Sothebys (BID) Releases Quarterly Earnings Results, Misses Expectations By $0.17 EPS
Sothebys (NYSE:BID) announced its earnings results on Friday. The company reported $1.26 earnings per share for the quarter, missing the analysts’ consensus estimate of $1.43 by $0.17, American Banking News reports. The company had revenue of $335.82 million for the quarter, compared to the consensus estimate of $345.63 million. During the same quarter last year, the company posted $1.33 earnings per share. Sothebys’s revenue was up 10.1% compared to the same quarter last year.
Shares of Sothebys (NYSE:BID) opened at 40.69 on Friday. Sothebys has a 1-year low of $37.62 and a 1-year high of $54.00. The stock’s 50-day moving average is $40.27 and its 200-day moving average is $42.74. The company has a market cap of $2.805 billion and a P/E ratio of 19.18.
The company also recently announced a quarterly dividend, which is scheduled for Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.98%.
Several analysts have recently commented on the stock. Analysts at Zacks upgraded shares of Sothebys from an “underperform” rating to a “neutral” rating in a research note on Wednesday, July 23rd. They now have a $40.80 price target on the stock. On a related note, analysts at Barrington Research initiated coverage on shares of Sothebys in a research note on Tuesday, July 1st. They set an “outperform” rating and a $52.00 price target on the stock. Finally, analysts at Goldman Sachs initiated coverage on shares of Sothebys in a research note on Wednesday, June 11th. They set a “neutral” rating and a $45.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. Sothebys presently has a consensus rating of “Hold” and an average price target of $49.10.
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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