Cowen and Company Boosts Sothebys (BID) Price Target to $56.00

Sothebys (NYSE:BID) had its price target hoisted by Cowen and Company from $53.00 to $56.00 in a research report sent to investors on Thursday. The brokerage currently has an outperform rating on the stock.

A number of other equities research analysts have also weighed in on the company. Zacks Investment Research lowered Sothebys from a hold rating to a strong sell rating in a research note on Monday, November 21st. Sidoti started coverage on Sothebys in a research note on Thursday, December 29th. They set a buy rating on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $51.67.

Shares of Sothebys (NYSE:BID) opened at 47.33 on Thursday. The stock has a market capitalization of $2.51 billion, a price-to-earnings ratio of 37.27 and a beta of 1.96. Sothebys has a 12-month low of $24.20 and a 12-month high of $49.87. The company has a 50-day moving average of $43.25 and a 200 day moving average of $39.56.

Sothebys (NYSE:BID) last issued its quarterly earnings results on Monday, February 27th. The company reported $1.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.17 by $0.18. Sothebys had a positive return on equity of 16.53% and a negative net margin of 0.31%. The business had revenue of $308.69 million for the quarter, compared to analyst estimates of $277.28 million. During the same quarter in the previous year, the firm earned $1.19 earnings per share. The company’s revenue was down 8.1% on a year-over-year basis. Analysts predict that Sothebys will post $1.94 earnings per share for the current year.

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In related news, COO Adam Chinn purchased 2,425 shares of the firm’s stock in a transaction on Friday, March 10th. The stock was bought at an average cost of $46.60 per share, with a total value of $113,005.00. Following the completion of the acquisition, the chief operating officer now owns 67,425 shares of the company’s stock, valued at approximately $3,142,005. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Olivier Reza purchased 10,000 shares of the firm’s stock in a transaction on Monday, March 6th. The stock was bought at an average cost of $48.04 per share, with a total value of $480,400.00. Following the completion of the acquisition, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $480,400. The disclosure for this purchase can be found here. 11.98% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. First Mercantile Trust Co. bought a new position in shares of Sothebys during the third quarter worth about $270,000. Conestoga Capital Advisors LLC increased its position in shares of Sothebys by 5.6% in the third quarter. Conestoga Capital Advisors LLC now owns 386,945 shares of the company’s stock worth $14,712,000 after buying an additional 20,655 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of Sothebys by 1.4% in the third quarter. Fisher Asset Management LLC now owns 855,711 shares of the company’s stock worth $32,534,000 after buying an additional 11,843 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of Sothebys by 130.9% in the third quarter. Nisa Investment Advisors LLC now owns 18,700 shares of the company’s stock worth $711,000 after buying an additional 10,600 shares during the last quarter. Finally, Bank of Montreal Can increased its position in shares of Sothebys by 103.7% in the third quarter. Bank of Montreal Can now owns 52,005 shares of the company’s stock worth $1,978,000 after buying an additional 26,479 shares during the last quarter. 88.23% of the stock is owned by institutional investors.

About Sothebys

Sotheby’s is a global art business company. The Company operates in two segments: Agency and Finance. The Agency segment earns commissions by matching buyers and sellers of authenticated fine art, decorative art, jewelry, wine and collectibles (collectively, art or works of art or artwork or property) through the auction or private sale process.

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