BlackRock Inc. Has $214.75 Million Stake in Sothebys (BID)
BlackRock Inc. lifted its stake in Sothebys (NYSE:BID) by 6.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,185,419 shares of the specialty retailer’s stock after buying an additional 263,550 shares during the period. BlackRock Inc. owned approximately 7.98% of Sothebys worth $214,752,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Eaton Vance Management purchased a new position in shares of Sothebys in the fourth quarter worth about $207,000. US Bancorp DE grew its stake in shares of Sothebys by 55.4% in the fourth quarter. US Bancorp DE now owns 4,251 shares of the specialty retailer’s stock worth $219,000 after purchasing an additional 1,516 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Sothebys by 43.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 4,280 shares of the specialty retailer’s stock worth $221,000 after purchasing an additional 1,292 shares during the last quarter. Dorsey & Whitney Trust CO LLC bought a new stake in shares of Sothebys in the fourth quarter worth about $233,000. Finally, Elkfork Partners LLC bought a new stake in shares of Sothebys in the fourth quarter worth about $277,000. Hedge funds and other institutional investors own 90.91% of the company’s stock.
Sothebys opened at $58.80 on Monday, according to Marketbeat.com. The company has a current ratio of 1.25, a quick ratio of 1.19 and a debt-to-equity ratio of 1.21. The stock has a market capitalization of $3.05 billion, a P/E ratio of 23.15 and a beta of 1.78. Sothebys has a 1 year low of $42.78 and a 1 year high of $60.16.
Sothebys announced that its board has authorized a stock buyback plan on Thursday, March 1st that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the specialty retailer to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
Several analysts recently issued reports on BID shares. Zacks Investment Research raised Sothebys from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a research note on Monday, April 2nd. Sidoti cut Sothebys from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 12th. ValuEngine cut Sothebys from a “strong-buy” rating to a “buy” rating in a research note on Monday, April 2nd. Cowen reissued a “buy” rating and issued a $63.00 target price on shares of Sothebys in a research note on Friday, March 2nd. Finally, TheStreet raised Sothebys from a “c+” rating to a “b-” rating in a research note on Monday, March 19th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $63.00.
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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