Prudential Financial Inc. increased its holdings in shares of Sothebys (NYSE:BID) by 2.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 31,489 shares of the specialty retailer’s stock after purchasing an additional 810 shares during the period. Prudential Financial Inc. owned approximately 0.07% of Sothebys worth $1,831,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BID. Geode Capital Management LLC grew its stake in Sothebys by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 372,738 shares of the specialty retailer’s stock worth $14,812,000 after purchasing an additional 4,493 shares during the period. SG Americas Securities LLC acquired a new stake in Sothebys during the first quarter worth approximately $157,000. California Public Employees Retirement System grew its stake in Sothebys by 9.8% in the first quarter. California Public Employees Retirement System now owns 115,709 shares of the specialty retailer’s stock valued at $4,368,000 after acquiring an additional 10,341 shares during the period. Campbell & CO Investment Adviser LLC acquired a new stake in Sothebys in the first quarter valued at approximately $203,000. Finally, State of Wisconsin Investment Board grew its stake in Sothebys by 46.9% in the first quarter. State of Wisconsin Investment Board now owns 443,695 shares of the specialty retailer’s stock valued at $16,749,000 after acquiring an additional 141,740 shares during the period.
In other news, Director Dennis M. Weibling sold 21,000 shares of Sothebys stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $58.27, for a total value of $1,223,670.00. Following the completion of the transaction, the director now directly owns 70,000 shares in the company, valued at $4,078,900. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Dennis M. Weibling sold 2,600 shares of Sothebys stock in a transaction on Friday, August 16th. The shares were sold at an average price of $58.06, for a total value of $150,956.00. Following the completion of the transaction, the director now owns 25,000 shares of the company’s stock, valued at $1,451,500. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 41,200 shares of company stock worth $2,403,346. Corporate insiders own 16.03% of the company’s stock.
Sothebys (NYSE:BID) last issued its earnings results on Tuesday, July 30th. The specialty retailer reported $1.47 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.58 by ($0.11). The firm had revenue of $361.78 million during the quarter, compared to the consensus estimate of $336.58 million. Sothebys had a net margin of 10.47% and a return on equity of 28.39%. During the same quarter in the previous year, the firm earned $1.09 earnings per share. On average, sell-side analysts forecast that Sothebys will post 2.63 earnings per share for the current year.
A number of brokerages have commented on BID. Berenberg Bank reissued a “hold” rating and issued a $57.00 price objective on shares of Sothebys in a research note on Wednesday, June 19th. ValuEngine upgraded Sothebys from a “hold” rating to a “buy” rating in a report on Monday, June 17th. Evercore ISI reiterated a “hold” rating and set a $57.00 price target on shares of Sothebys in a report on Thursday, August 8th. Finally, Zacks Investment Research lowered Sothebys from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Sothebys currently has a consensus rating of “Hold” and a consensus price target of $54.80.
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.
Further Reading: Return on Investment (ROI)
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