Insider Selling: Sotheby’s Director Sells 275,000 Shares of Stock (BID)
Sotheby’s (NYSE:BID) Director John Angelo sold 275,000 shares of Sotheby’s stock on the open market in a transaction dated Monday, September 16th. The stock was sold at an average price of $48.55, for a total transaction of $13,351,250.00. Following the transaction, the director now directly owns 117,200 shares in the company. The sale was disclosed in a legal filing with the SEC, which is available at this link.
A number of research firms have recently commented on BID. Analysts at Craig Hallum reiterated a “hold” rating on shares of Sotheby’s (NYSE:BID) in a research note to investors on Thursday, September 12th. They now have a $38.00 price target on the stock. Separately, analysts at Stifel Nicolaus raised their price target on shares of Sotheby’s (NYSE:BID) from $49.00 to $65.00 in a research note to investors on Thursday, September 12th. They now have a “buy” rating on the stock. Finally, analysts at Williams Capital raised their price target on shares of Sotheby’s (NYSE:BID) from $29.00 to $32.00 in a research note to investors on Monday, August 12th. They now have a “sell” rating on the stock.
Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. Sotheby’s has a consensus rating of “Hold” and an average target price of $42.37.
Shares of Sotheby’s (NYSE:BID) traded down 0.08% during mid-day trading on Wednesday, hitting $47.60. 1,263,362 shares of the company’s stock traded hands. Sotheby’s has a 52-week low of $27.98 and a 52-week high of $49.17. The stock has a 50-day moving average of $45.75 and a 200-day moving average of $39.67. The company has a market cap of $3.253 billion and a P/E ratio of 31.97.
Sotheby’s (NYSE:BID) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $1.33 earnings per share for the quarter, missing the analysts’ consensus estimate of $1.37 by $0.04. The company had revenue of $304.80 million for the quarter, compared to the consensus estimate of $318.14 million. During the same quarter last year, the company posted $1.24 earnings per share. Sotheby’s's revenue was up .3% compared to the same quarter last year. On average, analysts predict that Sotheby’s will post $1.76 earnings per share for the current fiscal year.
Sotheby’s is a global auctioneer of authenticated fine art, decorative art, and jewelry. The Company operates in three segments: Auction, Finance, and Dealer.
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