Trade Report: Today, UBS Asset Management Americas Inc. Boosts Stake in Sotheby’s (BID)

Today, UBS Asset Management Americas Inc. Boosts Stake in Sotheby’s (BID)

UBS Asset Management Americas Inc. raised its stake in shares of Sotheby’s (NYSE:BID) by 27.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,853 shares of the company’s stock after buying an additional 8,355 shares during the period. UBS Asset Management Americas Inc. owned about 0.07% of Sotheby’s worth $1,065,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Conestoga Capital Advisors LLC acquired a new position in shares of Sotheby’s during the second quarter valued at $10,036,000. Canada Pension Plan Investment Board increased its position in shares of Sotheby’s by 330.2% in the first quarter. Canada Pension Plan Investment Board now owns 376,140 shares of the company’s stock valued at $10,054,000 after buying an additional 288,700 shares during the period. Fuller & Thaler Asset Management Inc. increased its position in shares of Sotheby’s by 19.9% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 1,008,044 shares of the company’s stock valued at $27,620,000 after buying an additional 167,404 shares during the period. JPMorgan Chase & Co. increased its position in shares of Sotheby’s by 2,579.1% in the second quarter. JPMorgan Chase & Co. now owns 82,194 shares of the company’s stock valued at $2,252,000 after buying an additional 79,126 shares during the period. Finally, LSV Asset Management increased its position in shares of Sotheby’s by 1,618.2% in the second quarter. LSV Asset Management now owns 75,600 shares of the company’s stock valued at $2,071,000 after buying an additional 71,200 shares during the period. Institutional investors own 95.80% of the company’s stock.

Shares of Sotheby’s (NYSE:BID) opened at 35.93 on Tuesday. Sotheby’s has a 12-month low of $18.86 and a 12-month high of $41.23. The firm has a market capitalization of $1.98 billion, a P/E ratio of 69.36 and a beta of 2.14. The stock’s 50 day moving average price is $37.83 and its 200-day moving average price is $32.22.

Sotheby’s (NYSE:BID) last issued its earnings results on Monday, August 8th. The company reported $1.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.05 by $0.46. The firm earned $298.67 million during the quarter, compared to analysts’ expectations of $291.22 million. Sotheby’s had a net margin of 3.87% and a return on equity of 18.52%. The firm’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same period last year, the firm posted $1.04 earnings per share. On average, equities analysts expect that Sotheby’s will post $2.12 EPS for the current year.

BID has been the subject of several analyst reports. Zacks Investment Research upgraded Sotheby’s from a “hold” rating to a “strong-buy” rating and set a $46.00 price target for the company in a report on Wednesday, August 24th. Cowen and Company set a $38.00 price target on Sotheby’s and gave the company a “hold” rating in a report on Monday, September 19th. Finally, TheStreet upgraded Sotheby’s from a “hold” rating to a “buy” rating in a report on Tuesday, August 9th. Six analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Sotheby’s has an average rating of “Hold” and an average target price of $32.20.

Sotheby’s Company Profile

Sotheby’s is a global art business company. The Company operates in two segments: Agency and Finance. The Agency segment earns commissions by matching buyers and sellers of authenticated fine art, decorative art, jewelry, wine and collectibles (collectively, art or works of art or artwork or property) through the auction or private sale process.

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