Sothebys (BID) Shares Bought by Millennium Management LLC

Millennium Management LLC increased its position in Sothebys (NYSE:BID) by 44.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 308,524 shares of the specialty retailer’s stock after buying an additional 94,406 shares during the quarter. Millennium Management LLC owned about 0.60% of Sothebys worth $15,830,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in BID. Bank of New York Mellon Corp lifted its holdings in shares of Sothebys by 103.7% in the fourth quarter. Bank of New York Mellon Corp now owns 950,945 shares of the specialty retailer’s stock valued at $49,069,000 after buying an additional 484,141 shares during the period. Clal Insurance Enterprises Holdings Ltd lifted its holdings in shares of Sothebys by 21.9% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,950,000 shares of the specialty retailer’s stock valued at $100,054,000 after buying an additional 350,000 shares during the period. Amundi Pioneer Asset Management Inc. acquired a new stake in shares of Sothebys in the first quarter valued at $14,182,000. BlackRock Inc. lifted its holdings in shares of Sothebys by 6.7% in the first quarter. BlackRock Inc. now owns 4,185,419 shares of the specialty retailer’s stock valued at $214,752,000 after buying an additional 263,550 shares during the period. Finally, Matarin Capital Management LLC acquired a new stake in shares of Sothebys in the first quarter valued at $12,657,000. Institutional investors and hedge funds own 90.91% of the company’s stock.

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Several analysts have recently weighed in on the company. ValuEngine upgraded Sothebys from a “hold” rating to a “buy” rating in a report on Monday. Sidoti lowered Sothebys from a “buy” rating to a “neutral” rating in a report on Tuesday, June 12th. Zacks Investment Research upgraded Sothebys from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a report on Friday, May 18th. TheStreet upgraded Sothebys from a “c+” rating to a “b-” rating in a report on Monday, March 19th. Finally, Cowen upped their target price on Sothebys from $63.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, March 28th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. Sothebys presently has a consensus rating of “Buy” and a consensus price target of $63.00.

Shares of Sothebys opened at $55.34 on Thursday, according to Marketbeat. Sothebys has a 12 month low of $42.78 and a 12 month high of $60.16. The firm has a market cap of $2.87 billion, a PE ratio of 21.79 and a beta of 1.81. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.25 and a quick ratio of 1.19.

Sothebys (NYSE:BID) last announced its earnings results on Thursday, May 3rd. The specialty retailer reported $0.09 EPS for the quarter, beating the consensus estimate of ($0.21) by $0.30. Sothebys had a return on equity of 24.21% and a net margin of 12.39%. The business had revenue of $195.80 million during the quarter, compared to the consensus estimate of $141.00 million. During the same period in the prior year, the business posted ($0.12) earnings per share. Sothebys’s revenue was down 1.8% compared to the same quarter last year. research analysts anticipate that Sothebys will post 2.81 earnings per share for the current fiscal year.

About Sothebys

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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