FOX (NASDAQ:FOXA) Shares Gap Up on Analyst Upgrade

Fox Co. (NASDAQ:FOXA) gapped up prior to trading on Monday after Morgan Stanley raised their price target on the stock from $38.00 to $40.00. The stock had previously closed at $41.88, but opened at $45.63. Morgan Stanley currently has an equal weight rating on the stock. FOX shares last traded at $43.36, with a volume of 1,070,601 shares changing hands.

Several other analysts have also recently weighed in on the stock. Loop Capital boosted their price objective on shares of FOX from $43.00 to $46.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Wells Fargo & Company raised FOX from an “underweight” rating to an “overweight” rating and lifted their price objective for the stock from $29.00 to $46.00 in a research note on Friday, August 16th. Deutsche Bank Aktiengesellschaft raised their price target on shares of FOX from $39.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Macquarie increased their price objective on shares of FOX from $32.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, August 12th. Finally, Bank of America boosted their target price on shares of FOX from $45.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, FOX presently has an average rating of “Hold” and a consensus price target of $41.46.

Insider Buying and Selling at FOX

In other FOX news, COO John Nallen sold 52,874 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $38.96, for a total transaction of $2,059,971.04. Following the completion of the sale, the chief operating officer now owns 249,424 shares in the company, valued at approximately $9,717,559.04. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, COO John Nallen sold 52,874 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $38.96, for a total value of $2,059,971.04. Following the transaction, the chief operating officer now owns 249,424 shares of the company’s stock, valued at approximately $9,717,559.04. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Lachlan K. Murdoch acquired 119,705 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were bought at an average cost of $39.06 per share, with a total value of $4,675,677.30. Following the completion of the acquisition, the chief executive officer now directly owns 1,076,407 shares in the company, valued at approximately $42,044,457.42. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders own 21.77% of the company’s stock.

Hedge Funds Weigh In On FOX

Hedge funds have recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV raised its holdings in shares of FOX by 176.6% in the second quarter. Massmutual Trust Co. FSB ADV now owns 722 shares of the company’s stock valued at $25,000 after purchasing an additional 461 shares during the last quarter. Friedenthal Financial bought a new stake in FOX in the 2nd quarter worth about $51,000. Duncker Streett & Co. Inc. purchased a new stake in FOX in the 2nd quarter valued at about $52,000. Meeder Asset Management Inc. bought a new position in shares of FOX during the 1st quarter worth approximately $66,000. Finally, Covestor Ltd boosted its stake in shares of FOX by 283.0% in the 1st quarter. Covestor Ltd now owns 2,880 shares of the company’s stock worth $90,000 after buying an additional 2,128 shares during the last quarter. 52.52% of the stock is owned by hedge funds and other institutional investors.

FOX Trading Up 3.5 %

The company has a debt-to-equity ratio of 0.61, a current ratio of 2.54 and a quick ratio of 2.33. The company has a market capitalization of $19.96 billion, a P/E ratio of 13.38, a price-to-earnings-growth ratio of 1.91 and a beta of 0.76. The firm has a fifty day moving average price of $41.35 and a 200-day moving average price of $37.25.

FOX (NASDAQ:FOXA) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.07. The firm had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.10 billion. FOX had a return on equity of 15.57% and a net margin of 10.74%. The business’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 EPS. On average, equities research analysts anticipate that Fox Co. will post 3.69 earnings per share for the current year.

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.