State Board of Administration of Florida Retirement System lowered its stake in Sotheby’s (NYSE:BID) by 23.9% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 37,460 shares of the company’s stock after selling 11,764 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.06% of Sotheby’s worth $1,026,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Quantbot Technologies LP boosted its position in shares of Sotheby’s by 119.8% in the second quarter. Quantbot Technologies LP now owns 3,800 shares of the company’s stock valued at $104,000 after buying an additional 2,071 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Sotheby’s by 17.5% in the first quarter. Envestnet Asset Management Inc. now owns 4,017 shares of the company’s stock valued at $107,000 after buying an additional 598 shares during the last quarter. Invictus RG acquired a new position in shares of Sotheby’s during the first quarter valued at approximately $125,000. Wright Investors Service Inc. boosted its position in shares of Sotheby’s by 2.1% in the second quarter. Wright Investors Service Inc. now owns 8,565 shares of the company’s stock valued at $235,000 after buying an additional 175 shares during the last quarter. Finally, Tocqueville Asset Management L.P. acquired a new position in shares of Sotheby’s during the second quarter valued at approximately $282,000. Institutional investors and hedge funds own 95.80% of the company’s stock.
Sotheby’s (NYSE:BID) traded up 0.08% during trading on Friday, reaching $38.35. 841,758 shares of the company were exchanged. Sotheby’s has a one year low of $18.86 and a one year high of $41.23. The firm’s 50 day moving average price is $38.95 and its 200-day moving average price is $30.91. The stock has a market capitalization of $2.11 billion, a price-to-earnings ratio of 74.03 and a beta of 2.25.
Sotheby’s (NYSE:BID) last posted its quarterly earnings data on Monday, August 8th. The company reported $1.51 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.05 by $0.46. The firm had revenue of $298.67 million for the quarter, compared to the consensus estimate of $291.22 million. Sotheby’s had a net margin of 3.87% and a return on equity of 18.52%. The business’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.04 EPS. On average, equities research analysts predict that Sotheby’s will post $2.12 earnings per share for the current year.
Several research analysts recently commented on the stock. Zacks Investment Research upgraded shares of Sotheby’s from a “hold” rating to a “strong-buy” rating and set a $46.00 target price for the company in a report on Wednesday, August 24th. TheStreet upgraded shares of Sotheby’s from a “hold” rating to a “buy” rating in a report on Tuesday, August 9th. Finally, Cowen and Company set a $38.00 target price on shares of Sotheby’s and gave the stock a “hold” rating in a report on Monday, September 19th. Six investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Sotheby’s presently has a consensus rating of “Hold” and a consensus target price of $32.20.
Sotheby’s Company Profile
Sotheby’s is a global art business company. The Company operates in two segments: Agency and Finance. The Agency segment earns commissions by matching buyers and sellers of authenticated fine art, decorative art, jewelry, wine and collectibles (collectively, art or works of art or artwork or property) through the auction or private sale process.
Want to see what other hedge funds are holding BID? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sotheby’s (NYSE:BID).
Receive News & Ratings for Sotheby's Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sotheby's and related companies with MarketBeat.com's FREE daily email newsletter.