State of Michigan Retirement System Has $3.45 Million Stock Holdings in Fox Co. (NASDAQ:FOXA)

State of Michigan Retirement System lessened its holdings in Fox Co. (NASDAQ:FOXA) by 8.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 70,912 shares of the company’s stock after selling 6,600 shares during the period. State of Michigan Retirement System’s holdings in FOX were worth $3,445,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its stake in FOX by 10.9% during the third quarter. JPMorgan Chase & Co. now owns 1,125,648 shares of the company’s stock worth $47,649,000 after acquiring an additional 110,753 shares in the last quarter. Entropy Technologies LP acquired a new stake in shares of FOX during the 3rd quarter worth about $546,000. Invst LLC acquired a new stake in shares of FOX during the 3rd quarter worth about $740,000. Asset Management One Co. Ltd. increased its position in shares of FOX by 25.0% during the 4th quarter. Asset Management One Co. Ltd. now owns 118,380 shares of the company’s stock worth $5,856,000 after purchasing an additional 23,704 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of FOX during the third quarter worth approximately $2,867,000. Institutional investors and hedge funds own 52.52% of the company’s stock.

FOX Price Performance

FOXA opened at $55.67 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.14 and a current ratio of 2.50. Fox Co. has a 52 week low of $28.67 and a 52 week high of $58.74. The company has a fifty day moving average price of $52.31 and a two-hundred day moving average price of $46.67. The firm has a market capitalization of $25.24 billion, a PE ratio of 11.92, a P/E/G ratio of 1.27 and a beta of 0.76.

FOX (NASDAQ:FOXA) last posted its earnings results on Tuesday, February 4th. The company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.34. The company had revenue of $5.08 billion during the quarter, compared to analyst estimates of $4.78 billion. FOX had a return on equity of 18.50% and a net margin of 14.39%. The company’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.34 EPS. As a group, analysts anticipate that Fox Co. will post 4.38 earnings per share for the current year.

FOX Announces Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 5th will be issued a dividend of $0.27 per share. This represents a yield of 1%. The ex-dividend date of this dividend is Wednesday, March 5th. FOX’s dividend payout ratio is currently 11.56%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Bank of America raised their price objective on shares of FOX from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. The Goldman Sachs Group set a $60.00 price target on FOX and gave the company a “buy” rating in a report on Tuesday, February 4th. Guggenheim lifted their price target on FOX from $55.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Moffett Nathanson lowered shares of FOX from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $51.00 to $52.00 in a report on Tuesday, January 21st. Finally, JPMorgan Chase & Co. raised their price objective on shares of FOX from $49.00 to $54.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $51.19.

Insider Activity at FOX

In other news, insider Adam G. Ciongoli sold 1,278 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $54.13, for a total value of $69,178.14. Following the completion of the transaction, the insider now owns 29,897 shares in the company, valued at $1,618,324.61. This represents a 4.10 % decrease in their ownership of the stock. 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 58,000 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $53.17, for a total transaction of $3,083,860.00. Following the completion of the transaction, the chairman now owns 1,200,862 shares of the company’s stock, valued at $63,849,832.54. This trade represents a 4.61 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 21.77% of the company’s stock.

FOX 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.