The 12,426 Shares in Sotheby’s (BID) Acquired by Convergence Investment Partners LLC

The 12,426 Shares in Sotheby’s (BID) Acquired by Convergence Investment Partners LLC

Convergence Investment Partners LLC bought a new position in Sotheby’s (NYSE:BID) during the third quarter, Holdings Channel reports. The firm bought 12,426 shares of the company’s stock, valued at approximately $472,000.

Several other institutional investors also recently modified their holdings of the company. Sei Investments Co. bought a new position in shares of Sotheby’s during the second quarter worth $161,000. Acrospire Investment Management LLC bought a new position in shares of Sotheby’s during the third quarter worth $182,000. Wright Investors Service Inc. raised its position in shares of Sotheby’s by 2.1% in the second quarter. Wright Investors Service Inc. now owns 8,565 shares of the company’s stock worth $235,000 after buying an additional 175 shares in the last quarter. Bank of Hawaii bought a new position in shares of Sotheby’s during the third quarter worth $235,000. Finally, Amalgamated Bank bought a new position in shares of Sotheby’s during the second quarter worth $255,000. Hedge funds and other institutional investors own 88.01% of the company’s stock.

Sotheby’s (NYSE:BID) traded up 0.61% during trading on Wednesday, reaching $39.59. 213,991 shares of the company’s stock traded hands. The company has a 50-day moving average price of $39.75 and a 200 day moving average price of $36.91. The firm’s market capitalization is $2.10 billion. Sotheby’s has a one year low of $18.86 and a one year high of $42.66.

Sotheby’s (NYSE:BID) last posted its earnings results on Monday, November 7th. The company reported ($0.78) earnings per share for the quarter, missing the consensus estimate of ($0.62) by $0.16. The firm had revenue of $91.49 million for the quarter, compared to analysts’ expectations of $82.90 million. Sotheby’s had a negative net margin of 0.31% and a positive return on equity of 16.53%. Sotheby’s’s revenue for the quarter was down 33.7% compared to the same quarter last year. During the same period last year, the firm earned ($0.26) earnings per share. On average, analysts anticipate that Sotheby’s will post $1.57 earnings per share for the current fiscal year.

BID has been the subject of a number of research reports. Sidoti initiated coverage on shares of Sotheby’s in a research report on Thursday, December 29th. They set a “buy” rating for the company. Zacks Investment Research upgraded shares of Sotheby’s from a “sell” rating to a “hold” rating in a research report on Tuesday. TheStreet lowered shares of Sotheby’s from a “buy” rating to a “hold” rating in a research report on Thursday, November 10th. Finally, Cowen and Company restated a “market perform” rating and set a $36.00 target price on shares of Sotheby’s in a research report on Monday, October 31st. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $38.40.

Sotheby’s Company Profile

Sotheby’s is a global art business company. The Company operates in two segments: Agency and Finance. The Agency segment earns commissions by matching buyers and sellers of authenticated fine art, decorative art, jewelry, wine and collectibles (collectively, art or works of art or artwork or property) through the auction or private sale process.

Want to see what other hedge funds are holding BID? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sotheby’s (NYSE:BID).

Related posts

Leave a Comment