Cambiar Investors LLC decreased its position in Sotheby’s (NYSE:BID) by 6.1% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 952,125 shares of the company’s stock after selling 62,046 shares during the period. Cambiar Investors LLC’s holdings in Sotheby’s were worth $26,088,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Norges Bank acquired a new stake in Sotheby’s during the fourth quarter valued at $11,515,000. Canada Pension Plan Investment Board boosted its stake in Sotheby’s by 330.2% in the first quarter. Canada Pension Plan Investment Board now owns 376,140 shares of the company’s stock valued at $10,054,000 after buying an additional 288,700 shares during the last quarter. Conestoga Capital Advisors LLC acquired a new stake in Sotheby’s during the second quarter valued at $10,036,000. TIAA CREF Investment Management LLC boosted its stake in Sotheby’s by 4.9% in the first quarter. TIAA CREF Investment Management LLC now owns 239,568 shares of the company’s stock valued at $6,404,000 after buying an additional 11,218 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in Sotheby’s by 48.0% in the first quarter. Franklin Resources Inc. now owns 117,770 shares of the company’s stock valued at $3,148,000 after buying an additional 38,184 shares during the last quarter. 95.80% of the stock is currently owned by institutional investors and hedge funds.
Sotheby’s (NYSE:BID) traded down 1.26% during trading on Monday, reaching $37.54. The company had a trading volume of 454,253 shares. The firm’s 50 day moving average is $38.89 and its 200 day moving average is $31.48. Sotheby’s has a one year low of $18.86 and a one year high of $41.23. The company has a market capitalization of $2.07 billion, a PE ratio of 72.47 and a beta of 2.14.
Sotheby’s (NYSE:BID) last posted its earnings results on Monday, August 8th. The company reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.46. The company earned $298.67 million during the quarter, compared to analyst estimates of $291.22 million. Sotheby’s had a return on equity of 18.52% and a net margin of 3.87%. Sotheby’s’s revenue was down 10.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.04 earnings per share. On average, equities research analysts predict that Sotheby’s will post $2.12 earnings per share for the current year.
Several analysts have weighed in on the company. Zacks Investment Research raised Sotheby’s from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 12th. TheStreet raised 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 price target on Sotheby’s and gave the company a “hold” rating in a report on Monday, September 19th. Six analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $32.20.
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.
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