State Board of Administration of Florida Retirement System Sells 4,290 Shares of Sothebys (BID)

State Board of Administration of Florida Retirement System decreased its position in shares of Sothebys (NYSE:BID) by 11.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,530 shares of the company’s stock after selling 4,290 shares during the period. State Board of Administration of Florida Retirement System owned about 0.06% of Sothebys worth $1,297,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Acrospire Investment Management LLC purchased a new position in shares of Sothebys during the third quarter valued at $182,000. Sei Investments Co. increased its position in shares of Sothebys by 1.6% in the third quarter. Sei Investments Co. now owns 5,953 shares of the company’s stock valued at $226,000 after buying an additional 95 shares in the last quarter. Bank of Hawaii purchased a new position in shares of Sothebys during the third quarter valued at $235,000. First Mercantile Trust Co. purchased a new position in shares of Sothebys during the third quarter valued at $270,000. Finally, Aperio Group LLC purchased a new position in shares of Sothebys during the third quarter valued at $281,000. 88.23% of the stock is owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for Sothebys (NYSE:BID)

Shares of Sothebys (NYSE:BID) opened at 47.33 on Tuesday. 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 52-week low of $24.20 and a 52-week 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 released its quarterly earnings results on Monday, February 27th. The company reported $1.35 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.17 by $0.18. The company had revenue of $308.69 million for the quarter, compared to analyst estimates of $277.28 million. Sothebys had a negative net margin of 0.31% and a positive return on equity of 16.53%. The firm’s revenue was down 8.1% on a year-over-year basis. During the same quarter last year, the business earned $1.19 earnings per share. Equities research analysts anticipate that Sothebys will post $1.94 EPS for the current year.

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Several research analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of Sothebys from a “hold” rating to a “sell” rating in a report on Monday. TheStreet upgraded shares of Sothebys from a “c+” rating to a “b-” rating in a research note on Thursday, March 16th. Sidoti began coverage on shares of Sothebys in a research note on Thursday, December 29th. They issued a “buy” rating on the stock. Finally, Cowen and Company boosted their price target on shares of Sothebys from $45.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 28th. 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. Sothebys presently has an average rating of “Hold” and a consensus price target of $51.67.

In related news, COO Adam Chinn bought 2,425 shares of the company’s stock in a transaction dated Friday, March 10th. The shares were acquired at an average price of $46.60 per share, for a total transaction of $113,005.00. Following the completion of the transaction, the chief operating officer now directly owns 67,425 shares in the company, valued at $3,142,005. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Olivier Reza bought 10,000 shares of the company’s stock in a transaction dated Monday, March 6th. The stock was bought at an average price of $48.04 per share, for a total transaction of $480,400.00. Following the transaction, the director now owns 10,000 shares of the company’s stock, valued at $480,400. The disclosure for this purchase can be found here. 11.98% of the stock is owned by company insiders.

Sothebys Company Profile

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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