Sothebys Sets New 12-Month Low Following Weak Earnings (BID)
Sothebys (NYSE:BID) hit a new 52-week low during mid-day trading on Friday following a dissappointing earnings announcement, Analyst Ratings Net reports. The stock traded as low as $35.68 and last traded at $37.00, with a volume of 2,750,143 shares trading hands. The stock had previously closed at $40.69.
The company reported $1.26 earnings per share for the quarter, missing the analysts’ consensus estimate of $1.43 by $0.17. 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.
The company also recently announced a quarterly dividend, which is scheduled for Monday, September 15th. Shareholders 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%.
BID has been the subject of a number of recent research reports. 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. Separately, 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 equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $49.10.
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 $2.555 billion and a P/E ratio of 19.32.
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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