Zacks Investment Research upgraded shares of Sothebys (NYSE:BID) from a hold rating to a buy rating in a research note published on Monday. They currently have $58.00 price objective on the specialty retailer’s stock.

According to Zacks, “Sotheby’s Holdings, Inc. is one of the world’s second largest auctioneers of fine arts, antiques and collectibles, offering property in collecting categories, among them paintings, jewelry, decorative arts, and books. Sotheby’s Holdings, Inc is the parent company of Sotheby’s worldwide auction businesses, art-related financing and private sales activities. The Company operates in countries, with principal salesrooms located in New York and London. The company also regularly conducts auctions in other salesrooms around the world, including Australia, Hong Kong, France, Italy, the Netherlands, Switzerland and Singapore. “

BID has been the subject of several other research reports. TheStreet lowered shares of Sothebys from a b rating to a c+ rating in a research note on Monday, November 6th. Aegis assumed coverage on shares of Sothebys in a report on Monday, October 30th. They issued a buy rating and a $60.00 target price on the stock. Finally, Consumer Edge upgraded shares of Sothebys from a neutral rating to an overweight rating in a report on Wednesday, October 4th. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $59.00.

Sothebys (NYSE:BID) traded up $0.70 during mid-day trading on Monday, hitting $52.71. 516,421 shares of the company traded hands, compared to its average volume of 313,744. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.62 and a current ratio of 1.73. Sothebys has a 1-year low of $38.63 and a 1-year high of $57.95. The firm has a market cap of $2,690.00, a price-to-earnings ratio of 26.62 and a beta of 1.87.

Sothebys (NYSE:BID) last released its quarterly earnings data on Friday, November 3rd. The specialty retailer reported ($0.45) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.23. Sothebys had a negative net margin of 14.23% and a negative return on equity of 17.72%. The business had revenue of $171.39 million during the quarter, compared to analyst estimates of $101.14 million. During the same quarter in the previous year, the business earned ($0.78) EPS. Sothebys’s quarterly revenue was up 87.3% compared to the same quarter last year. sell-side analysts anticipate that Sothebys will post 2.17 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in BID. Riverhead Capital Management LLC raised its holdings in Sothebys by 72.9% in 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 period. Yorktown Management & Research Co Inc bought a new position in Sothebys in the 3rd quarter worth $233,000. Northwestern Mutual Investment Management Company LLC raised its holdings in Sothebys by 13.3% in the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 8,998 shares of the specialty retailer’s stock worth $247,000 after acquiring an additional 1,055 shares during the period. Flinton Capital Management LLC raised its holdings in Sothebys by 73.8% in the 2nd quarter. Flinton Capital Management LLC now owns 4,964 shares of the specialty retailer’s stock worth $266,000 after acquiring an additional 2,108 shares during the period. Finally, Crossmark Global Holdings Inc. bought a new position in Sothebys in the 3rd quarter worth $278,000. Hedge funds and other institutional investors own 92.00% of the company’s stock.

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Sothebys 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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