Nationwide Fund Advisors reduced its position in Sotheby’s (NYSE:BID) by 5.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 127,994 shares of the company’s stock after selling 7,401 shares during the period. Nationwide Fund Advisors owned about 0.22% of Sotheby’s worth $3,507,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of the company. Wright Investors Service Inc. boosted its stake 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. Oregon Public Employees Retirement Fund boosted its stake in shares of Sotheby’s by 2.1% in the second quarter. Oregon Public Employees Retirement Fund now owns 20,464 shares of the company’s stock valued at $561,000 after buying an additional 423 shares during the last quarter. Quantbot Technologies LP boosted its stake 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. Nuveen Asset Management LLC boosted its stake in shares of Sotheby’s by 9.8% in the first quarter. Nuveen Asset Management LLC now owns 32,735 shares of the company’s stock valued at $875,000 after buying an additional 2,933 shares during the last quarter. Finally, Invictus RG bought a new stake in shares of Sotheby’s during the first quarter valued at $125,000. Institutional investors own 95.80% of the company’s stock.
Sotheby’s (NYSE:BID) traded down 1.11% on Thursday, hitting $37.49. The stock had a trading volume of 113,696 shares. Sotheby’s has a 12 month low of $18.86 and a 12 month high of $41.23. The firm’s 50 day moving average price is $38.72 and its 200-day moving average price is $31.61. The stock has a market cap of $2.07 billion, a PE ratio of 72.37 and a beta of 2.15.
Sotheby’s (NYSE:BID) last posted its earnings results on Monday, August 8th. The company reported $1.51 EPS for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.46. Sotheby’s had a return on equity of 18.52% and a net margin of 3.87%. The firm had revenue of $298.67 million for the quarter, compared to analysts’ expectations of $291.22 million. During the same period last year, the firm earned $1.04 EPS. The company’s quarterly revenue was down 10.0% on a year-over-year basis. On average, analysts forecast that Sotheby’s will post $2.12 EPS for the current year.
Several brokerages have weighed in on BID. Cowen and Company set a $38.00 price objective on Sotheby’s and gave the stock a “hold” rating in a research note on Monday, September 19th. Zacks Investment Research raised Sotheby’s from a “hold” rating to a “strong-buy” rating and set a $46.00 price objective on the stock in a research note on Wednesday, August 24th. Finally, TheStreet raised Sotheby’s from a “hold” rating to a “buy” rating in a research note on Tuesday, August 9th. 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 stock. Sotheby’s has a consensus rating of “Hold” and an average 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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