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January 29, 2014
08:46 EDTBIDMarcato says Sotheby's can 'comfortably' return more capital to shareholders
Marcato Capital Management , who owns 6.6% of the common shares outstanding of Sotheby’s, issued the following statement from Mick McGuire, Founder and Managing Partner of Marcato. McGuire said “Today's announcement is a modest step in the right direction, but Sotheby’s can comfortably return more capital to shareholders and do it more quickly than under its proposed plan. Sotheby’s can and should return a total of $1B of capital to shareholders within 12 months using the earnings generated in 2013 and 2014, excess cash on the balance sheet, and capital released from appropriate financing of its Financial Services business and its real estate. Sotheby’s can return this capital to shareholders and still maintain more than adequate liquidity to meet its long-term strategic objectives. We encourage our fellow shareholders to continue to press this Board and management team to act urgently and return significant additional capital in 2014.”
News For BID From The Last 14 Days
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November 15, 2015
16:08 EDTBIDSotheby's starts voluntary buyouts, may resort to layoffs, Bloomberg says
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November 10, 2015
08:48 EDTBIDSotheby's price target lowered to $35 from $45 at Cowen
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07:26 EDTBIDSotheby's price target lowered to $38 from $50 at Stifel
Stifel cut its price target on Sotheby's after the company reported lower than expected EPS. The firm says that revenue recognition from the Taubman collection will create "unfavorable Q4 optics" and is causing it to significantly lower its Q4 estimates. Additionally, Stifel says the company lacks near-term catalysts. Nevertheless Stifel expects the company's fiscal 2017 EPS to come in above the current consensus and it keeps a Buy rating on the shares.

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