Short Interest in Sothebys (NYSE:BID) Declines By 30.6%

Sothebys (NYSE:BID) was the target of a large drop in short interest in June. As of June 30th, there was short interest totalling 6,372,700 shares, a drop of 30.6% from the May 30th total of 9,177,500 shares. Currently, 13.9% of the shares of the stock are short sold. Based on an average trading volume of 773,000 shares, the short-interest ratio is currently 8.2 days.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Retirement Systems of Alabama lifted its stake in Sothebys by 0.5% in the 2nd quarter. Retirement Systems of Alabama now owns 43,046 shares of the specialty retailer’s stock valued at $2,502,000 after purchasing an additional 210 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Sothebys by 34.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,048 shares of the specialty retailer’s stock valued at $40,000 after purchasing an additional 271 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in Sothebys by 3.7% in the 4th quarter. Public Employees Retirement System of Ohio now owns 20,779 shares of the specialty retailer’s stock valued at $826,000 after purchasing an additional 736 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in Sothebys by 339.6% in the 1st quarter. Quadrant Capital Group LLC now owns 1,609 shares of the specialty retailer’s stock valued at $59,000 after purchasing an additional 1,243 shares during the last quarter. Finally, Great West Life Assurance Co. Can lifted its stake in Sothebys by 7.8% in the 4th quarter. Great West Life Assurance Co. Can now owns 22,172 shares of the specialty retailer’s stock valued at $819,000 after purchasing an additional 1,602 shares during the last quarter.

Shares of NYSE BID traded up $0.24 during trading hours on Friday, hitting $58.09. 810,536 shares of the stock were exchanged, compared to its average volume of 631,440. The company has a current ratio of 1.16, a quick ratio of 1.11 and a debt-to-equity ratio of 2.61. The firm has a market cap of $2.69 billion, a P/E ratio of 23.42 and a beta of 1.99. The firm has a fifty day moving average of $46.65. Sothebys has a 1-year low of $32.01 and a 1-year high of $59.30.

Sothebys (NYSE:BID) last posted its quarterly earnings results on Thursday, May 2nd. The specialty retailer reported ($0.15) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.24) by $0.09. The business had revenue of $173.50 million for the quarter, compared to analyst estimates of $173.62 million. Sothebys had a net margin of 10.66% and a return on equity of 24.25%. The firm’s revenue for the quarter was down 11.4% on a year-over-year basis. During the same quarter last year, the business posted $0.09 EPS. Equities analysts anticipate that Sothebys will post 2.63 earnings per share for the current fiscal year.

Several analysts recently issued reports on BID shares. TheStreet lowered shares of YRC Worldwide from a “c” rating to a “d+” rating in a research report on Wednesday, May 15th. ValuEngine upgraded shares of United Overseas Bank from a “sell” rating to a “hold” rating in a research report on Monday, June 17th. Berenberg Bank reduced their price target on shares of from GBX 190 ($2.48) to GBX 180 ($2.35) and set a “buy” rating on the stock in a research report on Wednesday, June 19th. Finally, Zacks Investment Research upgraded shares of DLH from a “sell” rating to a “hold” rating in a research report on Tuesday. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $48.75.

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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