First Mercantile Trust Co. Maintains Stake in News Corp. (NWSA)
First Mercantile Trust Co. maintained its position in News Corp. (NASDAQ:NWSA) during the second quarter, Holdings Channel reports. The fund owned 13,700 shares of the company’s stock at the end of the second quarter. First Mercantile Trust Co.’s holdings in News Corp. were worth $155,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of NWSA. IBM Retirement Fund increased its position in News Corp. by 0.6% in the second quarter. IBM Retirement Fund now owns 50,403 shares of the company’s stock valued at $572,000 after buying an additional 277 shares during the period. Norinchukin Bank The increased its position in shares of News Corp. by 2.4% in the second quarter. Norinchukin Bank The now owns 19,962 shares of the company’s stock valued at $227,000 after buying an additional 461 shares during the last quarter. Utah Retirement Systems increased its position in shares of News Corp. by 0.7% in the second quarter. Utah Retirement Systems now owns 69,245 shares of the company’s stock valued at $786,000 after buying an additional 500 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of News Corp. by 3.3% in the second quarter. PNC Financial Services Group Inc. now owns 29,296 shares of the company’s stock valued at $334,000 after buying an additional 949 shares during the last quarter. Finally, CIBC Asset Management Inc increased its position in shares of News Corp. by 2.9% in the second quarter. CIBC Asset Management Inc now owns 46,626 shares of the company’s stock valued at $529,000 after buying an additional 1,308 shares during the last quarter. 95.59% of the stock is currently owned by hedge funds and other institutional investors.
Shares of News Corp. (NASDAQ:NWSA) opened at 14.62 on Thursday. The company has a market cap of $8.48 billion, a PE ratio of 47.93 and a beta of 2.01. The company has a 50-day moving average of $13.90 and a 200 day moving average of $12.66. News Corp. has a 12-month low of $10.21 and a 12-month high of $15.68.
News Corp. (NASDAQ:NWSA) last released its earnings results on Monday, August 8th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by $0.03. News Corp. had a return on equity of 1.95% and a net margin of 2.16%. The business earned $2.23 billion during the quarter, compared to analysts’ expectations of $2.06 billion. During the same quarter in the previous year, the business earned $0.07 EPS. The business’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, equities research analysts expect that News Corp. will post $0.46 EPS for the current year.
The company also recently declared a dividend, which will be paid on Wednesday, October 19th. Stockholders of record on Wednesday, September 14th will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, September 12th. News Corp.’s dividend payout ratio is currently 66.67%.
Several research analysts recently commented on the stock. Zacks Investment Research raised shares of News Corp. from a “sell” rating to a “hold” rating in a research note on Monday, July 11th. Morgan Stanley reaffirmed a “hold” rating on shares of News Corp. in a research note on Thursday, August 18th. Finally, TheStreet raised shares of News Corp. from a “hold” rating to a “buy” rating in a research note on Monday, August 15th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. News Corp. currently has a consensus rating of “Hold” and a consensus target price of $17.13.
In other news, CFO Bedi Ajay Singh sold 29,857 shares of the firm’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $14.39, for a total transaction of $429,642.23. Following the transaction, the chief financial officer now owns 33,667 shares in the company, valued at $484,468.13. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 13.88% of the company’s stock.
About News Corp.
News Corporation is a diversified media and information services company. The Company operates in five segments: News and Information Services, Cable Network Programming, Digital Real Estate Services, Book Publishing, and Other. The Company’s business consists of range of media, including news and information services, sports programming in Australia, digital real estate services, book publishing, and pay-television (TV) distribution in Australia, that are distributed under the brands, including The Wall Street Journal, Dow Jones, Herald Sun, The Sun, The Times, HarperCollins Publishers, FOX SPORTS Australia and realestate.com.au.
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