State Board of Administration of Florida Retirement System decreased its position in Sothebys (NYSE:BID) by 11.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,530 shares of the company’s stock after selling 4,290 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Sothebys were worth $1,297,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Victory Capital Management Inc. acquired a new position in Sothebys during the third quarter worth $33,961,000. Clal Insurance Enterprises Holdings Ltd purchased a new position in shares of Sothebys during the third quarter worth approximately $9,195,000. Chicago Equity Partners LLC purchased a new position in shares of Sothebys during the third quarter worth approximately $3,538,000. RWC Asset Management LLP increased its position in shares of Sothebys by 57.4% in the third quarter. RWC Asset Management LLP now owns 238,544 shares of the company’s stock worth $9,069,000 after buying an additional 86,981 shares during the period. Finally, Gareth Morgan Investments Limited Partnership purchased a new position in shares of Sothebys during the third quarter worth approximately $2,426,000. Hedge funds and other institutional investors own 88.23% of the company’s stock.
Shares of Sothebys (NYSE:BID) opened at 47.33 on Tuesday. The stock has a market capitalization of $2.51 billion, a P/E ratio of 37.27 and a beta of 1.96. Sothebys has a 1-year low of $24.20 and a 1-year high of $49.87. The stock has a 50 day moving average of $43.25 and a 200-day moving average of $39.56.
Sothebys (NYSE:BID) last released its quarterly earnings results on Monday, February 27th. The company reported $1.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.17 by $0.18. Sothebys had a negative net margin of 0.31% and a positive return on equity of 16.53%. The company had revenue of $308.69 million for the quarter, compared to analysts’ expectations of $277.28 million. During the same period last year, the company earned $1.19 EPS. The firm’s revenue for the quarter was down 8.1% compared to the same quarter last year. Equities research analysts predict that Sothebys will post $1.94 earnings per share for the current fiscal year.
A number of equities analysts have commented on BID shares. Zacks Investment Research downgraded shares of Sothebys from a “hold” rating to a “strong sell” rating in a research note on Monday, November 21st. Cowen and Company raised shares of Sothebys from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $38.00 to $45.00 in a research note on Friday, December 16th. Sidoti started coverage on shares of Sothebys in a research note on Friday, December 23rd. They set a “buy” rating and a $54.00 target price on the stock. Finally, TheStreet raised shares of Sothebys from a “c+” rating to a “b-” rating in a research note on Thursday, March 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. Sothebys currently has an average rating of “Hold” and a consensus price target of $51.67.
In other news, Director Olivier Reza purchased 10,000 shares of the firm’s stock in a transaction on Monday, March 6th. The shares were bought at an average cost of $48.04 per share, with a total value of $480,400.00. Following the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at $480,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Adam Chinn purchased 2,425 shares of the firm’s stock in a transaction on Friday, March 10th. The shares were purchased at an average cost of $46.60 per share, for a total transaction of $113,005.00. Following the completion of the purchase, the chief operating officer now directly owns 67,425 shares in the company, valued at $3,142,005. The disclosure for this purchase can be found here. 11.98% of the stock is owned by company insiders.
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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