Sotheby’s (BID) Issues Quarterly Earnings Results, Beats Estimates By $0.23 EPS
Sotheby’s (NYSE:BID) posted its quarterly earnings results on Friday. The specialty retailer reported ($0.45) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.23, Bloomberg Earnings reports. The business had revenue of $171.39 million for the quarter, compared to analysts’ expectations of $101.14 million. Sotheby’s had a return on equity of 18.72% and a net margin of 8.49%. The firm’s quarterly revenue was up 87.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.78) earnings per share.
Shares of Sotheby’s (BID) traded down $2.00 on Friday, reaching $49.42. The company’s stock had a trading volume of 827,020 shares, compared to its average volume of 322,573. The stock has a market cap of $2.69 billion, a P/E ratio of 28.56 and a beta of 1.89.
Several research firms recently issued reports on BID. Zacks Investment Research cut Sotheby’s from a “buy” rating to a “hold” rating in a report on Friday, July 21st. Sidoti reiterated a “buy” rating and issued a $62.00 price target (up previously from $59.00) on shares of Sotheby’s in a report on Friday, July 21st. Aegis began coverage on Sotheby’s in a report on Monday. They issued a “buy” rating and a $60.00 price target on the stock. BidaskClub cut Sotheby’s from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Finally, TheStreet upgraded Sotheby’s from a “c” rating to a “b” rating in a report on Monday, August 7th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $60.25.
Sotheby’s declared that its Board of Directors has initiated a share buyback program on Tuesday, August 15th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to buy up to 4.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
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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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