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Sothebys (BID): Billionaire Daniel Loeb’s Third Point Bids On A Few Shares

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An amended 13D filing with the Securities and Exchange Commission revealed that billionaire Daniel Loeb‘s Third Point has acquired 1,149 common shares of Sothebys (NYSE:BID), raising its stake to 6.66 million shares, which account for 12.1% of the company’s outstanding common stock. The largest institutional investor of the company, Third Point also held 6.66 million shares of the company on June 30, as per its recent 13F filing for the period.

Sothebys is a global art auction house that operates in two sectors: finance and agency. Recently, one of its subsidiaries, Sotheby’s International Realty, was sued by a member of the band Queens for using one of its songs in an online video advert. Year-to-date, the company’s stock has gained 56.33%. For the second quarter of 2016, Sothebys reported adjusted earnings per share of $1.51 and revenue of $298.67 million, well above the estimate of $1.05 for EPS, and also topping the $291.22 million consensus estimate for revenue.

 

Dan Loeb THIRD POINT

As per our hedge fund database, investors bullish on Sothebys (NYSE:BID) at the end of June, aside from Third Point, included Richard McGuire’s Marcato Capital Management, with a position valued at $144.42 million, John W. Rogers’ Ariel Investments, which held a position worth around $33.75 million, Ken Fisher’s Fisher Asset Management, and Chuck Royce’s Royce & Associates.

Investors who lost interest in Sothebys (NYSE:BID) and decided to sell their shares during the second quarter were Jim Simons’ Renaissance Technologies, which sold off a position worth $7.7 million, and Alec Litowitz and Ross Laser’s Magnetar Capital, which said goodbye to a position valued at $399,000 on March 31. Remaining investors that dumped Sothebys (NYSE:BID) positions contained Ken Griffin’s Citadel Investment Group, David Brown’s Hawk Ridge Management, and Benjamin A. Smith’s Laurion Capital Management.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Third Point 0 6,662,074 0 6,662,074 6,662,074 12.1%
Daniel S. Loeb 0 6,662,074 0 6,662,074 6,662,074 12.1%

Dan Loeb
Dan Loeb
Third Point

Page 1 of 5 – SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)*

 

 

Sothebys

(Name of
Issuer)

Common stock, par value $0.01 per share

(Title of Class of Securities)

835898107

(CUSIP Number)

Joshua L. Targoff

Third Point LLC

390 Park
Avenue, 19th Floor

New York, NY 10022

(212) 715-3880

(Name,
Address and Telephone Number of Person Authorized to Receive Notices and Communications)

August 15, 2016

(Date of Event which Requires Filing of this Statement)

 

 

If the filing person has
previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ¨

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See
Section 240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be
deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).

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