Sothebys (NYSE:BID) saw a significant decline in short interest in June. As of June 15th, there was short interest totalling 9,177,500 shares, a decline of 6.9% from the May 15th total of 9,852,600 shares. Currently, 20.1% of the company’s stock are short sold. Based on an average daily volume of 769,300 shares, the short-interest ratio is presently 11.9 days.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. lifted its stake in shares of 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 acquiring an additional 271 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in Sothebys by 339.6% in the first 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 period. Quantamental Technologies LLC acquired a new stake in Sothebys in the first quarter valued at $75,000. SG Americas Securities LLC acquired a new stake in Sothebys in the first quarter valued at $157,000. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in Sothebys in the first quarter valued at $203,000.
BID has been the topic of several analyst reports. Berenberg Bank dropped their target price on from GBX 190 ($2.48) to GBX 180 ($2.35) and set a “buy” rating on the stock in a report on Wednesday, June 19th. Zacks Investment Research raised DLH from a “sell” rating to a “hold” rating in a research report on Tuesday, July 9th. ValuEngine raised United Overseas Bank from a “sell” rating to a “hold” rating in a research report on Monday, June 17th. Finally, TheStreet downgraded YRC Worldwide from a “c” rating to a “d+” rating in a research report on Wednesday, May 15th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $48.75.
Sothebys (NYSE:BID) last released its earnings results on Thursday, May 2nd. The specialty retailer reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.09. Sothebys had a return on equity of 24.25% and a net margin of 10.66%. The firm had revenue of $173.50 million during the quarter, compared to analysts’ expectations of $173.62 million. During the same period in the prior year, the company earned $0.09 earnings per share. The company’s quarterly revenue was down 11.4% on a year-over-year basis. Sell-side analysts predict that Sothebys will post 2.63 EPS for the current fiscal year.
Sothebys Company 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.
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