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.
ILLEGAL ACTIVITY WARNING: This news story was first reported by Community Financial News and is owned by of Community Financial News. If you are reading this news story on another site, it was illegally stolen and reposted in violation of US and international trademark & copyright law. The correct version of this news story can be accessed at https://www.com-unik.info/2017/11/05/sothebys-bid-announces-earnings-results.html.
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.
What are top analysts saying about Sotheby's? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Sotheby's and related companies.