TIG Advisors LLC Acquires Shares of 100,290 Sothebys (NYSE:BID)

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TIG Advisors LLC acquired a new stake in Sothebys (NYSE:BID) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 100,290 shares of the specialty retailer’s stock, valued at approximately $5,830,000. Sothebys makes up about 0.3% of TIG Advisors LLC’s holdings, making the stock its 29th biggest position. TIG Advisors LLC owned 0.22% of Sothebys at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Sothebys by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 3,583,466 shares of the specialty retailer’s stock worth $208,308,000 after buying an additional 62,325 shares during the last quarter. RWC Asset Management LLP lifted its position in shares of Sothebys by 0.5% during the 2nd quarter. RWC Asset Management LLP now owns 1,177,289 shares of the specialty retailer’s stock worth $68,436,000 after buying an additional 6,321 shares during the last quarter. Alpine Associates Management Inc. bought a new stake in shares of Sothebys during the 2nd quarter worth $28,831,000. State of Wisconsin Investment Board lifted its position in shares of Sothebys by 46.9% during the 1st 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 last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Sothebys by 1.2% during the 4th 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 last quarter.

Sothebys stock traded up $0.01 during trading hours on Friday, hitting $56.95. The stock had a trading volume of 35,504 shares, compared to its average volume of 614,682. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 2.07. The stock has a market cap of $2.65 billion, a price-to-earnings ratio of 22.96 and a beta of 2.00. Sothebys has a one year low of $32.01 and a one year high of $59.94. The business’s 50 day simple moving average is $57.87 and its 200-day simple moving average is $47.95.

Sothebys (NYSE:BID) last issued its quarterly earnings results on Tuesday, July 30th. The specialty retailer reported $1.47 earnings per share for the quarter, missing the 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 company posted $1.09 EPS. Research analysts anticipate that Sothebys will post 2.63 EPS for the current fiscal year.

In related news, Director Dennis M. Weibling sold 2,600 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $58.06, for a total transaction of $150,956.00. Following the completion of the sale, the director now owns 25,000 shares of the company’s stock, valued at $1,451,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dennis M. Weibling sold 17,600 shares of the firm’s 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 of the company’s stock, valued at approximately $1,461,250. The disclosure for this sale can be found here. In the last three months, insiders sold 41,200 shares of company stock valued at $2,403,346. Insiders own 16.03% of the company’s stock.

Several analysts recently weighed in on the company. Zacks Investment Research downgraded Sothebys from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. ValuEngine upgraded Sothebys from a “hold” rating to a “buy” rating in a research report on Monday, June 17th. Berenberg Bank reiterated a “hold” rating and issued a $57.00 target price on shares of Sothebys in a research report on Wednesday, June 19th. Finally, Evercore ISI reiterated a “hold” rating and issued a $57.00 target price on shares of Sothebys in a research report on Thursday, August 8th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Sothebys presently has an average rating of “Hold” and an average target price of $54.80.

About Sothebys

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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Institutional Ownership by Quarter for Sothebys (NYSE:BID)

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