QCI Asset Management Inc. NY Makes New $44,000 Investment in Sothebys (NYSE:BID)

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QCI Asset Management Inc. NY bought a new position in shares of Sothebys (NYSE:BID) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 762 shares of the specialty retailer’s stock, valued at approximately $44,000.

A number of other institutional investors also recently made changes to their positions in the business. Tower Research Capital LLC TRC boosted its position in shares of Sothebys by 54.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,900 shares of the specialty retailer’s stock valued at $110,000 after acquiring an additional 669 shares during the period. SG Americas Securities LLC acquired a new stake in Sothebys in the first quarter worth about $157,000. Campbell & CO Investment Adviser LLC acquired a new stake in Sothebys in the first quarter worth about $203,000. Crossmark Global Holdings Inc. acquired a new stake in Sothebys in the second quarter worth about $215,000. Finally, First Mercantile Trust Co. increased its position in Sothebys by 5.0% in the second quarter. First Mercantile Trust Co. now owns 4,536 shares of the specialty retailer’s stock worth $264,000 after purchasing an additional 214 shares during the period.

In related news, Director Dennis M. Weibling sold 21,000 shares of Sothebys stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $58.27, for a total value of $1,223,670.00. Following the sale, the director now owns 70,000 shares of the company’s stock, valued at approximately $4,078,900. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Dennis M. Weibling sold 17,600 shares of Sothebys stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $58.45, for a total value of $1,028,720.00. Following the completion of the sale, the director now directly owns 25,000 shares in the company, valued at approximately $1,461,250. The disclosure for this sale can be found here. In the last three months, insiders sold 41,200 shares of company stock worth $2,403,346. 16.03% of the stock is owned by insiders.

BID has been the topic of a number of recent analyst reports. Evercore ISI restated a “hold” rating and set a $57.00 target price on shares of Sothebys in a report on Thursday, August 8th. Berenberg Bank restated a “hold” rating and set a $57.00 target price on shares of Sothebys in a report on Wednesday, June 19th. Zacks Investment Research cut Sothebys from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Finally, ValuEngine upgraded Sothebys from a “hold” rating to a “buy” rating in a report on Monday, June 17th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $54.80.

BID traded down $0.03 during midday trading on Wednesday, reaching $56.88. 2,590 shares of the company were exchanged, compared to its average volume of 663,533. The company has a debt-to-equity ratio of 2.07, a quick ratio of 1.01 and a current ratio of 1.04. Sothebys has a one year low of $32.01 and a one year high of $59.94. The stock has a market capitalization of $2.65 billion, a P/E ratio of 22.94 and a beta of 2.00. The stock’s 50-day simple moving average is $57.94 and its 200 day simple moving average is $47.81.

Sothebys (NYSE:BID) last released its quarterly earnings data on Tuesday, July 30th. The specialty retailer reported $1.47 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.58 by ($0.11). Sothebys had a net margin of 10.47% and a return on equity of 28.39%. The business had revenue of $361.78 million for the quarter, compared to the consensus estimate of $336.58 million. During the same quarter last year, the firm earned $1.09 EPS. On average, research analysts anticipate that Sothebys will post 2.63 earnings per share for the current year.

About Sothebys

Sotheby's operates as an auctioneer of authenticated fine art, decorative art, jewelry, wine, and collectibles in the United States, the United Kingdom, Hong Kong, China, Switzerland, France, and internationally. The company operates in two segments, Agency and Finance. The Agency segment accepts property on consignment; and matches sellers to buyers through the auction or private sale process.

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Institutional Ownership by Quarter for Sothebys (NYSE:BID)

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