Retirement Systems of Alabama boosted its position in shares of Sotheby’s (NYSE:BID) by 102.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 119,753 shares of the specialty retailer’s stock after buying an additional 60,679 shares during the period. Retirement Systems of Alabama owned approximately 0.23% of Sotheby’s worth $5,522,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in BID. US Bancorp DE grew its stake in Sotheby’s by 5.2% during the second quarter. US Bancorp DE now owns 2,615 shares of the specialty retailer’s stock worth $140,000 after buying an additional 129 shares in the last quarter. Daiwa Securities Group Inc. acquired a new stake in Sotheby’s during the second quarter worth about $172,000. Riverhead Capital Management LLC grew its stake in Sotheby’s by 72.9% during the second quarter. Riverhead Capital Management LLC now owns 3,630 shares of the specialty retailer’s stock worth $195,000 after buying an additional 1,530 shares in the last quarter. ARP Americas LLC acquired a new stake in Sotheby’s during the second quarter worth about $209,000. Finally, Turner Investments LLC acquired a new stake in Sotheby’s during the second quarter worth about $228,000. Hedge funds and other institutional investors own 91.59% of the company’s stock.
Shares of Sotheby’s (NYSE BID) opened at $48.08 on Tuesday. Sotheby’s has a one year low of $37.84 and a one year high of $57.95. The company has a quick ratio of 1.62, a current ratio of 1.73 and a debt-to-equity ratio of 1.91. The firm has a market cap of $2,510.00, a P/E ratio of 22.20 and a beta of 1.89.
Sotheby’s (NYSE:BID) last posted its quarterly earnings results on Friday, November 3rd. The specialty retailer reported ($0.45) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.23. The company had revenue of $171.39 million for the quarter, compared to the consensus estimate of $101.14 million. Sotheby’s had a net margin of 10.95% and a return on equity of 22.48%. The firm’s quarterly revenue was up 87.3% compared to the same quarter last year. During the same period last year, the company posted ($0.78) EPS. sell-side analysts anticipate that Sotheby’s will post 2.14 earnings per share for the current year.
Sotheby’s declared that its Board of Directors has initiated a share repurchase plan on Tuesday, August 15th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the specialty retailer to buy up to 4.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.
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BID has been the topic of a number of analyst reports. Zacks Investment Research downgraded shares of Sotheby’s from a “hold” rating to a “sell” rating in a research note on Thursday, August 17th. TheStreet downgraded shares of Sotheby’s from a “b” rating to a “c+” rating in a research note on Monday, November 6th. Aegis assumed coverage on shares of Sotheby’s in a research note on Monday, October 30th. They set a “buy” rating and a $60.00 price objective on the stock. BidaskClub downgraded shares of Sotheby’s from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. Finally, Consumer Edge upgraded shares of Sotheby’s from a “neutral” rating to an “overweight” rating in a research note on Wednesday, October 4th. Two analysts have rated the stock with a sell rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $60.25.
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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