First Trust Advisors LP trimmed its holdings in shares of Sothebys (NYSE:BID) by 24.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,456 shares of the specialty retailer’s stock after selling 13,396 shares during the quarter. First Trust Advisors LP owned approximately 0.08% of Sothebys worth $2,039,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the company. RWC Asset Management LLP grew its holdings in shares of Sothebys by 12.0% during the 3rd quarter. RWC Asset Management LLP now owns 1,055,960 shares of the specialty retailer’s stock worth $51,943,000 after purchasing an additional 112,858 shares during the period. State of New Jersey Common Pension Fund D purchased a new position in shares of Sothebys during the 3rd quarter worth $689,000. Bank of Montreal Can grew its holdings in shares of Sothebys by 56.8% during the 3rd quarter. Bank of Montreal Can now owns 45,269 shares of the specialty retailer’s stock worth $2,227,000 after purchasing an additional 16,391 shares during the period. Radnor Capital Management LLC grew its holdings in shares of Sothebys by 18.4% during the 3rd quarter. Radnor Capital Management LLC now owns 8,880 shares of the specialty retailer’s stock worth $437,000 after purchasing an additional 1,380 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Sothebys by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 970,642 shares of the specialty retailer’s stock worth $52,744,000 after purchasing an additional 31,286 shares during the period.
In other news, insider Jr. Thomas S. Smith bought 15,250 shares of the firm’s stock in a transaction that occurred on Wednesday, November 28th. The shares were purchased at an average price of $40.96 per share, with a total value of $624,640.00. Following the purchase, the insider now owns 119,725 shares in the company, valued at $4,903,936. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 13.91% of the stock is currently owned by corporate insiders.
BID opened at $39.99 on Monday. Sothebys has a 12-month low of $37.66 and a 12-month high of $60.16. The company has a current ratio of 1.24, a quick ratio of 1.17 and a debt-to-equity ratio of 1.89. The stock has a market cap of $1.96 billion, a P/E ratio of 17.85 and a beta of 1.71.
Sothebys (NYSE:BID) last posted its earnings results on Thursday, November 1st. The specialty retailer reported ($0.41) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.57) by $0.16. Sothebys had a return on equity of 21.41% and a net margin of 10.21%. The firm had revenue of $119.20 million for the quarter, compared to analyst estimates of $130.70 million. During the same quarter in the prior year, the company earned ($0.45) EPS. Sothebys’s revenue was down 33.8% on a year-over-year basis. Equities analysts forecast that Sothebys will post 2.28 earnings per share for the current year.
BID has been the subject of a number of research analyst reports. ValuEngine upgraded Sothebys from a “hold” rating to a “buy” rating in a report on Friday, September 7th. Sidoti upgraded Sothebys from a “neutral” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, November 27th. TheStreet cut Sothebys from a “b” rating to a “c” rating in a report on Monday, November 5th. Finally, Zacks Investment Research cut Sothebys from a “buy” rating to a “hold” rating in a report on Monday, October 29th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $60.00.
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Sothebys Company Profile
Sotheby's operates as an auctioneer of authenticated fine art, decorative art, jewelry, wine, and collectibles in the United States, the United Kingdom, Hong Kong, China, Switzerland, France, and internationally. The company operates in two segments, Agency and Finance. The Agency segment accepts property on consignment; and matches sellers to buyers through the auction or private sale process.
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