Westchester Capital Management LLC Takes $712,000 Position in Fox Co. (NASDAQ:FOX)

Westchester Capital Management LLC bought a new stake in Fox Co. (NASDAQ:FOX) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 18,342 shares of the company’s stock, valued at approximately $712,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Swedbank AB grew its holdings in shares of FOX by 117.8% during the second quarter. Swedbank AB now owns 145,711 shares of the company’s stock worth $4,666,000 after purchasing an additional 78,801 shares during the last quarter. AMF Tjanstepension AB acquired a new position in shares of FOX in the 2nd quarter valued at $7,690,000. Summit Global Investments purchased a new stake in FOX in the 3rd quarter valued at $768,000. Independent Franchise Partners LLP grew its position in FOX by 14.5% during the 2nd quarter. Independent Franchise Partners LLP now owns 5,023,830 shares of the company’s stock worth $160,863,000 after purchasing an additional 636,247 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in FOX by 47.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 704,359 shares of the company’s stock worth $22,554,000 after purchasing an additional 227,194 shares during the last quarter. 26.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at FOX

In related news, Chairman Keith Rupert Murdoch sold 100,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $42.05, for a total transaction of $4,205,000.00. Following the transaction, the chairman now owns 1,258,862 shares of the company’s stock, valued at $52,935,147.10. This represents a 7.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO John Nallen sold 182,481 shares of the firm’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $43.73, for a total value of $7,979,894.13. Following the completion of the sale, the chief operating officer now directly owns 249,424 shares of the company’s stock, valued at approximately $10,907,311.52. This trade represents a 42.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,053,505 shares of company stock worth $47,705,970 over the last 90 days. Company insiders own 23.06% of the company’s stock.

Analyst Upgrades and Downgrades

FOX has been the subject of several recent research reports. Barclays upgraded shares of FOX to a “hold” rating in a research note on Wednesday, October 9th. Seaport Res Ptn cut FOX from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 9th.

FOX Stock Up 0.8 %

FOX stock opened at $44.73 on Friday. Fox Co. has a one year low of $25.82 and a one year high of $44.89. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.33 and a current ratio of 2.59. The company has a fifty day moving average of $40.39 and a 200-day moving average of $36.33. The stock has a market capitalization of $20.43 billion, a PE ratio of 10.94, a price-to-earnings-growth ratio of 1.70 and a beta of 0.81.

FOX 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.