Sothebys (NYSE:BID) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Sothebys (NYSE:BID) from a buy rating to a hold rating in a research note released on Tuesday morning, 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. “

Several other brokerages have also commented on BID. TheStreet lowered YRC Worldwide from a c rating to a d+ rating in a report on Wednesday, May 15th. Berenberg Bank cut their price objective on from GBX 190 ($2.48) to GBX 180 ($2.35) and set a buy rating for the company in a report on Wednesday, June 19th. Finally, ValuEngine raised United Overseas Bank from a sell rating to a hold rating in a report on Monday, June 17th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Sothebys presently has an average rating of Hold and an average price target of $48.75.

Shares of BID opened at $57.85 on Tuesday. The firm’s 50-day moving average is $46.65. Sothebys has a twelve month low of $32.01 and a twelve month high of $59.30. The company has a market capitalization of $2.69 billion, a PE ratio of 23.33 and a beta of 1.99. The company has a debt-to-equity ratio of 2.61, a quick ratio of 1.11 and a current ratio of 1.16.

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

A number of institutional investors and hedge funds have recently modified their holdings of BID. Great West Life Assurance Co. Can raised its position in Sothebys by 7.8% during the fourth quarter. Great West Life Assurance Co. Can now owns 22,172 shares of the specialty retailer’s stock worth $819,000 after acquiring an additional 1,602 shares in the last quarter. Hsbc Holdings PLC raised its position in shares of Sothebys by 39.7% in the fourth quarter. Hsbc Holdings PLC now owns 6,484 shares of the specialty retailer’s stock valued at $257,000 after purchasing an additional 1,842 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Sothebys by 6.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,482,466 shares of the specialty retailer’s stock valued at $58,914,000 after purchasing an additional 92,952 shares during the period. Stifel Financial Corp bought a new position in shares of Sothebys in the fourth quarter valued at about $371,000. Finally, Geode Capital Management LLC raised its position in shares of Sothebys by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 372,738 shares of the specialty retailer’s stock valued at $14,812,000 after purchasing an additional 4,493 shares during the period.

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.

Featured Story: Why do corrections happen?

Get a free copy of the Zacks research report on Sothebys (BID)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Sothebys Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sothebys and related companies with MarketBeat.com's FREE daily email newsletter.