Marcato Capital Management Lp Lowers stake in Sothebys (BID)

Sothebys (BID) : Marcato Capital Management Lp reduced its stake in Sothebys by 10.75% during the most recent quarter end. The investment management company now holds a total of 5,270,871 shares of Sothebys which is valued at $210,255,044 after selling 635,000 shares in Sothebys , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Sothebys makes up approximately 15.12% of Marcato Capital Management Lp’s portfolio.

Other Hedge Funds, Including , Envestnet Asset Management Inc boosted its stake in BID in the latest quarter, The investment management firm added 598 additional shares and now holds a total of 4,017 shares of Sothebys which is valued at $160,238.Teachers Advisors Inc reduced its stake in BID by selling 6,224 shares or 6.87% in the most recent quarter. The Hedge Fund company now holds 84,397 shares of BID which is valued at $3,366,596. Sothebys makes up approx 0.01% of Teachers Advisors Inc’s portfolio.Oregon Public Employees Retirement Fund boosted its stake in BID in the latest quarter, The investment management firm added 423 additional shares and now holds a total of 20,464 shares of Sothebys which is valued at $655,053. Sothebys makes up approx 0.01% of Oregon Public Employees Retirement Fund’s portfolio.

Sothebys closed down -0.15 points or -0.38% at $39.5 with 10,26,027 shares getting traded on Thursday. Post opening the session at $39.49, the shares hit an intraday low of $39.43 and an intraday high of $40.18 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Sothebys reported $1.51 EPS for the quarter, beating the analyst consensus estimate by $ 0.47 according to the earnings call on Aug 8, 2016. Analyst had a consensus of $1.04. The company had revenue of $298.70 million for the quarter, compared to analysts expectations of $282.48 million. The company’s revenue was down -10.0 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.04 EPS.

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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