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Sotheby's (BID) - News
Before the opening bell on Friday, a number of big name, dividend paying companies announced their quarterly earnings. Below, we look at these...
Wednesday's Analyst Moves: The Boeing Company, ConocoPhillips, Reynolds American, Inc., More (BA, COP, RAI, More)Jun 11, 2014Before Wednesday's opening bell, a number of big name dividend stocks were the subject of analyst moves. Below, we highlight the important analyst...
Ex-dividend dates are very important to dividend investors, since you must purchase a stock prior to its ex-dividend date in order to receive its...
Sotheby's Adopts Shareholder Rights Plan to Fend Off Daniel Loeb (BID)Oct 4, 2013As activist investor Daniel Loeb lobbies for Sotheby's (BID) CEO to resign, the auction company adopted a shareholder rights plan on Friday to prevent efforts to obtain control of the company in ways that are not in the best interest of shareholders. Sotheby's Board of Directors said that they have adopted a shareholder rights plan and declared a dividend distribution of one preferred share purchase right on each outstanding share of the company's common stock. The dividend distribution will be made on October 14, payable to shareholders of record on that date. The shareholder rights plan provides several protections: 1) expires automatically in 12 months unless approved by shareholders (in which case it will expire in three years); 2) has an exception for offers made for all shares of the Company that treat all shareholders equally and that result in the bidder owning a majority of the Company's shares after 100 days; 3) guards against coercive tactics to gain control without paying all shareholders a premium for that control; 4) facilitates the ability of all shareholders to realize the full long-term value of their investment in the Company. The company noted that this rights plans will not prevent a takeover, but it encourages anyone seeking to acquire the company to negotiate with the Board of Directors first. Bill Ruprecht, Sotheby's Chairman and CEO, said: "This action is designed to protect the interests of all of our shareholders. We look forward to continuing to engage in constructive dialogue with our investors regarding our plans for the business, our comprehensive capital allocation and financial review currently underway, and avenues for enhancing and delivering value to our shareholders. Thanks to our exceptional staff, we have truly spectacular property lined up for sale this season and look forward to delivering outstanding results for our clients." Sotheby's shares were up a fraction during pre-market trading on Friday. The stock is up 51.52% year-to-date.
Activist Investor Daniel Loeb Encourages Sotheby's CEO to Step Down (BID)Oct 2, 2013Daniel Loeb, the activist investor behind the Third Point LLC hedge fund, has upped the fund's stake in Sotheby's (BID) and called for the resignation of its CEO. According to Reuters, Third Point is now the largest shareholder of Sotheby's, with 9.3%. In a letter that was released on Wednesday in a regulatory filing, it stated that Loeb has plans to join the board and encourage William Ruprecht, BID's CEO and chairman, to step down. Loeb cites "chronically weak operating margins and deteriorating competitive position relative to Christie's" as the reasons why this management change should occur. BID shares were up 33 cents, or 0.66%, at Wednesday's market close. The stock is up more than 43% YTD.
The Bottom LineShares of Sotheby's (BID) have a yield of 0.8% based on Wednesday's closing price of $50.04 and the company's annualized payout of 40 cents. Sotheby's (BID) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.
Citigroup Upgrades Sotheby's to "Buy" (BID)Sep 24, 2013Citigroup announced on Tuesday that it has raised its rating on Sotheby's (BID) to "Buy" as the company's management seeks outs multiple ways to enhance shareholder value. The firm has upgraded BID to "Buy" from "Neutral," and has boosted the company's price target to $55. This price target suggests a 14% increase from the stock's current price of $47.57. Sotheby's shares were mostly flat during pre-market trading Tuesday. The stock is up 42% YTD.
The Bottom LineShares of Sotheby's (BID) have a 0.84% yield based on Monday's closing price of $47.57. Sotheby's (BID) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.
