FOX (NASDAQ:FOXA) Reaches New 1-Year Low – Here’s What Happened

Fox Corporation (NASDAQ:FOXA) reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $51.38 and last traded at $52.34, with a volume of 23220333 shares traded. The stock had previously closed at $54.76.

Analysts Set New Price Targets

Several research analysts have recently issued reports on FOXA shares. Argus upgraded shares of FOX to a “hold” rating in a report on Thursday, February 19th. Weiss Ratings reiterated a “buy (b-)” rating on shares of FOX in a research note on Friday, May 22nd. Evercore set a $73.00 price target on FOX in a research note on Tuesday, May 12th. Bank of America cut FOX from a “buy” rating to an “underperform” rating and set a $45.00 price target for the company. in a report on Wednesday, February 25th. Finally, Zacks Research upgraded FOX from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $74.36.

FOX Trading Up 1.8%

The business’s 50 day moving average price is $63.68 and its 200-day moving average price is $64.84. The company has a market cap of $21.95 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 1.83 and a beta of 0.51. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.65 and a current ratio of 2.90.

FOX (NASDAQ:FOXA) last issued its earnings results on Monday, May 11th. The company reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.30. The business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.78 billion. FOX had a net margin of 10.56% and a return on equity of 18.90%. The firm’s revenue was down 8.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.10 EPS. On average, research analysts forecast that Fox Corporation will post 4.93 EPS for the current year.

Institutional Investors Weigh In On FOX

A number of institutional investors have recently added to or reduced their stakes in the stock. Private Trust Co. NA raised its holdings in shares of FOX by 35.6% in the 4th quarter. Private Trust Co. NA now owns 712 shares of the company’s stock worth $52,000 after buying an additional 187 shares in the last quarter. Parallel Advisors LLC boosted its stake in FOX by 9.2% in the 3rd quarter. Parallel Advisors LLC now owns 2,532 shares of the company’s stock valued at $160,000 after buying an additional 214 shares in the last quarter. Brown Brothers Harriman & Co. boosted its stake in FOX by 27.5% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,062 shares of the company’s stock valued at $67,000 after buying an additional 229 shares in the last quarter. Venturi Wealth Management LLC grew its position in FOX by 3.5% in the fourth quarter. Venturi Wealth Management LLC now owns 6,916 shares of the company’s stock valued at $505,000 after acquiring an additional 232 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in FOX by 20.9% in the first quarter. EverSource Wealth Advisors LLC now owns 1,451 shares of the company’s stock valued at $85,000 after acquiring an additional 251 shares during the period. 52.52% of the stock is owned by institutional investors and hedge funds.

FOX Company Profile

Fox Corporation (NASDAQ: FOXA) is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp’s operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.