Aegis assumed coverage on shares of Sotheby’s (NYSE:BID) in a report published on Monday morning. The firm issued a buy rating and a $60.00 target price on the specialty retailer’s stock.

Other equities research analysts have also issued reports about the company. BidaskClub lowered Sotheby’s from a hold rating to a sell rating in a research report on Wednesday, August 9th. Zacks Investment Research lowered Sotheby’s from a buy rating to a hold rating in a research report on Friday, July 21st. Consumer Edge raised Sotheby’s from a neutral rating to an overweight rating in a research report on Wednesday, October 4th. TheStreet raised Sotheby’s from a c rating to a b rating in a research report on Monday, August 7th. Finally, Sidoti reaffirmed a buy rating and set a $62.00 target price (up from $59.00) on shares of Sotheby’s in a research report on Friday, July 21st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. Sotheby’s presently has a consensus rating of Buy and an average price target of $60.25.

Sotheby’s (NYSE BID) traded up 1.59% during mid-day trading on Monday, reaching $51.82. The company had a trading volume of 100,004 shares. The company has a market capitalization of $2.73 billion, a PE ratio of 37.17 and a beta of 1.85. Sotheby’s has a 1-year low of $33.85 and a 1-year high of $57.95. The firm has a 50-day moving average of $48.02 and a 200 day moving average of $49.93.

Sotheby’s (NYSE:BID) last released its quarterly earnings results on Thursday, August 3rd. The specialty retailer reported $1.43 earnings per share for the quarter, missing the consensus estimate of $1.51 by ($0.08). Sotheby’s had a net margin of 8.49% and a return on equity of 18.72%. The firm had revenue of $314.90 million for the quarter, compared to analysts’ expectations of $313.90 million. During the same quarter in the prior year, the business earned $1.51 EPS. The business’s quarterly revenue was up 5.4% compared to the same quarter last year. On average, analysts predict that Sotheby’s will post $1.93 earnings per share for the current fiscal year.

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Sotheby’s declared that its Board of Directors has initiated a share buyback plan on Tuesday, August 15th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 4.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Large investors have recently made changes to their positions in the company. Hosking Partners LLP increased its holdings in shares of Sotheby’s by 1.6% in the 2nd quarter. Hosking Partners LLP now owns 346,411 shares of the specialty retailer’s stock valued at $18,592,000 after acquiring an additional 5,545 shares during the period. Vanguard Group Inc. grew its stake in Sotheby’s by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 3,617,503 shares of the specialty retailer’s stock worth $164,524,000 after buying an additional 93,927 shares during the last quarter. US Bancorp DE grew its stake in Sotheby’s by 5.2% during the 2nd quarter. US Bancorp DE now owns 2,615 shares of the specialty retailer’s stock worth $140,000 after buying an additional 129 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Sotheby’s by 236.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 48,421 shares of the specialty retailer’s stock worth $2,598,000 after buying an additional 34,017 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its stake in Sotheby’s by 8.4% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 304,106 shares of the specialty retailer’s stock worth $13,831,000 after buying an additional 23,680 shares during the last quarter. Institutional investors and hedge funds own 89.50% of the company’s stock.

Sotheby’s Company Profile

Sotheby’s is a global art business company. The Company is engaged in offering its clients opportunities to connect with and transact in a range of objects. The Company offers a range of art-related services, including the brokerage of private art sales, private jewelry sales through Sotheby’s Diamonds, private selling exhibitions at its galleries, art-related financing, and art advisory services, as well as retail wine locations in New York and Hong Kong.

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