Zacks Investment Research upgraded shares of Sothebys (NYSE:BID) from a sell rating to a hold rating in a research report sent to investors on Tuesday.
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. “
Other analysts also recently issued research reports about the company. ValuEngine downgraded Sothebys from a buy rating to a hold rating in a research note on Thursday, October 4th. Sidoti downgraded Sothebys from a buy rating to a neutral rating in a research note on Tuesday, June 12th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $63.33.
Shares of BID opened at $43.04 on Tuesday. The company has a market cap of $2.54 billion, a P/E ratio of 19.13 and a beta of 1.66. Sothebys has a 12-month low of $41.51 and a 12-month high of $60.16. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.21 and a current ratio of 1.23.
Sothebys (NYSE:BID) last issued its earnings results on Monday, August 6th. The specialty retailer reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.55 by ($0.46). The business had revenue of $345.60 million for the quarter, compared to the consensus estimate of $330.28 million. Sothebys had a net margin of 10.11% and a return on equity of 20.32%. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period last year, the business posted $1.43 EPS. On average, equities analysts expect that Sothebys will post 2.24 EPS for the current year.
Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in shares of Sothebys by 2.6% in the 2nd quarter. BlackRock Inc. now owns 4,294,062 shares of the specialty retailer’s stock worth $233,339,000 after purchasing an additional 108,643 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Sothebys by 0.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,389,388 shares of the specialty retailer’s stock worth $75,499,000 after purchasing an additional 5,850 shares during the period. Van Berkom & Associates Inc. boosted its holdings in shares of Sothebys by 0.7% in the 2nd quarter. Van Berkom & Associates Inc. now owns 1,373,408 shares of the specialty retailer’s stock worth $74,631,000 after purchasing an additional 9,300 shares during the period. Conestoga Capital Advisors LLC boosted its holdings in shares of Sothebys by 5.8% in the 2nd quarter. Conestoga Capital Advisors LLC now owns 1,299,468 shares of the specialty retailer’s stock worth $70,613,000 after purchasing an additional 71,420 shares during the period. Finally, Paradice Investment Management LLC boosted its holdings in shares of Sothebys by 5.8% in the 2nd quarter. Paradice Investment Management LLC now owns 1,155,764 shares of the specialty retailer’s stock worth $62,804,000 after purchasing an additional 63,186 shares during the period. Hedge funds and other institutional investors own 87.87% of the company’s stock.
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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