Sotheby's Names New CFO (BID)Sep 23, 2013The New York-based auctioneer of fine art and jewelry, Sotheby's (BID) , announced on Monday that it had named a new CFO. It was reported that William Sheridan, executive VP and CFO, is leaving the company after 17 years of employment; Patrick McClymont, a partner and managing director at Goldman Sachs (GS) , will succeed Mr. Sheridan effective on October 7th. Sheridan commented, "I have had the privilege of working with a highly skilled, highly professional finance, investor relations and information technology team at Sotheby's that I invested in and helped build, and they deserve an enormous amount of credit for all that we accomplished. It has been a true pleasure to be part of Sotheby's and now I look forward to spending more time with my family and focusing on charitable work." Sotheby's shares inched higher on Monday, gaining 0.74% on the day. The stock is up 41% YTD.
The Bottom LineShares of Sotheby's (BID) are yielding 0.84% based Monday's closing price of $47.57. Sotheby's (BID) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.
Loe's Fund Ups Stake in Sotheby's (BID)Aug 26, 2013Dan Loeb's famed hedge fund, Third Point LLC, just announced a major up in its stake in Sotheby's (BID) . According to its most recent 13D filing, Third Point now owns 3.925 million shares of Sotheby's, a marked increase from its previous position of 2.5 million shares. Little information was given on why Third Point upped its stake by 57%, but it will undoubtedly be seen as a positive sign for shareholders as it speaks to the confidence Loeb has in the company. Sotheby's is a specialty retail store based in New York City, generally dealing with the financing and auctioning of artwork. Sotheby's stock traded flat for most of the day, but immediately spiked upon the news. The stock ended the day up $1.37, or 2.9%. The Bottom Line Shares of Sotheby's (BID) are currently yielding 0.85% based on Monday's closing price of $47.21. Sotheby's (BID) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.
Sotheby's Q1 Loss Widens on Higher Costs; Lower Revenue (BID)May 10, 2013Auctioneer, Sothebys (BID) reported a wider loss for its first quarter, which was negatively effected by higher expenses. The New York, NY based company reported a first quarter loss of -$22 million, or 33 cents per share, compared to last years loss of -$10.7 million, or 16 cents per share. Analysts expected to see a loss of 12 cents per share. The company typically reports a loss during its first and fourth quarters, which is offset by strong earnings in the second and fourth quarters. Revenue was negatively impacted by lower auction commission.The company reported that commission revenues for every $100 in auction sales dropped from $18.10 to $15 during the quarter. For the quarter, revenue fell -3% to $101.7 million, from $105 million last year. Analysts expected to see revenue of $116.90 million. Expenses were $123 million, up from $113.7 million in the first quarter last year. BID reported that the higher expenses were related to the company expanding its “presence in growth markets.” CEO and Chairman, William Ruprecht noted, “the first quarter showed a solid increase in auction sales compared to the prior year, but the results illustrate how competitive the market is for the highest-value consignments." Sothebys shares were mostly flat during premarket trading Friday. The stock is up 8% YTD. The Bottom Line Shares of Sothebys (BID) have a 2.20% yield, based on Thursday's closing price of $36.31. Sothebys (BID) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.
Earnings for Sothebys Drops; Misses Estimates (BID)Mar 1, 2013Auctioneer of fine and decorative art, Sothebys(BID) reported a decline in earnings on Thursday, which missed analysts Q4 estimates. The New York, NY based company reported fourth quarter net income of $66.1 million, or 96 cents per share, down -7.6% from $71.5 million, or $1.04 per share last year. On average, analysts expected earnings of $1.10 per share. Revenue for the quarter increased 2% to $291.12 million, from $284.45 million last year. Analysts expected to see $278.84 million in revenue. The company said that the quarterly results were hurt by the refinancing of debt. However, BID also said that the refinancing will save the company $5 million every year starting in 2014. Sotheby's will also raise their buyer commission for the first time in five years. To turn around declining revenues, the company will now charge buyers 25% on the first $100,000 of the hammer price, 20% on anything over $100,000, and 12% on anything above $2 million. Buyers previously paid 25% on the first $50,000, 20% on everything over $50,000, and 12% on everything above $1 million. Sothebys shares were mostly flat during premarket trading Friday. The stock has declined -4.7% in the past year. The Bottom Line Shares of Sothebys(BID) have a 2.09% yield, based on Thursday's closing price of $38.23. Sothebys(BID) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.