100,290 Shares in Sothebys (NYSE:BID) Purchased by TIG Advisors LLC

TIG Advisors LLC bought a new position in shares of Sothebys (NYSE:BID) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 100,290 shares of the specialty retailer’s stock, valued at approximately $5,830,000. Sothebys makes up 0.3% of TIG Advisors LLC’s holdings, making the stock its 29th biggest position.

Other institutional investors have also bought and sold shares of the company. Geode Capital Management LLC grew its position in Sothebys by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 372,738 shares of the specialty retailer’s stock worth $14,812,000 after buying an additional 4,493 shares in the last quarter. RWC Asset Management LLP grew its position in Sothebys by 0.5% during the second quarter. RWC Asset Management LLP now owns 1,177,289 shares of the specialty retailer’s stock worth $68,436,000 after buying an additional 6,321 shares in the last quarter. JPMorgan Chase & Co. grew its position in Sothebys by 20.2% during the second quarter. JPMorgan Chase & Co. now owns 116,767 shares of the specialty retailer’s stock worth $6,898,000 after buying an additional 19,587 shares in the last quarter. South Dakota Investment Council purchased a new position in Sothebys during the second quarter worth about $2,343,000. Finally, California Public Employees Retirement System grew its position in Sothebys by 9.8% during the first quarter. California Public Employees Retirement System now owns 115,709 shares of the specialty retailer’s stock worth $4,368,000 after buying an additional 10,341 shares in the last quarter.

Shares of BID stock traded up $0.01 during midday trading on Friday, reaching $56.95. 35,504 shares of the stock were exchanged, compared to its average volume of 614,682. Sothebys has a 1 year low of $32.01 and a 1 year high of $59.94. The company’s 50 day moving average is $57.87 and its two-hundred day moving average is $47.95. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 2.07. The firm has a market cap of $2.65 billion, a PE ratio of 22.96 and a beta of 2.00.

Sothebys (NYSE:BID) last posted its earnings results on Tuesday, July 30th. The specialty retailer reported $1.47 earnings per share for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.11). Sothebys had a return on equity of 28.39% and a net margin of 10.47%. The firm had revenue of $361.78 million for the quarter, compared to analysts’ expectations of $336.58 million. During the same quarter last year, the company posted $1.09 EPS. As a group, equities analysts expect that Sothebys will post 2.63 EPS for the current fiscal year.

Several equities research analysts have issued reports on BID shares. Zacks Investment Research lowered Sothebys from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. ValuEngine raised Sothebys from a “hold” rating to a “buy” rating in a research note on Monday, June 17th. Evercore ISI reissued a “hold” rating and issued a $57.00 target price on shares of Sothebys in a research note on Thursday, August 8th. Finally, Berenberg Bank reissued a “hold” rating and issued a $57.00 target price on shares of Sothebys in a research note on Wednesday, June 19th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $54.80.

In related news, Director Dennis M. Weibling sold 17,600 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $58.45, for a total value of $1,028,720.00. Following the sale, the director now owns 25,000 shares in the company, valued at approximately $1,461,250. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dennis M. Weibling sold 21,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $58.27, for a total value of $1,223,670.00. Following the completion of the sale, the director now owns 70,000 shares in the company, valued at approximately $4,078,900. The disclosure for this sale can be found here. Insiders have sold a total of 41,200 shares of company stock worth $2,403,346 in the last quarter. Company insiders own 16.03% of the company’s stock.

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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Institutional Ownership by Quarter for Sothebys (NYSE:BID)

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