Short Interest in Sothebys (NYSE:BID) Declines By 30.6%

Sothebys (NYSE:BID) was the recipient of a large decline in short interest during the month of June. As of June 30th, there was short interest totalling 6,372,700 shares, a decline of 30.6% from the May 30th total of 9,177,500 shares. Approximately 13.9% of the company’s shares are short sold. Based on an average daily volume of 773,000 shares, the short-interest ratio is currently 8.2 days.

BID stock traded up $0.24 during trading on Friday, hitting $58.09. The company had a trading volume of 810,536 shares, compared to its average volume of 631,440. 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 company has a 50-day simple moving average of $46.65. Sothebys has a 12 month low of $32.01 and a 12 month high of $59.30. The company has a market cap of $2.69 billion, a PE ratio of 23.42 and a beta of 1.99.

Sothebys (NYSE:BID) last released its earnings results on Thursday, May 2nd. The specialty retailer reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.09. Sothebys had a net margin of 10.66% and a return on equity of 24.25%. The firm had revenue of $173.50 million during the quarter, compared to analyst estimates of $173.62 million. During the same quarter in the previous year, the business earned $0.09 EPS. The business’s quarterly revenue was down 11.4% compared to the same quarter last year. Equities research analysts predict that Sothebys will post 2.63 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Alpine Global Management LLC bought a new stake in shares of Sothebys in the 2nd quarter valued at about $872,000. Retirement Systems of Alabama raised its holdings in shares of Sothebys by 0.5% in the 2nd quarter. Retirement Systems of Alabama now owns 43,046 shares of the specialty retailer’s stock valued at $2,502,000 after purchasing an additional 210 shares during the period. Crossmark Global Holdings Inc. bought a new stake in shares of Sothebys in the 2nd quarter valued at about $215,000. First Trust Advisors LP raised its holdings in shares of Sothebys by 41.8% in the 1st quarter. First Trust Advisors LP now owns 27,459 shares of the specialty retailer’s stock valued at $1,037,000 after purchasing an additional 8,088 shares during the period. Finally, Marshall Wace North America L.P. raised its holdings in shares of Sothebys by 17.8% in the 1st quarter. Marshall Wace North America L.P. now owns 41,758 shares of the specialty retailer’s stock valued at $1,575,000 after purchasing an additional 6,314 shares during the period.

BID has been the subject of several research analyst reports. Berenberg Bank dropped their price objective on shares of 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. Zacks Investment Research upgraded shares of DLH from a “sell” rating to a “hold” rating in a research report on Tuesday. ValuEngine upgraded shares of United Overseas Bank from a “sell” rating to a “hold” rating in a research report on Monday, June 17th. Finally, TheStreet cut shares of YRC Worldwide from a “c” rating to a “d+” rating in a research report on Wednesday, May 15th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $48.75.

Sothebys Company Profile

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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