FOX (NASDAQ:FOX) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of FOX (NASDAQ:FOX) from a hold rating to a strong-buy rating in a research note released on Thursday morning,Zacks.com reports.

A number of other equities analysts have also issued reports on the stock. Citigroup reaffirmed a “buy” rating on shares of FOX in a research report on Friday, July 17th. Rothschild & Co Redburn set a $71.00 target price on shares of FOX in a research note on Friday, July 10th. Finally, Weiss Ratings cut FOX from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, FOX presently has an average rating of “Moderate Buy” and an average price target of $74.33.

FOX Trading Down 0.8%

FOX stock opened at $51.94 on Thursday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.65 and a current ratio of 2.90. The business’s 50-day simple moving average is $52.04 and its 200-day simple moving average is $55.13. The firm has a market capitalization of $21.82 billion, a PE ratio of 13.70, a PEG ratio of 1.49 and a beta of 0.57. FOX has a 52 week low of $44.08 and a 52 week high of $68.18.

FOX (NASDAQ:FOX) last announced 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 firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.78 billion. FOX had a return on equity of 18.90% and a net margin of 10.56%. Equities research analysts forecast that FOX will post 4.78 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FOX. Versant Capital Management Inc raised its stake in shares of FOX by 42.3% in the second quarter. Versant Capital Management Inc now owns 844 shares of the company’s stock worth $40,000 after acquiring an additional 251 shares during the last quarter. Yousif Capital Management LLC increased its position in FOX by 1.5% in the fourth quarter. Yousif Capital Management LLC now owns 16,997 shares of the company’s stock worth $1,107,000 after purchasing an additional 259 shares during the period. Baird Financial Group Inc. grew its holdings in FOX by 1.1% during the second quarter. Baird Financial Group Inc. now owns 31,707 shares of the company’s stock valued at $1,637,000 after purchasing an additional 343 shares during the period. Brown Brothers Harriman & Co. raised its position in FOX by 336.9% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 616 shares of the company’s stock valued at $35,000 after buying an additional 475 shares during the last quarter. Finally, Arlington Partners LLC grew its position in FOX by 12.4% in the second quarter. Arlington Partners LLC now owns 5,054 shares of the company’s stock valued at $237,000 after purchasing an additional 556 shares in the last quarter. 26.41% of the stock is owned by institutional investors.

FOX News Summary

Here are the key news stories impacting FOX this week:

• Positive Sentiment: FOX’s previous reported quarter was stronger than expected, with earnings of $1.32 per share versus the $1.02 consensus estimate and revenue of $3.99 billion, above the $3.78 billion forecast. This provides a favorable comparison point ahead of the upcoming report.
• Neutral Sentiment: Fox Corporation is expected to announce quarterly results on Thursday, making the earnings release the stock’s primary near-term catalyst. FOX projected quarterly earnings announcement
• Neutral Sentiment: Several Fox News headlines involving domestic crime, U.S. foreign policy and international conflicts were published during the period. While such coverage may support audience engagement for Fox News, the articles do not indicate a direct change to Fox Corporation’s financial outlook.
• Negative Sentiment: Analysts and market commentary anticipate a year-over-year decline in FOX’s upcoming fourth-quarter earnings, while the company is not viewed as having the “right combination” of factors for a likely earnings beat. That expectation is the clearest reason for cautious trading ahead of results. Fox Q4 earnings preview

FOX Company Profile

Fox Corporation (NASDAQ:FOX) is a U.S.-based media company that operates television broadcast, news and sports businesses. The company traces its contemporary structure to the 2019 reorganization that followed the sale of certain entertainment assets to The Walt Disney Company; Fox Corporation retained a portfolio centered on the Fox Broadcasting Company, Fox Television Stations, Fox News Media and Fox Sports. Over time the company has expanded its digital footprint through acquisitions and direct-to-consumer services, building a mix of linear and streaming distribution.

FOX’s core activities include the creation, aggregation and distribution of television programming and live sports, the operation of national cable news and business networks, and the ownership and operation of local broadcast stations.