Sothebys (BID) Position Boosted by 13D Management LLC

13D Management LLC boosted its stake in Sothebys (NYSE:BID) by 4.2% in the first quarter, HoldingsChannel reports. The institutional investor owned 255,797 shares of the specialty retailer’s stock after acquiring an additional 10,400 shares during the quarter. Sothebys comprises 2.8% of 13D Management LLC’s holdings, making the stock its 21st biggest position. 13D Management LLC’s holdings in Sothebys were worth $9,592,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in BID. Norges Bank bought a new position in Sothebys in the 4th quarter valued at about $24,710,000. Canada Pension Plan Investment Board bought a new position in Sothebys in the 4th quarter valued at about $21,729,000. Deutsche Bank AG grew its position in Sothebys by 172.9% in the 4th quarter. Deutsche Bank AG now owns 288,471 shares of the specialty retailer’s stock valued at $11,462,000 after buying an additional 182,780 shares in the last quarter. Eagle Asset Management Inc. bought a new position in Sothebys in the 1st quarter valued at about $6,419,000. Finally, RWC Asset Management LLP grew its position in Sothebys by 9.5% in the 4th quarter. RWC Asset Management LLP now owns 1,156,142 shares of the specialty retailer’s stock valued at $45,945,000 after buying an additional 100,182 shares in the last quarter.

Shares of NYSE BID opened at $37.21 on Tuesday. Sothebys has a twelve month low of $35.62 and a twelve month high of $60.16. The company has a debt-to-equity ratio of 2.61, a current ratio of 1.16 and a quick ratio of 1.11. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of 15.00 and a beta of 1.32.

Sothebys (NYSE:BID) last issued its quarterly earnings results on Thursday, May 2nd. The specialty retailer reported ($0.15) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.24) by $0.09. Sothebys had a net margin of 10.66% and a return on equity of 24.25%. The company had revenue of $173.50 million during the quarter, compared to the consensus estimate of $173.62 million. During the same period in the prior year, the company earned $0.09 EPS. Sothebys’s revenue was down 11.4% on a year-over-year basis. On average, equities research analysts forecast that Sothebys will post 2.63 EPS for the current year.

In other Sothebys news, SVP Kevin M. Delaney sold 2,921 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $40.54, for a total value of $118,417.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 16.03% of the stock is currently owned by corporate insiders.

A number of equities analysts recently issued reports on BID shares. Cowen lowered shares of Sothebys from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $50.00 to $44.00 in a research report on Thursday, January 24th. Zacks Investment Research lowered shares of Sothebys from a “hold” rating to a “sell” rating in a research report on Monday, January 28th. Berenberg Bank started coverage on shares of Sothebys in a report on Wednesday, February 13th. They issued a “hold” rating and a $39.00 price target for the company. Susquehanna Bancshares reissued a “hold” rating on shares of Sothebys in a report on Thursday, February 28th. Finally, TheStreet raised shares of Sothebys from a “c” rating to a “b-” rating in a report on Wednesday, March 20th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $44.25.

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Sothebys 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.

See Also: Insider Trading

Want to see what other hedge funds are holding BID? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sothebys (NYSE:BID).

Institutional Ownership by Quarter for Sothebys (NYSE:BID)

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