Investors Buy High Volume of Put Options on Sothebys (BID)

Sothebys (NYSE:BID) was the target of some unusual options trading activity on Monday. Traders acquired 336 put options on the company. This is an increase of approximately 489% compared to the average daily volume of 57 put options.

Several hedge funds have recently made changes to their positions in BID. Clal Insurance Enterprises Holdings Ltd boosted its stake in shares of Sothebys by 77.0% in the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,500,000 shares of the specialty retailer’s stock valued at $69,165,000 after purchasing an additional 652,600 shares during the period. Discovery Capital Management LLC CT purchased a new position in shares of Sothebys in the second quarter valued at $29,357,000. Victory Capital Management Inc. boosted its stake in shares of Sothebys by 42.2% in the third quarter. Victory Capital Management Inc. now owns 1,270,757 shares of the specialty retailer’s stock valued at $58,595,000 after purchasing an additional 377,050 shares during the period. Vanguard Group Inc. boosted its stake in shares of Sothebys by 9.9% in the second quarter. Vanguard Group Inc. now owns 3,974,106 shares of the specialty retailer’s stock valued at $213,290,000 after purchasing an additional 356,603 shares during the period. Finally, Prudential Financial Inc. boosted its stake in shares of Sothebys by 802.2% in the second quarter. Prudential Financial Inc. now owns 373,218 shares of the specialty retailer’s stock valued at $20,031,000 after purchasing an additional 331,849 shares during the period. Institutional investors and hedge funds own 92.00% of the company’s stock.

Shares of Sothebys (BID) opened at $51.60 on Friday. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.62 and a current ratio of 1.73. Sothebys has a 52 week low of $38.46 and a 52 week high of $57.95. The stock has a market cap of $2,773.21, a P/E ratio of 26.19 and a beta of 1.86.

Sothebys (NYSE:BID) last released its quarterly earnings data on Friday, November 3rd. The specialty retailer reported ($0.45) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.23. The company had revenue of $171.39 million during the quarter, compared to the consensus estimate of $101.14 million. Sothebys had a net margin of 10.95% and a return on equity of 22.48%. Sothebys’s revenue for the quarter was up 87.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.78) earnings per share. sell-side analysts predict that Sothebys will post 2.17 EPS for the current year.

A number of research firms have recently weighed in on BID. Zacks Investment Research raised shares of Sothebys from a “sell” rating to a “hold” rating in a research report on Tuesday, September 12th. Aegis initiated coverage on shares of Sothebys in a research report on Monday, October 30th. They set a “buy” rating and a $60.00 price target for the company. TheStreet lowered shares of Sothebys from a “b” rating to a “c+” rating in a research report on Monday, November 6th. Finally, Consumer Edge raised shares of Sothebys from a “neutral” rating to an “overweight” rating in a research report on Wednesday, October 4th. Two analysts have rated the stock with a sell rating and four have issued a buy rating to the company. Sothebys currently has an average rating of “Hold” and a consensus target price of $60.25.

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Sothebys 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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