FOX (NASDAQ:FOXA) Sets New 1-Year High – Here’s Why

Fox Co. (NASDAQ:FOXA)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $49.30 and last traded at $49.07, with a volume of 6273535 shares changing hands. The stock had previously closed at $47.06.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FOXA. Bank of America upped their price objective on shares of FOX from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Cfra restated a “sell” rating on shares of FOX in a report on Wednesday, September 25th. Guggenheim upped their target price on FOX from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft raised their target price on FOX from $42.00 to $47.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Finally, Morgan Stanley lifted their price target on FOX from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $44.00.

FOX Trading Up 4.3 %

The stock has a market cap of $22.41 billion, a PE ratio of 12.00, a PEG ratio of 1.18 and a beta of 0.77. The company has a quick ratio of 2.33, a current ratio of 2.59 and a debt-to-equity ratio of 0.58. The stock’s fifty day moving average price is $44.68 and its 200 day moving average price is $40.33.

FOX (NASDAQ:FOXA) last issued its earnings results on Monday, November 4th. The company reported $1.45 EPS for the quarter, beating the consensus estimate of $1.12 by $0.33. FOX had a return on equity of 16.49% and a net margin of 13.40%. The business had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same period last year, the business posted $1.09 EPS. The company’s revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts forecast that Fox Co. will post 3.94 EPS for the current year.

Insider Buying and Selling

In other news, COO John Nallen sold 182,481 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $43.73, for a total value of $7,979,894.13. Following the transaction, the chief operating officer now directly 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 SEC, which is available at this link. Also, Chairman Keith Rupert Murdoch sold 186,871 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $46.22, for a total value of $8,637,177.62. The disclosure for this sale can be found here. In the last ninety days, insiders sold 469,352 shares of company stock worth $20,822,072. 21.77% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Crossmark Global Holdings Inc. lifted its stake in shares of FOX by 1.7% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 23,408 shares of the company’s stock worth $991,000 after purchasing an additional 385 shares during the period. Raymond James Trust N.A. raised its position in FOX by 4.4% in the second quarter. Raymond James Trust N.A. now owns 9,691 shares of the company’s stock worth $333,000 after acquiring an additional 406 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of FOX by 1.6% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 29,501 shares of the company’s stock worth $1,249,000 after acquiring an additional 451 shares during the last quarter. Verdence Capital Advisors LLC boosted its stake in shares of FOX by 3.5% during the 2nd quarter. Verdence Capital Advisors LLC now owns 13,403 shares of the company’s stock worth $461,000 after acquiring an additional 458 shares during the last quarter. Finally, US Bancorp DE increased its stake in shares of FOX by 4.0% in the 3rd quarter. US Bancorp DE now owns 14,239 shares of the company’s stock worth $603,000 after purchasing an additional 550 shares in the last quarter. 52.52% of the stock is owned by hedge funds and other institutional investors.

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.