Sterling Capital Management LLC raised its holdings in Sotheby’s (NYSE:BID) by 74.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,878 shares of the specialty retailer’s stock after buying an additional 20,062 shares during the quarter. Sterling Capital Management LLC owned approximately 0.09% of Sotheby’s worth $2,516,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. BlueCrest Capital Management Ltd purchased a new stake in Sotheby’s in the 2nd quarter valued at about $1,106,000. Flinton Capital Management LLC grew its holdings in Sotheby’s by 73.8% in the 2nd quarter. Flinton Capital Management LLC now owns 4,964 shares of the specialty retailer’s stock valued at $266,000 after buying an additional 2,108 shares during the period. Discovery Capital Management LLC CT purchased a new stake in Sotheby’s in the 2nd quarter valued at about $29,357,000. AHL Partners LLP grew its holdings in Sotheby’s by 67.9% in the 2nd quarter. AHL Partners LLP now owns 261,827 shares of the specialty retailer’s stock valued at $14,052,000 after buying an additional 105,917 shares during the period. Finally, QS Investors LLC grew its holdings in Sotheby’s by 140,956.3% in the 2nd quarter. QS Investors LLC now owns 45,138 shares of the specialty retailer’s stock valued at $2,423,000 after buying an additional 45,106 shares during the period. Institutional investors own 89.63% of the company’s stock.
A number of analysts have recently issued reports on the company. Zacks Investment Research cut Sotheby’s from a “hold” rating to a “sell” rating in a report on Thursday, August 17th. BidaskClub cut Sotheby’s from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. TheStreet upgraded Sotheby’s from a “c” rating to a “b” rating in a report on Monday, August 7th. Sidoti reiterated a “buy” rating and set a $62.00 target price (up previously from $59.00) on shares of Sotheby’s in a report on Friday, July 21st. Finally, Consumer Edge upgraded Sotheby’s from a “neutral” rating to an “overweight” rating in a report on Wednesday, October 4th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $60.33.
Shares of Sotheby’s (BID) traded down 0.24% during mid-day trading on Tuesday, hitting $50.53. The stock had a trading volume of 33,520 shares. The company has a 50-day moving average of $46.10 and a 200 day moving average of $49.49. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of 39.79 and a beta of 1.85. Sotheby’s has a one year low of $33.85 and a one year high of $57.95.
Sotheby’s (NYSE:BID) last issued its earnings results on Thursday, August 3rd. The specialty retailer reported $1.43 earnings per share for the quarter, missing the consensus estimate of $1.51 by ($0.08). Sotheby’s had a return on equity of 18.72% and a net margin of 8.49%. The firm had revenue of $314.90 million during the quarter, compared to analyst estimates of $313.90 million. During the same period in the previous year, the company earned $1.51 earnings per share. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. On average, equities research analysts forecast that Sotheby’s will post $1.94 earnings per share for the current year.
Sotheby’s declared that its Board of Directors has authorized a stock repurchase program on Tuesday, August 15th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the specialty retailer to repurchase up to 4.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
Sotheby’s is a global art business company. The Company is engaged in offering its clients opportunities to connect with and transact in a range of objects. The Company offers a range of art-related services, including the brokerage of private art sales, private jewelry sales through Sotheby’s Diamonds, private selling exhibitions at its galleries, art-related financing, and art advisory services, as well as retail wine locations in New York and Hong Kong.
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