of $48.82. Sotheby’s has a 1-year low of $33.85 and a 1-year high of $57.95. The company has a market capitalization of $2.44 billion, a PE ratio of 33.24 and a beta of 1.81.
Sotheby’s (NYSE:BID) last released its quarterly earnings data 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. The firm had revenue of $314.90 million for the quarter, compared to the consensus estimate of $313.90 million. Sotheby’s had a net margin of 8.49% and a return on equity of 18.72%. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.51 earnings per share. Equities analysts anticipate that Sotheby’s will post $1.96 earnings per share for the current year.
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Several brokerages recently issued reports on BID. Zacks Investment Research cut Sotheby’s from a “buy” rating to a “hold” rating in a research note on Friday, July 21st. Sidoti restated a “buy” rating and set a $62.00 price objective (up from $59.00) on shares of Sotheby’s in a research note on Friday, July 21st. BidaskClub cut Sotheby’s from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. Finally, TheStreet upgraded Sotheby’s from a “c” rating to a “b” rating in a research note on Monday, August 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the stock. Sotheby’s presently has a consensus rating of “Hold” and an average target price of $60.33.
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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