FOX (NASDAQ:FOXA) Sets New 52-Week High – Here’s Why

Fox Co. (NASDAQ:FOXA)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $42.90 and last traded at $42.90, with a volume of 103 shares traded. The stock had previously closed at $42.00.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Bank of America increased their price target on FOX from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Loop Capital increased their price target on FOX from $43.00 to $46.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Rosenblatt Securities increased their price target on FOX from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Wells Fargo & Company raised FOX from an “underweight” rating to an “overweight” rating and increased their price target for the stock from $29.00 to $46.00 in a research note on Friday, August 16th. Finally, Barclays increased their price target on FOX from $36.00 to $39.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $41.08.

FOX Stock Performance

The firm has a market capitalization of $19.60 billion, a PE ratio of 13.17, a P/E/G ratio of 1.92 and a beta of 0.76. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.54 and a quick ratio of 2.33. The firm has a fifty day moving average price of $41.33 and a 200 day moving average price of $37.07.

FOX (NASDAQ:FOXA) last announced its earnings results on Tuesday, August 6th. The company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.83 by $0.07. FOX had a return on equity of 15.57% and a net margin of 10.74%. The business had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.10 billion. During the same period in the prior year, the business posted $0.88 earnings per share. FOX’s revenue was up 2.0% compared to the same quarter last year. Research analysts anticipate that Fox Co. will post 3.69 earnings per share for the current fiscal year.

Insider Activity

In other news, COO John Nallen sold 52,874 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $38.96, for a total transaction of $2,059,971.04. Following the completion of the sale, the chief operating officer now directly owns 249,424 shares of the company’s stock, valued at $9,717,559.04. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Lachlan K. Murdoch acquired 119,705 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were purchased at an average price of $39.06 per share, for a total transaction of $4,675,677.30. Following the purchase, the chief executive officer now owns 1,076,407 shares in the company, valued at $42,044,457.42. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO John Nallen sold 52,874 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $38.96, for a total transaction of $2,059,971.04. Following the completion of the sale, the chief operating officer now owns 249,424 shares of the company’s stock, valued at approximately $9,717,559.04. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 21.77% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On FOX

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in FOX by 5.9% in the first quarter. Vanguard Group Inc. now owns 29,880,203 shares of the company’s stock valued at $934,354,000 after purchasing an additional 1,653,913 shares in the last quarter. Independent Franchise Partners LLP grew its stake in shares of FOX by 3.3% in the 2nd quarter. Independent Franchise Partners LLP now owns 18,495,954 shares of the company’s stock valued at $635,706,000 after buying an additional 597,450 shares in the last quarter. LSV Asset Management increased its holdings in FOX by 5.9% in the second quarter. LSV Asset Management now owns 8,577,714 shares of the company’s stock worth $294,816,000 after buying an additional 481,267 shares during the last quarter. Dimensional Fund Advisors LP raised its position in FOX by 7.7% during the second quarter. Dimensional Fund Advisors LP now owns 3,758,734 shares of the company’s stock valued at $129,180,000 after acquiring an additional 268,778 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its stake in FOX by 25.5% in the second quarter. D. E. Shaw & Co. Inc. now owns 2,420,940 shares of the company’s stock valued at $83,208,000 after acquiring an additional 492,467 shares during the last quarter. 52.52% of the stock is owned by institutional investors and hedge funds.

FOX Company Profile

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.