South Dakota Investment Council Makes New $2.34 Million Investment in Sothebys (NYSE:BID)

South Dakota Investment Council acquired a new position in Sothebys (NYSE:BID) during the second quarter, according to its most recent 13F filing with the SEC. The firm acquired 40,300 shares of the specialty retailer’s stock, valued at approximately $2,343,000. South Dakota Investment Council owned 0.09% of Sothebys at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new stake in Sothebys during the 1st quarter worth approximately $157,000. Campbell & CO Investment Adviser LLC purchased a new stake in Sothebys during the first quarter worth approximately $203,000. Crossmark Global Holdings Inc. purchased a new stake in Sothebys during the second quarter worth approximately $215,000. First Mercantile Trust Co. increased its position in shares of Sothebys by 5.0% in the second quarter. First Mercantile Trust Co. now owns 4,536 shares of the specialty retailer’s stock worth $264,000 after acquiring an additional 214 shares in the last quarter. Finally, S. Muoio & CO. LLC acquired a new stake in shares of Sothebys in the second quarter worth $291,000.

In other Sothebys news, Director Dennis M. Weibling sold 17,600 shares of Sothebys stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $58.45, for a total transaction of $1,028,720.00. Following the sale, the director now directly owns 25,000 shares in the company, valued at approximately $1,461,250. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dennis M. Weibling sold 21,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $58.27, for a total value of $1,223,670.00. Following the completion of the transaction, the director now directly owns 70,000 shares in the company, valued at $4,078,900. The disclosure for this sale can be found here. Insiders have sold a total of 41,200 shares of company stock worth $2,403,346 in the last ninety days. 16.03% of the stock is currently owned by insiders.

Shares of BID traded up $0.06 during mid-day trading on Wednesday, reaching $56.89. 28,268 shares of the stock traded hands, compared to its average volume of 687,057. The firm has a market cap of $2.65 billion, a price-to-earnings ratio of 22.94 and a beta of 2.00. The stock has a fifty day simple moving average of $58.15 and a 200 day simple moving average of $47.34. Sothebys has a 12-month low of $32.01 and a 12-month high of $59.94. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 2.07.

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

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

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.

Further Reading: Market Capitalization in the Stock Market

Institutional Ownership by Quarter for Sothebys (NYSE:BID)

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