Several other equities research analysts also recently weighed in on the company. Cowen and Company increased their price target on Sothebys from $53.00 to $56.00 and gave the stock an outperform rating in a report on Thursday. Zacks Investment Research downgraded Sothebys from a buy rating to a hold rating in a report on Tuesday, March 7th. Finally, Sidoti assumed coverage on Sothebys in a report on Thursday, December 29th. They issued a buy rating on the stock. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $51.67.
Shares of Sothebys (NYSE:BID) traded down 0.15% on Thursday, reaching $47.51. The company’s stock had a trading volume of 108,547 shares. The firm has a market capitalization of $2.52 billion, a PE ratio of 37.41 and a beta of 1.96. The firm has a 50-day moving average price of $43.25 and a 200 day moving average price of $39.56. Sothebys has a one year low of $24.20 and a one year high of $49.87.
Sothebys (NYSE:BID) last issued its quarterly earnings results on Monday, February 27th. The company reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.18. Sothebys had a positive return on equity of 16.53% and a negative net margin of 0.31%. The firm had revenue of $308.69 million for the quarter, compared to the consensus estimate of $277.28 million. During the same period in the prior year, the business posted $1.19 earnings per share. The company’s revenue for the quarter was down 8.1% on a year-over-year basis. On average, analysts anticipate that Sothebys will post $1.94 earnings per share for the current fiscal year.
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In other news, COO Adam Chinn acquired 2,425 shares of the company’s stock in a transaction that occurred on Friday, March 10th. The shares were bought at an average price of $46.60 per share, with a total value of $113,005.00. Following the completion of the purchase, the chief operating officer now directly owns 67,425 shares in the company, valued at $3,142,005. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kevin M. Delaney sold 1,806 shares of the stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $48.04, for a total value of $86,760.24. Following the completion of the transaction, the senior vice president now directly owns 1,212 shares in the company, valued at approximately $58,224.48. The disclosure for this sale can be found here. Corporate insiders own 11.98% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. First Mercantile Trust Co. purchased a new position in shares of Sothebys during the third quarter valued at about $270,000. Conestoga Capital Advisors LLC boosted its position in shares of Sothebys by 5.6% in the third quarter. Conestoga Capital Advisors LLC now owns 386,945 shares of the company’s stock valued at $14,712,000 after buying an additional 20,655 shares during the period. Fisher Asset Management LLC boosted its position in shares of Sothebys by 1.4% in the third quarter. Fisher Asset Management LLC now owns 855,711 shares of the company’s stock valued at $32,534,000 after buying an additional 11,843 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Sothebys by 130.9% in the third quarter. Nisa Investment Advisors LLC now owns 18,700 shares of the company’s stock valued at $711,000 after buying an additional 10,600 shares during the period. Finally, Bank of Montreal Can boosted its position in shares of Sothebys by 103.7% in the third quarter. Bank of Montreal Can now owns 52,005 shares of the company’s stock valued at $1,978,000 after buying an additional 26,479 shares during the period. 88.23% of the stock is currently owned by institutional investors.
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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