Pacer Advisors Inc. bought a new stake in Sothebys (NYSE:BID) during the second quarter, Holdings Channel.com reports. The firm bought 13,098 shares of the specialty retailer’s stock, valued at approximately $761,000.
A number of other hedge funds also recently bought and sold shares of BID. Alpine Associates Management Inc. bought a new stake in Sothebys in the second quarter valued at $28,831,000. Water Island Capital LLC bought a new stake in Sothebys in the second quarter valued at $18,818,000. ARP Americas LP bought a new stake in Sothebys in the second quarter valued at $10,033,000. State of Wisconsin Investment Board lifted its stake in Sothebys by 46.9% in the first quarter. State of Wisconsin Investment Board now owns 443,695 shares of the specialty retailer’s stock valued at $16,749,000 after buying an additional 141,740 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in Sothebys by 917.8% in the second quarter. SG Americas Securities LLC now owns 42,431 shares of the specialty retailer’s stock valued at $2,467,000 after buying an additional 38,262 shares during the last quarter.
A number of equities research analysts have issued reports on BID shares. Evercore ISI reiterated a “hold” rating and issued a $57.00 target price on shares of Sothebys in a research note on Thursday, August 8th. Zacks Investment Research cut Sothebys from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Berenberg Bank restated a “hold” rating and set a $57.00 price objective on shares of Sothebys in a research note on Wednesday, June 19th. Finally, ValuEngine upgraded shares of Sothebys from a “hold” rating to a “buy” rating in a research note on Monday, June 17th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Sothebys has a consensus rating of “Hold” and a consensus target price of $54.80.
In related news, Director Dennis M. Weibling sold 2,600 shares of Sothebys stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $58.06, for a total transaction of $150,956.00. Following the transaction, the director now directly owns 25,000 shares of the company’s stock, valued at $1,451,500. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Dennis M. Weibling sold 21,000 shares of Sothebys stock in a transaction dated 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 transaction, the director now directly owns 70,000 shares in the company, valued at $4,078,900. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 41,200 shares of company stock worth $2,403,346. Company insiders own 16.03% of the company’s stock.
Shares of NYSE BID traded up $0.02 during midday trading on Friday, reaching $56.87. 143,762 shares of the company traded hands, compared to its average volume of 672,569. Sothebys has a 52 week low of $32.01 and a 52 week high of $59.94. The stock has a 50-day moving average price of $58.08 and a 200 day moving average price of $47.49. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.04 and a quick ratio of 1.01. The company has a market cap of $2.65 billion, a price-to-earnings ratio of 22.93 and a beta of 2.00.
Sothebys (NYSE:BID) last issued its quarterly earnings data on Tuesday, July 30th. The specialty retailer reported $1.47 earnings per share for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.11). Sothebys had a net margin of 10.47% and a return on equity of 28.39%. The company had revenue of $361.78 million for the quarter, compared to the consensus estimate of $336.58 million. During the same quarter in the prior year, the firm earned $1.09 earnings per share. As a group, analysts expect that Sothebys will post 2.63 EPS for the current year.
Sothebys Company Profile
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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