Sothebys (NYSE:BID) Downgraded by Zacks Investment Research

Sothebys (NYSE:BID) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “Sotheby’s Holdings, Inc. is one of the world’s second largest auctioneers of fine arts, antiques and collectibles, offering property in collecting categories, among them paintings, jewelry, decorative arts, and books. Sotheby’s Holdings, Inc is the parent company of Sotheby’s worldwide auction businesses, art-related financing and private sales activities. The Company operates in countries, with principal salesrooms located in New York and London. The company also regularly conducts auctions in other salesrooms around the world, including Australia, Hong Kong, France, Italy, the Netherlands, Switzerland and Singapore. “

A number of other analysts have also recently weighed in on the stock. TheStreet cut shares of YRC Worldwide from a “c” rating to a “d+” rating in a report on Wednesday, May 15th. ValuEngine raised shares of United Overseas Bank from a “sell” rating to a “hold” rating in a report on Monday, June 17th. Finally, Berenberg Bank cut their price objective on shares of 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. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $48.75.



BID stock traded up $0.22 during midday trading on Tuesday, reaching $57.90. 11,970 shares of the company were exchanged, compared to its average volume of 632,926. The company has a current ratio of 1.16, a quick ratio of 1.11 and a debt-to-equity ratio of 2.61. Sothebys has a 1-year low of $32.01 and a 1-year high of $59.30. The company’s 50-day moving average price is $46.27. The company has a market capitalization of $2.73 billion, a P/E ratio of 23.19 and a beta of 1.98.

Sothebys (NYSE:BID) last released its quarterly earnings data on Thursday, May 2nd. The specialty retailer reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.09. Sothebys had a net margin of 10.66% and a return on equity of 24.25%. The company had revenue of $173.50 million for the quarter, compared to analysts’ expectations of $173.62 million. During the same quarter last year, the company earned $0.09 earnings per share. The firm’s revenue for the quarter was down 11.4% on a year-over-year basis. As a group, sell-side analysts predict that Sothebys will post 2.63 EPS for the current year.

Several institutional investors have recently made changes to their positions in the company. Retirement Systems of Alabama increased its holdings in shares of 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 acquiring an additional 210 shares during the period. PNC Financial Services Group Inc. increased its holdings 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 period. Public Employees Retirement System of Ohio increased its holdings in shares of 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 acquiring an additional 736 shares during the period. Quadrant Capital Group LLC increased its holdings in shares of 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 acquiring an additional 1,243 shares during the period. Finally, Great West Life Assurance Co. Can increased its holdings in shares of 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 acquiring an additional 1,602 shares during the period.

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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