Sothebys (BID) Receives Consensus Recommendation of “Buy” from Brokerages

Sothebys (NYSE:BID) has been assigned an average rating of “Buy” from the seven ratings firms that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $59.00.

Several brokerages have recently issued reports on BID. Consumer Edge upgraded shares of Sothebys from a “neutral” rating to an “overweight” rating in a research note on Wednesday, October 4th. Zacks Investment Research upgraded shares of Sothebys from a “sell” rating to a “hold” rating in a research note on Monday, October 16th. Aegis started coverage on shares of Sothebys in a research note on Monday, October 30th. They issued a “buy” rating and a $60.00 target price on the stock. Finally, TheStreet downgraded shares of Sothebys from a “b” rating to a “c+” rating in a research report on Monday, November 6th.

Sothebys (BID) traded up $0.76 during trading hours on Friday, reaching $52.01. 419,800 shares of the company traded hands, compared to its average volume of 288,413. Sothebys has a 1-year low of $38.63 and a 1-year high of $57.95. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.73 and a quick ratio of 1.62. The company has a market capitalization of $2,690.00, a price-to-earnings ratio of 26.27 and a beta of 1.87.

Sothebys (NYSE:BID) last posted its quarterly earnings data on Friday, November 3rd. The specialty retailer reported ($0.45) EPS for the quarter, topping the consensus estimate of ($0.68) by $0.23. Sothebys had a net margin of 10.95% and a return on equity of 22.48%. The business had revenue of $171.39 million for the quarter, compared to analyst estimates of $101.14 million. During the same quarter in the previous year, the firm posted ($0.78) earnings per share. Sothebys’s quarterly revenue was up 87.3% on a year-over-year basis. analysts anticipate that Sothebys will post 2.17 earnings per share for the current year.

Hedge funds have recently made changes to their positions in the business. Legal & General Group Plc increased its stake in shares of Sothebys by 7.6% in the second quarter. Legal & General Group Plc now owns 56,894 shares of the specialty retailer’s stock worth $3,050,000 after purchasing an additional 4,006 shares in the last quarter. Principal Financial Group Inc. increased its stake in Sothebys by 4.4% in the 2nd quarter. Principal Financial Group Inc. now owns 195,464 shares of the specialty retailer’s stock worth $10,490,000 after buying an additional 8,315 shares during the period. Swiss National Bank increased its stake in Sothebys by 9.0% in the 2nd quarter. Swiss National Bank now owns 61,749 shares of the specialty retailer’s stock worth $3,314,000 after buying an additional 5,100 shares during the period. JPMorgan Chase & Co. increased its stake in Sothebys by 236.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 48,421 shares of the specialty retailer’s stock worth $2,598,000 after buying an additional 34,017 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC increased its stake in Sothebys by 13.3% in the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 8,998 shares of the specialty retailer’s stock worth $247,000 after buying an additional 1,055 shares during the period. 92.00% of the stock is owned by institutional investors and hedge funds.

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Sothebys 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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