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

Fox Co. (NASDAQ:FOXA)’s share price reached a new 52-week high during 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.

Analyst Ratings Changes

FOXA has been the topic of several recent research reports. Bank of America raised their target price on FOX from $45.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Evercore ISI raised their price objective on FOX from $33.00 to $38.00 and gave the company an “in-line” rating in a research note on Wednesday, August 7th. Barclays upped their target price on FOX from $36.00 to $39.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of FOX from $39.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. Finally, Rosenblatt Securities lifted their target price on shares of FOX from $37.00 to $38.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, FOX has an average rating of “Hold” and a consensus target price of $41.08.

FOX Stock Performance

The firm has a 50 day moving average of $41.33 and a two-hundred day moving average of $37.07. The stock has a market cap of $19.60 billion, a P/E 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 quick ratio of 2.33 and a current ratio of 2.54.

FOX (NASDAQ:FOXA) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.07. FOX had a return on equity of 15.57% and a net margin of 10.74%. The company had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.10 billion. During the same quarter last year, the company earned $0.88 EPS. The company’s quarterly revenue was up 2.0% on a year-over-year basis. On average, research analysts predict that Fox Co. will post 3.69 EPS for the current fiscal year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On FOX

A number of hedge funds have recently modified their holdings of the stock. Bessemer Group Inc. raised its holdings in shares of FOX by 11.0% in the 1st quarter. Bessemer Group Inc. now owns 3,290 shares of the company’s stock worth $103,000 after buying an additional 326 shares in the last quarter. Raymond James Trust N.A. raised its holdings in shares of FOX by 4.4% in the 2nd quarter. Raymond James Trust N.A. now owns 9,691 shares of the company’s stock worth $333,000 after buying an additional 406 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of FOX by 1.6% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 29,501 shares of the company’s stock worth $1,249,000 after buying an additional 451 shares in the last quarter. Linden Thomas Advisory Services LLC increased its holdings in FOX by 0.9% during the 2nd quarter. Linden Thomas Advisory Services LLC now owns 49,314 shares of the company’s stock valued at $1,695,000 after purchasing an additional 453 shares in the last quarter. Finally, Verdence Capital Advisors LLC increased its holdings in FOX by 3.5% during the 2nd quarter. Verdence Capital Advisors LLC now owns 13,403 shares of the company’s stock valued at $461,000 after purchasing an additional 458 shares in the last quarter. 52.52% of the stock is owned by institutional investors and hedge funds.

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.