Sothebys (NYSE:BID) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of Sothebys (NYSE:BID) from a buy rating to a hold rating in a research report 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. “

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

Shares of Sothebys stock opened at $58.09 on Tuesday. Sothebys has a one year low of $32.01 and a one year high of $59.30. The firm has a market capitalization of $2.70 billion, a P/E ratio of 23.42 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. The stock’s 50-day moving average is $47.07.

Sothebys (NYSE:BID) last announced its quarterly earnings data on Thursday, May 2nd. The specialty retailer reported ($0.15) EPS for the quarter, topping the Zacks’ 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 business had revenue of $173.50 million during the quarter, compared to the consensus estimate of $173.62 million. During the same period in the previous year, the company posted $0.09 earnings per share. The business’s revenue for the quarter was down 11.4% on a year-over-year basis. On average, analysts forecast that Sothebys will post 2.63 EPS for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its holdings in 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 in the last quarter. Stifel Financial Corp acquired a new position in Sothebys in the fourth quarter valued at approximately $371,000. Paloma Partners Management Co acquired a new position in Sothebys in the fourth quarter valued at approximately $294,000. Public Employees Retirement System of Ohio boosted its holdings in Sothebys by 3.7% in the fourth quarter. Public Employees Retirement System of Ohio now owns 20,779 shares of the specialty retailer’s stock valued at $826,000 after purchasing an additional 736 shares in the last quarter. Finally, Norges Bank purchased a new stake in Sothebys in the fourth quarter valued at approximately $24,710,000.

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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