Sidoti Reiterates “Buy” Rating for Sotheby’s (NYSE:BID)
Sotheby’s (NYSE:BID)‘s stock had its “buy” rating reiterated by research analysts at Sidoti in a report released on Friday. They presently have a $62.00 target price on the specialty retailer’s stock, up from their prior target price of $59.00. Sidoti’s price target points to a potential upside of 9.66% from the stock’s current price.
Several other analysts have also issued reports on the company. TheStreet lowered Sotheby’s from a “b-” rating to a “c” rating in a report on Wednesday, May 10th. Zacks Investment Research lowered Sotheby’s from a “hold” rating to a “sell” rating in a report on Wednesday, May 10th.
Shares of Sotheby’s (BID) opened at 56.54 on Friday. The company’s 50-day moving average price is $53.65 and its 200-day moving average price is $47.11. The stock has a market cap of $2.98 billion, a PE ratio of 35.47 and a beta of 1.80. Sotheby’s has a one year low of $30.42 and a one year high of $57.26.
Sotheby’s (NYSE:BID) last released its quarterly earnings results on Wednesday, May 10th. The specialty retailer reported ($0.21) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.38) by $0.17. Sotheby’s had a return on equity of 20.73% and a net margin of 10.00%. The business had revenue of $187.50 million during the quarter, compared to analyst estimates of $111.66 million. During the same quarter in the previous year, the company posted ($0.35) earnings per share. Sotheby’s’s revenue for the quarter was up 76.1% on a year-over-year basis. Equities research analysts anticipate that Sotheby’s will post $2.07 earnings per share for the current year.
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A number of hedge funds have recently added to or reduced their stakes in BID. BlackRock Inc. raised its stake in Sotheby’s by 18,784.1% in the first quarter. BlackRock Inc. now owns 4,842,266 shares of the specialty retailer’s stock valued at $220,225,000 after buying an additional 4,816,624 shares in the last quarter. Norges Bank bought a new stake in Sotheby’s during the fourth quarter valued at about $28,745,000. Alliancebernstein L.P. raised its stake in Sotheby’s by 19.2% in the first quarter. Alliancebernstein L.P. now owns 3,306,408 shares of the specialty retailer’s stock valued at $150,375,000 after buying an additional 532,977 shares in the last quarter. Cortina Asset Management LLC bought a new stake in Sotheby’s during the first quarter valued at about $14,096,000. Finally, Clal Insurance Enterprises Holdings Ltd raised its stake in Sotheby’s by 30.8% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 850,000 shares of the specialty retailer’s stock valued at $38,658,000 after buying an additional 200,000 shares in the last quarter. 91.91% of the stock is owned by institutional investors and hedge funds.
Sotheby’s is a global art business company. The Company is engaged in offering its clients opportunities to connect with and transact in a range of objects. The Company offers a range of art-related services, including the brokerage of private art sales, private jewelry sales through Sotheby’s Diamonds, private selling exhibitions at its galleries, art-related financing, and art advisory services, as well as retail wine locations in New York and Hong Kong.
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