Nordea Investment Management AB reduced its position in Sotheby’s (NYSE:BID) by 51.9% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 184,669 shares of the company’s stock after selling 199,501 shares during the period. Nordea Investment Management AB’s holdings in Sotheby’s were worth $5,060,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Invictus RG bought a new position in shares of Sotheby’s during the first quarter worth approximately $125,000. Magnetar Financial LLC bought a new position in shares of Sotheby’s during the first quarter worth approximately $399,000. Meeder Asset Management Inc. bought a new position in shares of Sotheby’s during the first quarter worth approximately $586,000. Seven Eight Capital LLC boosted its position in shares of Sotheby’s by 96.6% in the first quarter. Seven Eight Capital LLC now owns 23,000 shares of the company’s stock worth $615,000 after buying an additional 11,300 shares during the period. Finally, Conning Inc. bought a new position in shares of Sotheby’s during the second quarter worth approximately $685,000. 95.80% of the stock is currently owned by institutional investors and hedge funds.
Sotheby’s (NYSE:BID) traded up 1.89% during midday trading on Tuesday, hitting $36.61. The company had a trading volume of 318,651 shares. The company has a market capitalization of $2.02 billion, a P/E ratio of 70.68 and a beta of 2.14. Sotheby’s has a 52 week low of $18.86 and a 52 week high of $41.23. The stock has a 50 day moving average price of $37.83 and a 200 day moving average price of $32.22.
Sotheby’s (NYSE:BID) last announced its quarterly earnings results on Monday, August 8th. The company reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.46. Sotheby’s had a return on equity of 18.52% and a net margin of 3.87%. The company earned $298.67 million during the quarter, compared to analyst estimates of $291.22 million. During the same period in the prior year, the company earned $1.04 earnings per share. The firm’s revenue was down 10.0% on a year-over-year basis. Equities analysts forecast that Sotheby’s will post $2.12 earnings per share for the current fiscal year.
BID has been the topic of a number of analyst reports. TheStreet raised Sotheby’s from a “hold” rating to a “buy” rating in a research note on Tuesday, August 9th. Zacks Investment Research raised Sotheby’s from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 12th. Finally, Cowen and Company set a $38.00 target price on Sotheby’s and gave the company a “hold” rating in a research note on Monday, September 19th. Six investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently 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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