Sothebys (NYSE:BID) Sees Large Decline in Short Interest

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

A number of hedge funds and other institutional investors have recently bought and sold shares of BID. PNC Financial Services Group Inc. raised its position in Sothebys by 34.9% during the first quarter. PNC Financial Services Group Inc. now owns 1,048 shares of the specialty retailer’s stock worth $40,000 after acquiring an additional 271 shares in the last quarter. Quadrant Capital Group LLC raised its position in shares of Sothebys by 339.6% in the first quarter. Quadrant Capital Group LLC now owns 1,609 shares of the specialty retailer’s stock valued at $59,000 after purchasing an additional 1,243 shares during the period. Quantamental Technologies LLC bought a new position in shares of Sothebys in the first quarter valued at about $75,000. SG Americas Securities LLC bought a new position in shares of Sothebys in the first quarter valued at about $157,000. Finally, Campbell & CO Investment Adviser LLC bought a new position in shares of Sothebys in the first quarter valued at about $203,000.

Several research analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of DLH from a “sell” rating to a “hold” rating in a report on Tuesday. ValuEngine raised shares of United Overseas Bank from a “sell” rating to a “hold” rating in a research report on Monday, June 17th. Berenberg Bank cut their price objective on shares of from GBX 190 ($2.48) to GBX 180 ($2.35) and set a “buy” rating on the stock in a research report on Wednesday, June 19th. Finally, TheStreet lowered 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 assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $48.75.

Shares of BID stock traded up $0.24 during trading on Friday, reaching $58.09. The company’s stock had a trading volume of 810,536 shares, compared to its average volume of 631,440. The firm’s fifty day moving average is $47.07. The company has a current ratio of 1.16, a quick ratio of 1.11 and a debt-to-equity ratio of 2.61. The stock has a market capitalization of $2.69 billion, a P/E ratio of 23.42 and a beta of 1.99. Sothebys has a one year low of $32.01 and a one year high of $59.30.

Sothebys (NYSE:BID) last announced its quarterly earnings data on Thursday, May 2nd. The specialty retailer reported ($0.15) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.24) by $0.09. Sothebys had a net margin of 10.66% and a return on equity of 24.25%. The business had revenue of $173.50 million for the quarter, compared to analyst estimates of $173.62 million. During the same quarter in the previous year, the firm posted $0.09 earnings per share. The firm’s revenue for the quarter was down 11.4% on a year-over-year basis. On average, equities analysts forecast that Sothebys will post 2.63 EPS for the current fiscal year.

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.

Featured Story: Why do corrections happen?

Receive News & Ratings for Sothebys Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sothebys and related companies with MarketBeat.com's FREE daily email newsletter.