JPMorgan Chase & Co. raised its holdings in shares of Sothebys (NYSE:BID) by 145.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 118,780 shares of the specialty retailer’s stock after acquiring an additional 70,359 shares during the period. JPMorgan Chase & Co. owned about 0.23% of Sothebys worth $5,493,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of BID. Riverhead Capital Management LLC lifted its stake in Sothebys by 72.9% in the second quarter. Riverhead Capital Management LLC now owns 3,630 shares of the specialty retailer’s stock worth $195,000 after acquiring an additional 1,530 shares during the period. Yorktown Management & Research Co Inc purchased a new position in Sothebys during the third quarter valued at $233,000. Northwestern Mutual Investment Management Company LLC lifted its position in Sothebys by 13.3% during the second quarter. Northwestern Mutual Investment Management Company LLC now owns 8,998 shares of the specialty retailer’s stock valued at $247,000 after buying an additional 1,055 shares during the period. Flinton Capital Management LLC lifted its position in Sothebys by 73.8% during the second quarter. Flinton Capital Management LLC now owns 4,964 shares of the specialty retailer’s stock valued at $266,000 after buying an additional 2,108 shares during the period. Finally, Crossmark Global Holdings Inc. purchased a new position in Sothebys during the third quarter valued at $278,000. Institutional investors and hedge funds own 92.00% of the company’s stock.
Several equities analysts have recently issued reports on the company. Aegis assumed coverage on Sothebys in a research report on Monday, October 30th. They issued a “buy” rating and a $60.00 price target for the company. Zacks Investment Research raised Sothebys from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research report on Monday, January 8th. Consumer Edge upgraded Sothebys from a “neutral” rating to an “overweight” rating in a report on Wednesday, October 4th. Finally, TheStreet downgraded Sothebys from a “b” rating to a “c+” rating in a report on Monday, November 6th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $59.00.
Sothebys (NYSE:BID) last posted its quarterly earnings results on Friday, November 3rd. The specialty retailer reported ($0.45) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.68) by $0.23. Sothebys had a return on equity of 22.48% and a net margin of 10.95%. The company had revenue of $171.39 million for the quarter, compared to analysts’ expectations of $101.14 million. During the same period in the previous year, the firm earned ($0.78) EPS. The firm’s revenue was up 87.3% compared to the same quarter last year. research analysts predict that Sothebys will post 2.17 earnings per share for the current year.
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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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