FOX (NASDAQ:FOXA) Hits New 1-Year High – Here’s Why

Fox Co. (NASDAQ:FOXA) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $50.66 and last traded at $50.20, with a volume of 1731122 shares changing hands. The stock had previously closed at $49.07.

Analysts Set New Price Targets

Several research analysts recently commented on FOXA shares. Barclays increased their target price on shares of FOX from $36.00 to $39.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 9th. Wells Fargo & Company raised their price objective on FOX from $49.00 to $59.00 and gave the company an “underweight” rating in a report on Friday, January 10th. Bank of America upped their target price on FOX from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. The Goldman Sachs Group raised their price target on FOX from $51.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, Morgan Stanley upped their price objective on FOX from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Friday, November 1st. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $48.25.

FOX Trading Up 2.3 %

The business has a fifty day moving average price of $47.90 and a 200-day moving average price of $43.22. The company has a quick ratio of 2.33, a current ratio of 2.59 and a debt-to-equity ratio of 0.58. The company has a market cap of $22.92 billion, a P/E ratio of 12.27, a PEG ratio of 1.19 and a beta of 0.75.

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 the consensus estimate of $1.12 by $0.33. FOX had a return on equity of 16.49% and a net margin of 13.40%. The business had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the previous year, the company posted $1.09 EPS. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. On average, analysts forecast that Fox Co. will post 4.09 earnings per share for the current year.

Insider Activity

In other FOX news, COO John Nallen sold 182,481 shares of FOX stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $43.73, for a total value of $7,979,894.13. Following the completion of the transaction, the chief operating officer now directly owns 249,424 shares of the company’s stock, valued at $10,907,311.52. The trade was a 42.25 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Keith Rupert Murdoch sold 186,871 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $46.22, for a total value of $8,637,177.62. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 469,352 shares of company stock valued at $20,822,072. 21.77% of the stock is owned by company insiders.

Hedge Funds Weigh In On FOX

Hedge funds have recently bought and sold shares of the company. Pacer Advisors Inc. grew its position in FOX by 44,205.3% in the third quarter. Pacer Advisors Inc. now owns 7,915,576 shares of the company’s stock valued at $335,066,000 after acquiring an additional 7,897,710 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in shares of FOX by 228.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,387,107 shares of the company’s stock valued at $58,716,000 after purchasing an additional 964,737 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its holdings in shares of FOX by 308.5% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 1,218,070 shares of the company’s stock valued at $59,174,000 after purchasing an additional 919,883 shares during the last quarter. KBC Group NV increased its position in FOX by 56.1% during the 4th quarter. KBC Group NV now owns 2,367,698 shares of the company’s stock worth $115,022,000 after purchasing an additional 851,127 shares in the last quarter. Finally, Glenmede Trust Co. NA lifted its stake in FOX by 244.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 389,470 shares of the company’s stock valued at $16,486,000 after purchasing an additional 276,259 shares during the last quarter. 52.52% of the stock is owned by 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.