Trade Report: Today: BNP Paribas Arbitrage SA Reduces stake in Sotheby’s (BID)

Today: BNP Paribas Arbitrage SA Reduces stake in Sotheby’s (BID)

BNP Paribas Arbitrage SA decreased its stake in Sotheby’s (NYSE:BID) by 8.9% during the third quarter, Holdings Channel reports. The fund owned 105,770 shares of the company’s stock after selling 10,306 shares during the period. BNP Paribas Arbitrage SA’s holdings in Sotheby’s were worth $4,021,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in BID. Quantbot Technologies LP increased its position in shares of Sotheby’s by 119.8% in the second quarter. Quantbot Technologies LP now owns 3,800 shares of the company’s stock valued at $104,000 after buying an additional 2,071 shares during the last quarter. Sei Investments Co. acquired a new position in shares of Sotheby’s during the second quarter valued at $161,000. Wright Investors Service Inc. increased its position in shares of Sotheby’s by 2.1% in the second quarter. Wright Investors Service Inc. now owns 8,565 shares of the company’s stock valued at $235,000 after buying an additional 175 shares during the last quarter. Amalgamated Bank acquired a new position in shares of Sotheby’s during the second quarter valued at $255,000. Finally, Tocqueville Asset Management L.P. acquired a new position in shares of Sotheby’s during the second quarter valued at $282,000. 88.50% of the stock is owned by institutional investors and hedge funds.

Shares of Sotheby’s (NYSE:BID) traded down 0.38% during mid-day trading on Monday, hitting $38.92. The company’s stock had a trading volume of 350,564 shares. The company’s market cap is $2.06 billion. The stock has a 50-day moving average of $36.69 and a 200-day moving average of $34.10. Sotheby’s has a 12-month low of $18.86 and a 12-month high of $41.23.

Sotheby’s (NYSE:BID) last announced its earnings results on Monday, November 7th. The company reported ($0.78) earnings per share for the quarter, missing the consensus estimate of ($0.62) by $0.16. Sotheby’s had a negative net margin of 0.31% and a positive return on equity of 16.53%. The company earned $91.49 million during the quarter, compared to analysts’ expectations of $82.90 million. During the same quarter last year, the business posted ($0.26) earnings per share. The company’s revenue for the quarter was down 33.7% compared to the same quarter last year. On average, equities research analysts forecast that Sotheby’s will post $1.57 EPS for the current year.

BID has been the subject of several research analyst reports. TheStreet raised Sotheby’s from a “hold” rating to a “buy” rating in a research note on Tuesday, August 9th. Zacks Investment Research downgraded Sotheby’s from a “buy” rating to a “hold” rating in a research note on Thursday, October 20th. Finally, Cowen and Company set a $38.00 price objective on Sotheby’s and gave the company a “hold” rating in a research note on Monday, September 19th. One analyst has rated the stock with a sell rating and seven have issued a hold rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $31.80.

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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