Public Employees Retirement System of Ohio increased its holdings in shares of Sothebys (NYSE:BID) by 9.5% in the 2nd quarter, Holdings Channel.com reports. The firm owned 23,032 shares of the specialty retailer’s stock after acquiring an additional 1,999 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Sothebys were worth $1,339,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Alpine Associates Management Inc. acquired a new position in Sothebys during the second quarter worth approximately $28,831,000. State of Wisconsin Investment Board increased its position in Sothebys by 46.9% during the first quarter. State of Wisconsin Investment Board now owns 443,695 shares of the specialty retailer’s stock worth $16,749,000 after buying an additional 141,740 shares during the period. Geode Capital Management LLC increased its position in Sothebys by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 372,738 shares of the specialty retailer’s stock worth $14,812,000 after buying an additional 4,493 shares during the period. Charles Schwab Investment Management Inc. increased its position in Sothebys by 1.6% during the second quarter. Charles Schwab Investment Management Inc. now owns 334,821 shares of the specialty retailer’s stock worth $19,464,000 after buying an additional 5,424 shares during the period. Finally, Water Island Capital LLC acquired a new position in Sothebys during the second quarter worth approximately $18,818,000.
Shares of NYSE:BID traded up $0.02 during trading on Friday, reaching $56.96. The company had a trading volume of 16,594 shares, compared to its average volume of 614,682. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of 22.97 and a beta of 2.00. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.04 and a quick ratio of 1.01. The stock’s fifty day moving average price is $57.87 and its 200 day moving average price is $47.95. Sothebys has a fifty-two week low of $32.01 and a fifty-two week high of $59.94.
Sothebys (NYSE:BID) last released its earnings results on Tuesday, July 30th. The specialty retailer reported $1.47 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.58 by ($0.11). The company had revenue of $361.78 million during the quarter, compared to analyst estimates of $336.58 million. Sothebys had a net margin of 10.47% and a return on equity of 28.39%. During the same period in the previous year, the firm posted $1.09 EPS. On average, equities analysts anticipate that Sothebys will post 2.63 EPS for the current fiscal year.
In related news, Director Dennis M. Weibling sold 17,600 shares of Sothebys stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $58.45, for a total value of $1,028,720.00. Following the sale, the director now directly owns 25,000 shares in the company, valued at $1,461,250. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Dennis M. Weibling sold 2,600 shares of Sothebys stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $58.06, for a total value of $150,956.00. Following the completion of the sale, the director now owns 25,000 shares in the company, valued at $1,451,500. The disclosure for this sale can be found here. In the last three months, insiders sold 41,200 shares of company stock worth $2,403,346. Corporate insiders own 16.03% of the company’s stock.
Several research analysts have commented on BID shares. Evercore ISI reaffirmed a “hold” rating and set a $57.00 price target on shares of Sothebys in a research report on Thursday, August 8th. Berenberg Bank reaffirmed a “hold” rating and set a $57.00 price target on shares of Sothebys in a research report on Wednesday, June 19th. Zacks Investment Research lowered Sothebys from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Finally, ValuEngine raised Sothebys from a “hold” rating to a “buy” rating in a report on Monday, June 17th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $54.80.
Sotheby's operates as an auctioneer of authenticated fine art, decorative art, jewelry, wine, and collectibles in the United States, the United Kingdom, Hong Kong, China, Switzerland, France, and internationally. The company operates in two segments, Agency and Finance. The Agency segment accepts property on consignment; and matches sellers to buyers through the auction or private sale process.
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