Fox Co. (NASDAQ:FOXA) Sees Significant Decline in Short Interest

Fox Co. (NASDAQ:FOXA) was the recipient of a significant decline in short interest in February. As of February 28th, there was short interest totalling 16,970,000 shares, a decline of 20.9% from the February 13th total of 21,460,000 shares. Based on an average trading volume of 3,900,000 shares, the days-to-cover ratio is currently 4.4 days. Currently, 7.9% of the company’s stock are short sold.

Insider Activity

In other news, insider Adam G. Ciongoli sold 1,278 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $54.13, for a total transaction of $69,178.14. Following the completion of the sale, the insider now owns 29,897 shares in the company, valued at $1,618,324.61. The trade was a 4.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Keith Rupert Murdoch sold 58,000 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $53.17, for a total value of $3,083,860.00. Following the sale, the chairman now owns 1,200,862 shares of the company’s stock, valued at $63,849,832.54. This trade represents a 4.61 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 21.77% of the company’s stock.

Institutional Investors Weigh In On FOX

Large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its position in shares of FOX by 10.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,125,648 shares of the company’s stock worth $47,649,000 after buying an additional 110,753 shares during the last quarter. Invst LLC bought a new stake in shares of FOX in the 3rd quarter worth approximately $740,000. Asset Management One Co. Ltd. grew its position in shares of FOX by 25.0% in the 4th quarter. Asset Management One Co. Ltd. now owns 118,380 shares of the company’s stock worth $5,856,000 after buying an additional 23,704 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of FOX in the 3rd quarter worth approximately $2,867,000. Finally, Park Avenue Securities LLC grew its position in shares of FOX by 32.4% in the 4th quarter. Park Avenue Securities LLC now owns 15,481 shares of the company’s stock worth $752,000 after buying an additional 3,787 shares during the last quarter. 52.52% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FOXA. StockNews.com downgraded FOX from a “buy” rating to a “hold” rating in a report on Tuesday, December 17th. Bank of America upped their price objective on FOX from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Loop Capital upped their price objective on FOX from $48.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Barclays upped their price objective on FOX from $39.00 to $50.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Wells Fargo & Company upped their price objective on FOX from $59.00 to $64.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $51.19.

FOX Trading Up 1.1 %

FOXA traded up $0.56 on Wednesday, hitting $52.94. 2,639,238 shares of the company were exchanged, compared to its average volume of 3,090,169. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.14 and a current ratio of 2.50. The firm has a fifty day simple moving average of $52.79 and a two-hundred day simple moving average of $47.33. The stock has a market capitalization of $24.00 billion, a PE ratio of 11.34, a price-to-earnings-growth ratio of 1.27 and a beta of 0.67. FOX has a 12 month low of $29.53 and a 12 month high of $58.74.

FOX (NASDAQ:FOXA) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.34. The business had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.78 billion. FOX had a return on equity of 18.50% and a net margin of 14.39%. The business’s quarterly revenue was up 19.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.34 EPS. Sell-side analysts expect that FOX will post 4.38 earnings per share for the current year.

FOX Dividend Announcement

The business also recently declared a semi-annual dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 5th will be paid a $0.27 dividend. The ex-dividend date is Wednesday, March 5th. This represents a yield of 1%. FOX’s dividend payout ratio (DPR) is currently 11.56%.

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.