Sothebys (BID) Stake Decreased by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. decreased its position in shares of Sothebys (NYSE:BID) by 13.9% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 416,516 shares of the specialty retailer’s stock after selling 67,129 shares during the period. Pinnacle Associates Ltd.’s holdings in Sothebys were worth $20,488,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. UBS Group AG grew its stake in shares of Sothebys by 50.1% during the first quarter. UBS Group AG now owns 2,878 shares of the specialty retailer’s stock valued at $147,000 after purchasing an additional 961 shares during the last quarter. Radnor Capital Management LLC grew its stake in shares of Sothebys by 18.4% during the third quarter. Radnor Capital Management LLC now owns 8,880 shares of the specialty retailer’s stock valued at $437,000 after purchasing an additional 1,380 shares during the last quarter. Capital Fund Management S.A. grew its stake in shares of Sothebys by 4.3% during the second quarter. Capital Fund Management S.A. now owns 46,478 shares of the specialty retailer’s stock valued at $2,526,000 after purchasing an additional 1,937 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Sothebys by 6.1% during the third quarter. JPMorgan Chase & Co. now owns 35,479 shares of the specialty retailer’s stock valued at $1,746,000 after purchasing an additional 2,034 shares during the last quarter. Finally, Smith Asset Management Group LP grew its stake in shares of Sothebys by 4.5% during the third quarter. Smith Asset Management Group LP now owns 51,041 shares of the specialty retailer’s stock valued at $2,511,000 after purchasing an additional 2,190 shares during the last quarter.

BID has been the topic of a number of recent research reports. TheStreet cut shares of Sothebys from a “b” rating to a “c” rating in a research note on Monday, November 5th. Zacks Investment Research cut shares of Sothebys from a “hold” rating to a “sell” rating in a research note on Tuesday, August 21st. Finally, ValuEngine raised shares of Sothebys from a “hold” rating to a “buy” rating in a research note on Friday, September 7th. Three investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Sothebys presently has an average rating of “Hold” and a consensus target price of $65.00.

Shares of BID stock opened at $39.14 on Friday. Sothebys has a 52-week low of $37.66 and a 52-week high of $60.16. The company has a market capitalization of $1.93 billion, a price-to-earnings ratio of 17.56 and a beta of 1.70. The company has a current ratio of 1.24, a quick ratio of 1.17 and a debt-to-equity ratio of 1.89.

Sothebys (NYSE:BID) last announced its quarterly earnings data on Thursday, November 1st. The specialty retailer reported ($0.41) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.16. Sothebys had a net margin of 10.21% and a return on equity of 21.41%. The firm had revenue of $119.20 million for the quarter, compared to analysts’ expectations of $130.70 million. During the same period last year, the firm earned ($0.45) earnings per share. The business’s revenue for the quarter was down 33.8% on a year-over-year basis. As a group, equities analysts anticipate that Sothebys will post 2.28 earnings per share for the current year.

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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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Institutional Ownership by Quarter for Sothebys (NYSE:BID)

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