Zacks: Brokerages Expect Sotheby’s (BID) to Post -$0.66 Earnings Per Share

Analysts predict that Sotheby’s (NYSE:BID) will post ($0.66) earnings per share (EPS) for the current quarter, Zacks reports. Zero analysts have made estimates for Sotheby’s’ earnings. Sotheby’s posted earnings per share of ($0.78) in the same quarter last year, which would indicate a positive year over year growth rate of 15.4%. The company is scheduled to issue its next quarterly earnings results before the market opens on Friday, November 3rd.

According to Zacks, analysts expect that Sotheby’s will report full-year earnings of $1.94 per share for the current financial year. For the next fiscal year, analysts forecast that the business will report earnings of $2.58 per share. Zacks’ EPS averages are an average based on a survey of sell-side analysts that cover Sotheby’s.

Sotheby’s (NYSE:BID) last issued its earnings results on Thursday, August 3rd. The specialty retailer reported $1.43 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.51 by ($0.08). The firm had revenue of $314.90 million for the quarter, compared to analyst estimates of $313.90 million. Sotheby’s had a return on equity of 18.72% and a net margin of 8.49%. Sotheby’s’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.51 earnings per share.

Several research analysts have recently issued reports on the stock. Zacks Investment Research cut shares of Sotheby’s from a “buy” rating to a “hold” rating in a report on Friday, July 21st. Sidoti reiterated a “buy” rating and issued a $62.00 price objective (up from $59.00) on shares of Sotheby’s in a report on Friday, July 21st. BidaskClub cut shares of Sotheby’s from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. TheStreet raised shares of Sotheby’s from a “c” rating to a “b” rating in a research note on Monday, August 7th. Finally, Consumer Edge raised shares of Sotheby’s from a “neutral” rating to an “overweight” rating in a research note on Wednesday, October 4th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $60.33.

Several large investors have recently modified their holdings of the stock. BlackRock Inc. lifted its position in shares of Sotheby’s by 18,784.1% in the 1st quarter. BlackRock Inc. now owns 4,842,266 shares of the specialty retailer’s stock valued at $220,225,000 after acquiring an additional 4,816,624 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Sotheby’s by 9.9% in the 2nd quarter. Vanguard Group Inc. now owns 3,974,106 shares of the specialty retailer’s stock valued at $213,290,000 after acquiring an additional 356,603 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Sotheby’s by 42.2% in the 3rd quarter. Victory Capital Management Inc. now owns 1,270,757 shares of the specialty retailer’s stock valued at $58,595,000 after acquiring an additional 377,050 shares in the last quarter. Paradice Investment Management LLC lifted its position in shares of Sotheby’s by 6.3% in the 2nd quarter. Paradice Investment Management LLC now owns 1,042,007 shares of the specialty retailer’s stock valued at $55,925,000 after acquiring an additional 61,500 shares in the last quarter. Finally, Conestoga Capital Advisors LLC lifted its position in shares of Sotheby’s by 12.0% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 807,243 shares of the specialty retailer’s stock valued at $37,222,000 after acquiring an additional 86,575 shares in the last quarter. Institutional investors and hedge funds own 89.62% of the company’s stock.

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Shares of Sotheby’s (NYSE:BID) traded up 0.63% during trading on Thursday, reaching $51.24. 280,389 shares of the company were exchanged. The company has a market capitalization of $2.70 billion, a PE ratio of 36.76 and a beta of 1.85. The firm’s 50 day moving average price is $47.80 and its 200 day moving average price is $49.81. Sotheby’s has a one year low of $33.85 and a one year high of $57.95.

Sotheby’s announced that its board has approved a stock repurchase plan on Tuesday, August 15th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the specialty retailer to purchase up to 4.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Sotheby’s Company Profile

Sotheby’s is a global art business company. The Company is engaged in offering its clients opportunities to connect with and transact in a range of objects. The Company offers a range of art-related services, including the brokerage of private art sales, private jewelry sales through Sotheby’s Diamonds, private selling exhibitions at its galleries, art-related financing, and art advisory services, as well as retail wine locations in New York and Hong Kong.

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