Zacks Investment Research Lowers Sotheby’s (BID) to Hold
Sotheby’s (NYSE:BID) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “Sotheby’s Holdings, Inc. is one of the world’s second largest auctioneers of fine arts, antiques and collectibles, offering property in collecting categories, among them paintings, jewelry, decorative arts, and books. Sotheby’s Holdings, Inc is the parent company of Sotheby’s worldwide auction businesses, art-related financing and private sales activities. The Company operates in countries, with principal salesrooms located in New York and London. The company also regularly conducts auctions in other salesrooms around the world, including Australia, Hong Kong, France, Italy, the Netherlands, Switzerland and Singapore. “
A number of other research firms also recently commented on BID. TheStreet downgraded Sotheby’s from a “b-” rating to a “c” rating in a report on Wednesday, May 10th. Sidoti reiterated a “buy” rating and issued a $62.00 price objective (up previously from $59.00) on shares of Sotheby’s in a report on Friday.
Sotheby’s (NYSE:BID) traded up 0.14% during trading on Friday, hitting $56.62. The company had a trading volume of 361,671 shares. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of 35.52 and a beta of 1.80. Sotheby’s has a 12-month low of $30.42 and a 12-month high of $57.26. The firm has a 50-day moving average of $53.65 and a 200 day moving average of $47.11.
Sotheby’s (NYSE:BID) last released its earnings results on Wednesday, May 10th. The specialty retailer reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.17. The company had revenue of $187.50 million during the quarter, compared to the consensus estimate of $111.66 million. Sotheby’s had a return on equity of 20.73% and a net margin of 10.00%. The firm’s quarterly revenue was up 76.1% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.35) earnings per share. On average, equities research analysts forecast that Sotheby’s will post $2.07 earnings per share for the current year.
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A number of large investors have recently added to or reduced their stakes in BID. Columbus Circle Investors bought a new stake in Sotheby’s during the first quarter worth approximately $6,138,000. Conestoga Capital Advisors LLC increased its stake in Sotheby’s by 8.1% in the first quarter. Conestoga Capital Advisors LLC now owns 675,193 shares of the specialty retailer’s stock worth $30,708,000 after buying an additional 50,488 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in Sotheby’s by 1.8% in the first quarter. Louisiana State Employees Retirement System now owns 11,600 shares of the specialty retailer’s stock worth $528,000 after buying an additional 200 shares in the last quarter. Fox Run Management L.L.C. bought a new stake in Sotheby’s during the first quarter worth approximately $885,000. Finally, Capstone Asset Management Co. increased its stake in Sotheby’s by 5.3% in the first quarter. Capstone Asset Management Co. now owns 5,522 shares of the specialty retailer’s stock worth $251,000 after buying an additional 280 shares in the last quarter. Institutional investors and hedge funds own 91.91% of the company’s stock.
Sotheby’s Company Profile
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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