The Sotheby’s (BID) Shares Sold by American International Group Inc.

The Sotheby’s (BID) Shares Sold by American International Group Inc.

American International Group Inc. reduced its stake in shares of Sotheby’s (NYSE:BID) by 6.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 121,379 shares of the company’s stock after selling 7,965 shares during the period. American International Group Inc. owned approximately 0.22% of Sotheby’s worth $4,615,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Alliancebernstein L.P. increased its stake in shares of Sotheby’s by 128.1% in the second quarter. Alliancebernstein L.P. now owns 2,717,578 shares of the company’s stock valued at $74,462,000 after buying an additional 1,525,924 shares during the period. Quadrature Capital Ltd purchased a new stake in shares of Sotheby’s during the second quarter valued at approximately $384,000. BlackRock Inc. increased its stake in shares of Sotheby’s by 22.6% in the second quarter. BlackRock Inc. now owns 26,468 shares of the company’s stock valued at $726,000 after buying an additional 4,873 shares during the period. BlackRock Investment Management LLC increased its stake in shares of Sotheby’s by 2.2% in the second quarter. BlackRock Investment Management LLC now owns 333,955 shares of the company’s stock valued at $9,150,000 after buying an additional 7,132 shares during the period. Finally, Virginia Retirement Systems ET AL purchased a new stake in shares of Sotheby’s during the second quarter valued at approximately $1,312,000. Institutional investors and hedge funds own 88.01% of the company’s stock.

Sotheby’s (NYSE:BID) opened at 39.72 on Friday. The firm’s market cap is $2.10 billion. The stock’s 50 day moving average is $39.68 and its 200 day moving average is $36.61. Sotheby’s has a 52 week low of $18.86 and a 52 week high of $42.66.

Sotheby’s (NYSE:BID) last released its quarterly earnings data 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. Sotheby’s had a positive return on equity of 16.53% and a negative net margin of 0.31%. The firm had revenue of $91.49 million for the quarter, compared to the consensus estimate of $82.90 million. During the same period in the previous year, the business earned ($0.26) EPS. The firm’s revenue was down 33.7% compared to the same quarter last year. Equities research analysts expect that Sotheby’s will post $1.57 EPS for the current year.

Several equities research analysts recently commented on the stock. Sidoti assumed coverage on shares of Sotheby’s in a research report on Thursday, December 29th. They issued 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 note on Tuesday. Cowen and Company upgraded shares of Sotheby’s from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $38.00 to $45.00 in a research note on Friday, December 16th. Finally, TheStreet lowered shares of Sotheby’s from a “buy” rating to a “hold” rating in a research note on Thursday, November 10th. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price 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.

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