Sotheby’s (BID) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of Sotheby’s (NYSE:BID) from a sell rating to a hold rating in a research report released on Monday morning.

According to Zacks, “Sotheby’s Holdings, Inc. is one of the world’s second largest auctioneers of fine arts, antiques and collectibles, offering property in collecting categories, among them paintings, jewelry, decorative arts, and books. Sotheby’s Holdings, Inc is the parent company of Sotheby’s worldwide auction businesses, art-related financing and private sales activities. The Company operates in countries, with principal salesrooms located in New York and London. The company also regularly conducts auctions in other salesrooms around the world, including Australia, Hong Kong, France, Italy, the Netherlands, Switzerland and Singapore. “

BID has been the topic of several other research reports. BidaskClub lowered shares of Sotheby’s from a hold rating to a sell rating in a research report on Wednesday, August 9th. Consumer Edge raised shares of Sotheby’s from a neutral rating to an overweight rating in a research report on Wednesday, October 4th. TheStreet raised shares of Sotheby’s from a c rating to a b rating in a research report on Monday, August 7th. Finally, Sidoti reissued a buy rating and issued a $62.00 price target (up previously from $59.00) on shares of Sotheby’s in a research report on Friday, July 21st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $60.33.

Sotheby’s (NYSE BID) traded down 0.26% during midday trading on Monday, hitting $50.52. 37,830 shares of the stock traded hands. The firm has a market cap of $2.68 billion, a P/E ratio of 39.78 and a beta of 1.85. The company has a 50-day moving average price of $46.10 and a 200-day moving average price of $49.49. Sotheby’s has a 1-year low of $33.85 and a 1-year high of $57.95.

Sotheby’s (NYSE:BID) last issued its quarterly earnings data 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). The business had revenue of $314.90 million for the quarter, compared to the consensus estimate of $313.90 million. Sotheby’s had a net margin of 8.49% and a return on equity of 18.72%. Sotheby’s’s revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.51 EPS. Analysts predict that Sotheby’s will post $1.94 EPS for the current year.

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Sotheby’s declared that its board has approved a share buyback plan on Tuesday, August 15th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the specialty retailer to reacquire up to 4.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Several large investors have recently added to or reduced their stakes in the company. Texas Permanent School Fund raised its position in shares of Sotheby’s by 0.3% in the second quarter. Texas Permanent School Fund now owns 33,456 shares of the specialty retailer’s stock valued at $1,796,000 after purchasing an additional 87 shares during the period. Arizona State Retirement System raised its position in shares of Sotheby’s by 0.5% in the second quarter. Arizona State Retirement System now owns 19,300 shares of the specialty retailer’s stock valued at $1,036,000 after purchasing an additional 100 shares during the period. Meeder Asset Management Inc. raised its position in shares of Sotheby’s by 0.6% in the second quarter. Meeder Asset Management Inc. now owns 19,323 shares of the specialty retailer’s stock valued at $1,037,000 after purchasing an additional 110 shares during the period. US Bancorp DE raised its position in shares of Sotheby’s by 5.2% in the second quarter. US Bancorp DE now owns 2,615 shares of the specialty retailer’s stock valued at $140,000 after purchasing an additional 129 shares during the period. Finally, Advantus Capital Management Inc raised its position in shares of Sotheby’s by 3.0% in the first quarter. Advantus Capital Management Inc now owns 5,901 shares of the specialty retailer’s stock valued at $268,000 after purchasing an additional 174 shares during the period. 89.63% of the stock is currently owned by institutional investors.

Sotheby’s Company Profile

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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