Arizona State Retirement System grew its holdings in Sothebys (NYSE:BID) by 26.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 26,831 shares of the specialty retailer’s stock after purchasing an additional 5,589 shares during the quarter. Arizona State Retirement System owned about 0.05% of Sothebys worth $1,384,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of BID. First Trust Advisors LP grew its position in shares of Sothebys by 11.6% in the third quarter. First Trust Advisors LP now owns 45,251 shares of the specialty retailer’s stock valued at $2,087,000 after purchasing an additional 4,702 shares during the last quarter. Aperio Group LLC grew its position in shares of Sothebys by 10.1% in the third quarter. Aperio Group LLC now owns 13,004 shares of the specialty retailer’s stock valued at $600,000 after purchasing an additional 1,198 shares during the last quarter. Crossmark Global Holdings Inc. acquired a new stake in shares of Sothebys in the third quarter valued at about $278,000. State of Wisconsin Investment Board grew its position in shares of Sothebys by 1.6% in the third quarter. State of Wisconsin Investment Board now owns 113,450 shares of the specialty retailer’s stock valued at $5,231,000 after purchasing an additional 1,750 shares during the last quarter. Finally, Retirement Systems of Alabama grew its position in shares of Sothebys by 102.7% in the third quarter. Retirement Systems of Alabama now owns 119,753 shares of the specialty retailer’s stock valued at $5,522,000 after purchasing an additional 60,679 shares during the last quarter. 90.03% of the stock is currently owned by institutional investors.
Shares of Sothebys (NYSE:BID) opened at $52.80 on Friday. Sothebys has a 1 year low of $42.78 and a 1 year high of $57.95. The firm has a market capitalization of $2,770.00, a PE ratio of 23.68 and a beta of 1.86. The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.21 and a current ratio of 1.25.
Sothebys (NYSE:BID) last released its earnings results on Thursday, March 1st. The specialty retailer reported $1.47 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.07. Sothebys had a return on equity of 54.20% and a net margin of 24.54%. The business had revenue of $315.56 million for the quarter, compared to the consensus estimate of $306.70 million. During the same period last year, the business earned $1.35 earnings per share. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. analysts anticipate that Sothebys will post 2.51 EPS for the current year.
Sothebys announced that its board has authorized a share repurchase plan on Thursday, March 1st that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
A number of research firms recently weighed in on BID. Cowen reissued a “buy” rating and set a $63.00 target price on shares of Sothebys in a research report on Friday, March 2nd. Zacks Investment Research raised Sothebys from a “hold” rating to a “buy” rating and set a $59.00 target price on the stock in a research report on Monday, February 5th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. Sothebys has a consensus rating of “Buy” and an average target price of $61.00.
In related news, SVP Kevin M. Delaney sold 1,821 shares of Sothebys stock in a transaction dated Wednesday, March 7th. The stock was sold at an average price of $51.71, for a total transaction of $94,163.91. Following the sale, the senior vice president now directly owns 798 shares of the company’s stock, valued at $41,264.58. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Olivier Reza sold 10,000 shares of Sothebys stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $51.14, for a total value of $511,400.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 76,821 shares of company stock worth $3,962,164. 13.81% of the stock is owned by company insiders.
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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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