Sothebys (BID) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Sothebys (NYSE:BID) from a hold rating to a buy rating in a research report sent to investors on Monday, January 8th. Zacks Investment Research currently has $58.00 price objective on the specialty retailer’s stock.

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. “

BID has been the topic of a number of other reports. Aegis assumed coverage on shares of Sothebys in a research note on Monday, October 30th. They issued a buy rating and a $60.00 price objective on the stock. TheStreet cut shares of Sothebys from a b rating to a c+ rating in a research note on Monday, November 6th. Finally, Consumer Edge raised shares of Sothebys from a neutral rating to an overweight rating in a research note on Wednesday, October 4th. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. Sothebys presently has a consensus rating of Buy and an average price target of $59.00.

Shares of Sothebys (NYSE BID) traded down $0.53 during mid-day trading on Monday, reaching $52.89. 213,900 shares of the company’s stock traded hands, compared to its average volume of 314,493. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.73 and a quick ratio of 1.62. Sothebys has a 1 year low of $38.63 and a 1 year high of $57.95. The firm has a market capitalization of $2,804.71, a P/E ratio of 26.85 and a beta of 1.87.

Sothebys (NYSE:BID) last released 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 during the quarter, compared to the consensus estimate of $101.14 million. Sothebys had a net margin of 10.95% and a return on equity of 22.48%. The firm’s quarterly revenue was up 87.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.78) earnings per share. research analysts forecast that Sothebys will post 2.17 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. RWC Asset Management LLP raised its holdings in shares of Sothebys by 22.5% during the third quarter. RWC Asset Management LLP now owns 657,256 shares of the specialty retailer’s stock valued at $30,306,000 after purchasing an additional 120,655 shares during the period. JPMorgan Chase & Co. grew its position in Sothebys by 236.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 48,421 shares of the specialty retailer’s stock worth $2,598,000 after purchasing an additional 34,017 shares in the last quarter. Legal & General Group Plc grew its position in Sothebys by 7.6% in the 2nd quarter. Legal & General Group Plc now owns 56,894 shares of the specialty retailer’s stock worth $3,050,000 after purchasing an additional 4,006 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in Sothebys in the 2nd quarter worth about $1,004,000. Finally, Ameriprise Financial Inc. grew its position in Sothebys by 22.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 344,247 shares of the specialty retailer’s stock worth $15,874,000 after purchasing an additional 62,185 shares in the last quarter. Hedge funds and other institutional investors own 92.02% of the company’s stock.

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About Sothebys

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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