FOX (NASDAQ:FOX) Shares Gap Up After Strong Earnings

Fox Co. (NASDAQ:FOX)’s share price gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $49.19, but opened at $52.37. FOX shares last traded at $51.14, with a volume of 246,129 shares.

The company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.61 by $0.35. FOX had a net margin of 13.40% and a return on equity of 16.49%. During the same period in the previous year, the business earned $0.34 earnings per share.

FOX Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 5th will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.10%. FOX’s dividend payout ratio is 13.20%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FOX. Moffett Nathanson downgraded shares of FOX from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Barclays raised shares of FOX to a “hold” rating in a research note on Wednesday, October 9th.

Insider Buying and Selling

In other news, Chairman Keith Rupert Murdoch sold 771,024 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $46.07, for a total transaction of $35,521,075.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 23.06% of the company’s stock.

Hedge Funds Weigh In On FOX

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. raised its position in FOX by 58.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,970,917 shares of the company’s stock worth $135,890,000 after purchasing an additional 1,095,073 shares in the last quarter. Wedge Capital Management L L P NC acquired a new position in shares of FOX in the 4th quarter worth approximately $48,606,000. National Bank of Canada FI lifted its position in shares of FOX by 212.7% during the 3rd quarter. National Bank of Canada FI now owns 1,437,637 shares of the company’s stock worth $55,780,000 after buying an additional 977,907 shares during the period. State Street Corp boosted its stake in FOX by 7.5% in the 3rd quarter. State Street Corp now owns 9,639,382 shares of the company’s stock valued at $374,008,000 after buying an additional 671,511 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in FOX by 448.4% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 712,900 shares of the company’s stock valued at $27,661,000 after acquiring an additional 582,900 shares during the period. 26.41% of the stock is currently owned by institutional investors.

FOX Stock Up 4.8 %

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 50 day simple moving average of $45.94 and a 200-day simple moving average of $41.01. The stock has a market capitalization of $23.54 billion, a price-to-earnings ratio of 12.60, a price-to-earnings-growth ratio of 1.76 and a beta of 0.82.

FOX Company Profile

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.