FOX (NASDAQ:FOXA) Sets New 1-Year High – What’s Next?

Fox Corporation (NASDAQ:FOXA) shares reached a new 52-week high during trading on Monday . The company traded as high as $72.96 and last traded at $71.2740, with a volume of 986116 shares traded. The stock had previously closed at $71.10.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Guggenheim lifted their price objective on FOX from $62.00 to $68.00 and gave the stock a “buy” rating in a research note on Friday, September 26th. Weiss Ratings reiterated a “buy (b+)” rating on shares of FOX in a report on Monday, December 8th. Bank of America upped their price objective on FOX from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, September 26th. Zacks Research raised FOX from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 3rd. Finally, Morgan Stanley set a $70.00 price target on shares of FOX in a research note on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $70.50.

FOX Price Performance

The company has a quick ratio of 3.03, a current ratio of 3.24 and a debt-to-equity ratio of 0.54. The business has a fifty day moving average of $63.78 and a 200 day moving average of $59.56. The firm has a market cap of $31.77 billion, a P/E ratio of 16.08, a PEG ratio of 1.59 and a beta of 0.51.

FOX (NASDAQ:FOXA) last released its quarterly earnings results on Thursday, October 30th. The company reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.41. The business had revenue of $3.74 billion during the quarter, compared to analysts’ expectations of $3.57 billion. FOX had a return on equity of 18.61% and a net margin of 12.35%.The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period last year, the firm posted $1.45 EPS. On average, sell-side analysts anticipate that Fox Corporation will post 4.38 earnings per share for the current year.

Insider Transactions at FOX

In related news, CFO Steven Tomsic sold 138,397 shares of FOX stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $66.54, for a total value of $9,208,936.38. Following the completion of the sale, the chief financial officer owned 180,556 shares of the company’s stock, valued at approximately $12,014,196.24. This trade represents a 43.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Keith Rupert Murdoch sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $59.26, for a total transaction of $5,926,000.00. Following the completion of the sale, the chairman owned 1,100,862 shares of the company’s stock, valued at approximately $65,237,082.12. The trade was a 8.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 454,817 shares of company stock valued at $29,490,590. Corporate insiders own 19.68% of the company’s stock.

Institutional Trading of FOX

Several institutional investors and hedge funds have recently made changes to their positions in FOXA. Livforsakringsbolaget Skandia Omsesidigt grew its stake in FOX by 2.5% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 261,100 shares of the company’s stock worth $16,460,000 after buying an additional 6,300 shares during the last quarter. Williamson Legacy Group LLC boosted its position in FOX by 7.6% during the third quarter. Williamson Legacy Group LLC now owns 17,164 shares of the company’s stock worth $1,082,000 after purchasing an additional 1,217 shares in the last quarter. FWL Investment Management LLC purchased a new position in FOX in the 3rd quarter valued at about $26,000. United Capital Financial Advisors LLC raised its position in shares of FOX by 8.6% in the third quarter. United Capital Financial Advisors LLC now owns 5,609 shares of the company’s stock valued at $354,000 after buying an additional 443 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its holdings in shares of FOX by 6.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 84,374 shares of the company’s stock worth $5,321,000 after acquiring an additional 4,809 shares during the period. 52.52% of the stock is currently owned by institutional investors.

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.