FOX (NASDAQ:FOXA) Downgraded to “Hold” Rating by StockNews.com

StockNews.com downgraded shares of FOX (NASDAQ:FOXA) from a buy rating to a hold rating in a research note published on Tuesday morning.

Other equities research analysts have also issued reports about the company. Wells Fargo & Company increased their price target on FOX from $46.00 to $49.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Evercore ISI upgraded shares of FOX to a “hold” rating in a report on Tuesday, November 5th. Seaport Res Ptn lowered shares of FOX from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 9th. JPMorgan Chase & Co. upped their price objective on shares of FOX from $41.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Finally, Morgan Stanley lifted their target price on shares of FOX from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, FOX has an average rating of “Hold” and a consensus target price of $46.87.

FOX Stock Down 1.2 %

Shares of NASDAQ FOXA opened at $48.84 on Tuesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.59 and a quick ratio of 2.33. FOX has a 1 year low of $28.28 and a 1 year high of $50.63. The stock has a market capitalization of $22.31 billion, a P/E ratio of 11.94, a P/E/G ratio of 1.18 and a beta of 0.77. The company has a 50-day moving average price of $44.98 and a 200-day moving average price of $40.45.

FOX (NASDAQ:FOXA) last released its quarterly earnings results on Monday, November 4th. The company reported $1.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.33. The business had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $3.38 billion. FOX had a return on equity of 16.49% and a net margin of 13.40%. The company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.09 EPS. On average, equities research analysts forecast that FOX will post 3.94 EPS for the current fiscal year.

Insider Activity

In related news, COO John Nallen sold 182,481 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $43.73, for a total transaction of $7,979,894.13. Following the sale, the chief operating officer now directly owns 249,424 shares in the company, valued at approximately $10,907,311.52. This represents a 42.25 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Keith Rupert Murdoch sold 186,871 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $46.22, for a total transaction of $8,637,177.62. The disclosure for this sale can be found here. Insiders have sold 469,352 shares of company stock valued at $20,822,072 in the last 90 days. Insiders own 21.77% of the company’s stock.

Hedge Funds Weigh In On FOX

Several hedge funds have recently made changes to their positions in FOXA. Principal Financial Group Inc. boosted its stake in FOX by 0.4% in the 3rd quarter. Principal Financial Group Inc. now owns 291,051 shares of the company’s stock worth $12,320,000 after purchasing an additional 1,178 shares during the period. Franklin Resources Inc. lifted its holdings in shares of FOX by 108.4% in the third quarter. Franklin Resources Inc. now owns 177,342 shares of the company’s stock worth $7,369,000 after buying an additional 92,244 shares in the last quarter. Tidal Investments LLC boosted its position in shares of FOX by 24.6% in the third quarter. Tidal Investments LLC now owns 33,672 shares of the company’s stock valued at $1,425,000 after acquiring an additional 6,658 shares during the period. World Investment Advisors LLC purchased a new position in FOX during the third quarter valued at approximately $3,587,000. Finally, Invst LLC bought a new stake in FOX during the 3rd quarter worth approximately $740,000. 52.52% of the stock is currently owned by hedge funds and other institutional investors.

About FOX

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through four segments: Cable Network Programming, Television, Credible, and The FOX Studio Lot. The Cable Network Programming segment produces and licenses news and sports content for distribution through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors, and other digital platforms primarily in the U.S.