Insider Selling: Sothebys (NYSE:BID) Director Sells 21,000 Shares of Stock

Sothebys (NYSE:BID) Director Dennis M. Weibling sold 21,000 shares of the business’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $58.27, for a total transaction of $1,223,670.00. The sale was disclosed in a document filed with the SEC, which is available at this link.

Shares of BID traded down $0.13 during mid-day trading on Thursday, hitting $58.11. 754,634 shares of the company’s stock were exchanged, compared to its average volume of 589,525. Sothebys has a fifty-two week low of $32.01 and a fifty-two week high of $59.94. The stock has a market cap of $2.72 billion, a price-to-earnings ratio of 23.44 and a beta of 1.99. The company has a 50 day simple moving average of $58.36. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.04 and a quick ratio of 1.01.

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



Several equities research analysts have recently weighed in on the stock. TheStreet downgraded shares of Sothebys from a “b-” rating to a “c” rating in a research note on Wednesday, May 15th. Evercore ISI reiterated a “hold” rating and set a $57.00 target price on shares of Sothebys in a research note on Thursday, August 8th. Berenberg Bank reiterated a “hold” rating and set a $57.00 target price on shares of Sothebys in a research note on Wednesday, June 19th. Zacks Investment Research downgraded shares of Sothebys from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Finally, ValuEngine upgraded shares of Sothebys from a “hold” rating to a “buy” rating in a research note on Monday, June 17th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $54.80.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Nuveen Asset Management LLC purchased a new position in Sothebys in the second quarter valued at about $8,445,000. UBS Asset Management Americas Inc. grew its position in shares of Sothebys by 31.6% in the second quarter. UBS Asset Management Americas Inc. now owns 35,299 shares of the specialty retailer’s stock valued at $2,052,000 after purchasing an additional 8,466 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in shares of Sothebys in the second quarter valued at approximately $1,431,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Sothebys in the second quarter valued at approximately $731,000. Finally, Jefferies Group LLC acquired a new stake in shares of Sothebys in the second quarter valued at approximately $295,000.

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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