Zacks Investment Research upgraded shares of Sotheby’s (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 equities research analysts also recently issued research reports about the company. Sidoti started coverage on Sotheby’s in a report on Thursday, December 29th. They issued a buy rating for the company. Cowen and Company set a $38.00 price objective on Sotheby’s and gave the company a hold rating in a report on Monday, September 19th. Finally, TheStreet downgraded Sotheby’s from a buy rating to a hold rating in a report on Thursday, November 10th. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $38.40.
Shares of Sotheby’s (NYSE:BID) traded up 0.05% during midday trading on Tuesday, reaching $39.37. The company’s stock had a trading volume of 95,052 shares. The company’s market capitalization is $2.09 billion. Sotheby’s has a 52-week low of $18.86 and a 52-week high of $42.66. The stock has a 50 day moving average price of $39.72 and a 200-day moving average price of $36.91.
Sotheby’s (NYSE:BID) last released its quarterly earnings data on Monday, November 7th. The company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.62) by $0.16. The company earned $91.49 million during the quarter, compared to the consensus estimate of $82.90 million. Sotheby’s had a negative net margin of 0.31% and a positive return on equity of 16.53%. The company’s revenue for the quarter was down 33.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.26) EPS. Equities research analysts expect that Sotheby’s will post $1.57 EPS for the current year.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Quantbot Technologies LP boosted its position in Sotheby’s by 260.1% in the third quarter. Quantbot Technologies LP now owns 13,683 shares of the company’s stock valued at $520,000 after buying an additional 9,883 shares in the last quarter. Tocqueville Asset Management L.P. purchased a new position in Sotheby’s during the second quarter valued at $282,000. Victory Capital Management Inc. purchased a new position in Sotheby’s during the third quarter valued at $33,961,000. Wright Investors Service Inc. boosted its position in Sotheby’s by 2.1% in the second quarter. Wright Investors Service Inc. now owns 8,565 shares of the company’s stock valued at $235,000 after buying an additional 175 shares in the last quarter. Finally, SG Americas Securities LLC boosted its position in Sotheby’s by 385.0% in the third quarter. SG Americas Securities LLC now owns 77,731 shares of the company’s stock valued at $2,955,000 after buying an additional 61,704 shares in the last quarter. 88.01% of the stock is owned by institutional investors.
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.
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