Public Employees Retirement Association of Colorado Trims Stock Position in Formula One Group (NASDAQ:FWONK)

Public Employees Retirement Association of Colorado reduced its stake in Formula One Group (NASDAQ:FWONK) by 2.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 21,257 shares of the company’s stock after selling 511 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Formula One Group were worth $1,527,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Beach Investment Counsel Inc. PA acquired a new stake in Formula One Group in the second quarter valued at about $48,000. Janney Montgomery Scott LLC purchased a new position in shares of Formula One Group during the 4th quarter worth approximately $1,167,000. Finally, Hahn Capital Management LLC lifted its holdings in shares of Formula One Group by 33.5% in the 2nd quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after buying an additional 17,219 shares during the period. Hedge funds and other institutional investors own 92.26% of the company’s stock.

Formula One Group Stock Down 0.8 %

NASDAQ:FWONK opened at $77.12 on Tuesday. Formula One Group has a 52-week low of $60.95 and a 52-week high of $82.23. The stock has a fifty day simple moving average of $77.59 and a 200-day simple moving average of $73.09. The company has a market capitalization of $18.13 billion and a PE ratio of 56.29.

Formula One Group (NASDAQ:FWONK) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.22). The business had revenue of $853.00 million for the quarter, compared to the consensus estimate of $960.45 million. As a group, equities analysts anticipate that Formula One Group will post 0.98 earnings per share for the current year.

Insider Activity at Formula One Group

In related news, CAO Brian J. Wendling sold 10,011 shares of Formula One Group stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $73.80, for a total transaction of $738,811.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO Brian J. Wendling sold 10,011 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $73.80, for a total transaction of $738,811.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Renee L. Wilm sold 19,202 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $78.78, for a total value of $1,512,733.56. The disclosure for this sale can be found here. 4.31% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Evercore ISI upped their price target on shares of Formula One Group from $85.00 to $90.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 4th. StockNews.com raised shares of Formula One Group to a “sell” rating in a report on Saturday, August 24th. Finally, Morgan Stanley boosted their price target on Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday.

Formula One Group Profile

Formula One Group, through its subsidiary Formula 1, engages in the motorsports business in the United States and internationally. The company holds commercial rights for the FIA Formula One world championship, approximately a nine-month long motor race-based competition in which teams compete for the constructors' championship and drivers compete for the drivers' championship.