Zacks: Brokerages Anticipate Sothebys (BID) to Announce -$0.24 Earnings Per Share

Wall Street brokerages expect that Sothebys (NYSE:BID) will announce earnings per share of ($0.24) for the current quarter, Zacks reports. Zero analysts have issued estimates for Sothebys’ earnings. Sothebys posted earnings per share of $0.09 during the same quarter last year, which indicates a negative year-over-year growth rate of 366.7%. The company is expected to announce its next quarterly earnings report on Thursday, May 2nd.

According to Zacks, analysts expect that Sothebys will report full-year earnings of $2.45 per share for the current year. For the next fiscal year, analysts anticipate that the company will post earnings of $2.55 per share. Zacks Investment Research’s EPS averages are a mean average based on a survey of analysts that that provide coverage for Sothebys.

Sothebys (NYSE:BID) last issued its quarterly earnings results on Thursday, February 28th. The specialty retailer reported $1.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.48 by $0.26. The company had revenue of $375.15 million during the quarter, compared to the consensus estimate of $336.30 million. Sothebys had a return on equity of 24.67% and a net margin of 10.49%. Sothebys’s revenue was up 10.9% on a year-over-year basis. During the same period last year, the company earned $1.47 earnings per share.

A number of analysts recently issued reports on BID shares. ValuEngine upgraded Sothebys from a “hold” rating to a “buy” rating in a research report on Friday, December 21st. Zacks Investment Research downgraded Sothebys from a “hold” rating to a “sell” rating in a research report on Thursday, January 3rd. Cowen downgraded Sothebys from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $50.00 to $44.00 in a research report on Thursday, January 24th. Finally, Berenberg Bank started coverage on Sothebys in a research report on Wednesday, February 13th. They set a “hold” rating and a $39.00 target price for the company. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $44.25.

In related news, SVP Kevin M. Delaney sold 2,921 shares of Sothebys stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $40.54, for a total value of $118,417.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 16.03% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. BB&T Corp grew its stake in Sothebys by 9.2% in the fourth quarter. BB&T Corp now owns 6,205 shares of the specialty retailer’s stock valued at $247,000 after purchasing an additional 525 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of Sothebys by 3.7% during the fourth quarter. Public Employees Retirement System of Ohio now owns 20,779 shares of the specialty retailer’s stock worth $826,000 after acquiring an additional 736 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. grew its stake in shares of Sothebys by 9.8% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 9,000 shares of the specialty retailer’s stock worth $358,000 after acquiring an additional 800 shares during the last quarter. Riverhead Capital Management LLC grew its stake in shares of Sothebys by 26.6% during the third quarter. Riverhead Capital Management LLC now owns 6,187 shares of the specialty retailer’s stock worth $304,000 after acquiring an additional 1,300 shares during the last quarter. Finally, Xact Kapitalforvaltning AB grew its stake in shares of Sothebys by 20.5% during the fourth quarter. Xact Kapitalforvaltning AB now owns 7,630 shares of the specialty retailer’s stock worth $303,000 after acquiring an additional 1,300 shares during the last quarter.

BID traded up $0.18 during trading on Friday, reaching $43.98. The company had a trading volume of 312,110 shares, compared to its average volume of 487,781. The company has a market cap of $2.04 billion, a PE ratio of 17.73 and a beta of 1.29. Sothebys has a 52 week low of $35.62 and a 52 week high of $60.16. The company has a quick ratio of 1.05, a current ratio of 1.08 and a debt-to-equity ratio of 2.08.

About Sothebys

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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