Jane Street Group LLC reduced its position in shares of Sotheby’s (NYSE:BID) by 68.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,847 shares of the specialty retailer’s stock after selling 10,542 shares during the period. Jane Street Group LLC’s holdings in Sotheby’s were worth $250,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Evanson Asset Management LLC purchased a new position in shares of Sotheby’s during the 4th quarter valued at $203,000. Eaton Vance Management purchased a new position in Sotheby’s in the fourth quarter worth $207,000. US Bancorp DE grew its position in Sotheby’s by 55.4% in the fourth quarter. US Bancorp DE now owns 4,251 shares of the specialty retailer’s stock worth $219,000 after acquiring an additional 1,516 shares in the last quarter. Wright Investors Service Inc. purchased a new position in Sotheby’s in the fourth quarter worth $232,000. Finally, Dorsey & Whitney Trust CO LLC purchased a new position in Sotheby’s in the fourth quarter worth $233,000. Hedge funds and other institutional investors own 90.10% of the company’s stock.
Shares of NYSE:BID opened at $54.26 on Wednesday. Sotheby’s has a 52-week low of $42.78 and a 52-week high of $57.95. The firm has a market capitalization of $2,831.84, a P/E ratio of 24.12 and a beta of 1.77. The company has a quick ratio of 1.21, a current ratio of 1.25 and a debt-to-equity ratio of 1.38.
Sotheby’s (NYSE:BID) last announced its earnings results on Thursday, March 1st. The specialty retailer reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.07. Sotheby’s had a net margin of 12.01% and a return on equity of 22.31%. The company had revenue of $315.56 million during the quarter, compared to analyst estimates of $306.70 million. During the same period in the previous year, the business earned $1.35 earnings per share. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. sell-side analysts predict that Sotheby’s will post 2.53 EPS for the current year.
Sotheby’s announced that its board has authorized a stock repurchase program on Thursday, March 1st that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the specialty retailer to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
Several research analysts recently issued reports on the stock. Zacks Investment Research lowered shares of Sotheby’s from a “buy” rating to a “hold” rating in a research report on Tuesday, April 3rd. ValuEngine lowered shares of Sotheby’s from a “strong-buy” rating to a “buy” rating in a research report on Monday, April 2nd. Cowen upped their target price on shares of Sotheby’s from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, March 28th. Finally, TheStreet upgraded shares of Sotheby’s from a “c+” rating to a “b-” rating in a research report on Monday, March 19th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $61.00.
In other Sotheby’s news, SVP Kevin M. Delaney sold 1,821 shares of the business’s stock in a transaction on Wednesday, March 7th. The shares were sold at an average price of $51.71, for a total value of $94,163.91. Following the completion of the sale, the senior vice president now directly owns 798 shares of the company’s stock, valued at $41,264.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Olivier Reza sold 10,000 shares of the business’s stock in a transaction on Monday, March 5th. The stock was sold at an average price of $51.14, for a total transaction of $511,400.00. The disclosure for this sale can be found here. Insiders sold 76,821 shares of company stock valued at $3,962,164 over the last quarter. 13.91% of the stock is owned by company insiders.
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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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