Moffett Nathanson Downgrades FOX (NASDAQ:FOX) to Hold

FOX (NASDAQ:FOX) was downgraded by research analysts at Moffett Nathanson from a “strong-buy” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

Separately, Barclays upgraded shares of FOX to a “hold” rating in a report on Wednesday, October 9th.

FOX Stock Performance

FOX opened at $45.78 on Tuesday. The business has a fifty day simple moving average of $45.23 and a 200-day simple moving average of $40.12. The firm has a market cap of $20.91 billion, a PE ratio of 11.19, a P/E/G ratio of 1.65 and a beta of 0.81. The company has a quick ratio of 2.33, a current ratio of 2.59 and a debt-to-equity ratio of 0.58. FOX has a fifty-two week low of $25.82 and a fifty-two week high of $47.80.

FOX (NASDAQ:FOX) last released its quarterly earnings results on Monday, November 4th. The company reported $1.45 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.35. The business had revenue of $3.56 billion during the quarter, compared to analyst estimates of $3.37 billion. FOX had a return on equity of 16.49% and a net margin of 13.40%. During the same quarter last year, the company posted $1.09 EPS. As a group, equities analysts predict that FOX will post 3.91 EPS for the current fiscal year.

Insider Activity

In other FOX news, COO John Nallen sold 182,481 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $43.73, for a total value of $7,979,894.13. Following the completion of the sale, the chief operating officer now owns 249,424 shares in the company, valued at $10,907,311.52. This represents a 42.25 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Keith Rupert Murdoch sold 771,024 shares of FOX stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $46.07, for a total transaction of $35,521,075.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,053,505 shares of company stock worth $47,705,970. 23.06% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its holdings in shares of FOX by 13.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,326,267 shares of the company’s stock valued at $74,483,000 after purchasing an additional 272,743 shares in the last quarter. Amalgamated Bank raised its holdings in FOX by 13.2% during the second quarter. Amalgamated Bank now owns 40,094 shares of the company’s stock valued at $1,284,000 after buying an additional 4,663 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of FOX in the second quarter worth about $335,000. ProShare Advisors LLC boosted its stake in shares of FOX by 7.2% during the 2nd quarter. ProShare Advisors LLC now owns 18,109 shares of the company’s stock worth $580,000 after acquiring an additional 1,221 shares in the last quarter. Finally, Bank of Montreal Can increased its holdings in shares of FOX by 12.8% during the 2nd quarter. Bank of Montreal Can now owns 135,298 shares of the company’s stock valued at $4,366,000 after acquiring an additional 15,391 shares during the last quarter. 26.41% of the stock is owned by institutional investors and hedge funds.

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.