StockNews.com Upgrades FOX (NASDAQ:FOXA) to Buy

FOX (NASDAQ:FOXA) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Friday.

A number of other brokerages have also commented on FOXA. Deutsche Bank Aktiengesellschaft raised their price objective on FOX from $42.00 to $47.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. JPMorgan Chase & Co. boosted their price objective on shares of FOX from $41.00 to $42.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. TD Cowen increased their target price on shares of FOX from $36.00 to $42.00 and gave the stock a “hold” rating in a research report on Tuesday, November 5th. Cfra reissued a “sell” rating on shares of FOX in a report on Wednesday, September 25th. Finally, Seaport Res Ptn lowered FOX from a “strong-buy” rating to a “hold” rating in a report on Monday, September 9th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $44.00.

FOX Stock Up 0.8 %

FOXA stock opened at $47.00 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.59 and a quick ratio of 2.33. The firm has a market capitalization of $21.47 billion, a P/E ratio of 11.49, a P/E/G ratio of 1.19 and a beta of 0.77. FOX has a 52-week low of $28.28 and a 52-week high of $47.58. The company’s 50 day simple moving average is $43.96 and its 200-day simple moving average is $39.63.

FOX (NASDAQ:FOXA) last announced its earnings results on Monday, November 4th. The company reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.33. The company had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $3.38 billion. FOX had a net margin of 13.40% and a return on equity of 16.49%. The company’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.09 EPS. As a group, equities research analysts anticipate that FOX will post 3.94 EPS for the current year.

Insiders Place Their Bets

In related news, COO John Nallen sold 182,481 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $43.73, for a total transaction of $7,979,894.13. Following the completion of the transaction, the chief operating officer now owns 249,424 shares in the company, valued at $10,907,311.52. This trade represents a 42.25 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Keith Rupert Murdoch sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $42.05, for a total value of $4,205,000.00. Following the transaction, the chairman now owns 1,258,862 shares of the company’s stock, valued at $52,935,147.10. This trade represents a 7.36 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 469,352 shares of company stock worth $20,822,072. 21.77% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On FOX

Hedge funds and other institutional investors have recently modified their holdings of the stock. Franklin Resources Inc. raised its position in FOX by 108.4% in the 3rd quarter. Franklin Resources Inc. now owns 177,342 shares of the company’s stock valued at $7,369,000 after purchasing an additional 92,244 shares during the last quarter. Tidal Investments LLC raised its position in FOX by 24.6% in the 3rd quarter. Tidal Investments LLC now owns 33,672 shares of the company’s stock valued at $1,425,000 after purchasing an additional 6,658 shares during the last quarter. World Investment Advisors LLC bought a new position in FOX in the 3rd quarter valued at $3,587,000. Invst LLC bought a new position in FOX in the 3rd quarter valued at $740,000. Finally, Toronto Dominion Bank raised its position in FOX by 11.8% in the 3rd quarter. Toronto Dominion Bank now owns 76,077 shares of the company’s stock valued at $3,220,000 after purchasing an additional 8,040 shares during the last quarter. Institutional investors own 52.52% of the company’s stock.

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.