Sotheby’s (BID) Announces Earnings Results

Sotheby’s (NYSE:BID) posted its quarterly earnings results on Friday. The specialty retailer reported ($0.45) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.68) by $0.23, Bloomberg Earnings reports. Sotheby’s had a net margin of 8.49% and a return on equity of 18.72%. The firm had revenue of $171.39 million for the quarter, compared to the consensus estimate of $101.14 million. During the same quarter in the previous year, the company earned ($0.78) earnings per share. The business’s revenue was up 87.3% compared to the same quarter last year.

Sotheby’s (NYSE BID) traded down $1.70 during trading on Friday, hitting $49.42. The company had a trading volume of 223,931 shares, compared to its average volume of 322,573. The company has a quick ratio of 1.37, a current ratio of 1.49 and a debt-to-equity ratio of 2.02. The firm has a market capitalization of $2,602.95, a P/E ratio of 23.31 and a beta of 1.89.

A number of brokerages have issued reports on BID. TheStreet raised Sotheby’s from a “c” rating to a “b” rating in a report on Monday, August 7th. Aegis began coverage on Sotheby’s in a report on Monday, October 30th. They set a “buy” rating and a $60.00 price objective for the company. Zacks Investment Research cut Sotheby’s from a “hold” rating to a “sell” rating in a report on Thursday, August 17th. BidaskClub cut Sotheby’s from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Finally, Consumer Edge raised Sotheby’s from a “neutral” rating to an “overweight” rating in a report on Wednesday, October 4th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $60.25.

Sotheby’s declared that its Board of Directors has initiated a share buyback plan on Tuesday, August 15th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the specialty retailer to repurchase up to 4.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

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About Sotheby’s

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.

Earnings History for Sotheby`s (NYSE:BID)

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