Standpoint Research Downgrades Sothebys to Hold

Brokerage firm Standpoint Research Downgrades its rating on Sothebys(NYSE:BID). The shares have been rated Hold. Previously, the analysts had a Buy rating on the shares. The rating by Standpoint Research was issued on Apr 14, 2016.

In a different note, On Feb 11, 2016, Sitfel said it Downgrades its rating on Sothebys. The shares have been rated ‘Hold’ by the firm. Standpoint Research said it Initiates Coverage on Sothebys, according to a research note issued on Jan 20, 2016. The shares have been rated ‘Buy’ by the firm.

Sothebys (BID) made into the market gainers list on Mondays trading session with the shares advancing 2.90% or 0.8 points. Due to strong positive momentum, the stock ended at $28.4, which is also near the day’s high of $28.51. The stock began the session at $27.3 and the volume stood at 8,33,167 shares. The 52-week high of the shares is $47.28 and the 52 week low is $18.86. The company has a current market capitalization of $1,759 M and it has 6,19,42,422 shares in outstanding.

Sothebys(BID) last announced its earnings results on Feb 26, 2016 for Fiscal Year 2015 and Q4.Company reported revenue of $335.82M. Analysts had an estimated revenue of $331.14M. Earnings per share were $1.19. Analysts had estimated an EPS of $1.14.

Several Insider Transactions has been reported to the SEC. On Feb 12, 2016, Dennis M Weibling (CFO) purchased 4,000 shares at $19.99 per share price.Also, On Feb 3, 2016, Jonathan Olsoff (General Counsel) purchased 2,155 shares at $23.13 per share price.On Feb 3, 2016, Olivier Reza (director) purchased 10,000 shares at $23.00 per share price, according to the Form-4 filing with the securities and exchange commission.

Sotheby’s is a global art business company. The Company operates in three segments: Agency Principal and Finance. The Company’s Agency segment accepts property on consignment stimulates buyer interest through professional marketing techniques and matches sellers (also known as consignors) to buyers through the auction or private sale process. The Company’s Principal segment is engaged in the sale of artworks that have been purchased by Sotheby’s including property acquired for sale at auction in the near term in lieu of the Agency segment providing an auction guarantee to a potential consignor. The Company’s Finance segment provides certain collectors and art dealers with financing secured by works of art that Sotheby’s either has in its possession or permits borrowers to possess.

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