Allstate Corp Invests $571,000 in Formula One Group (NASDAQ:FWONK)

Allstate Corp bought a new stake in shares of Formula One Group (NASDAQ:FWONK) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 6,166 shares of the company’s stock, valued at approximately $571,000.

Several other hedge funds also recently added to or reduced their stakes in FWONK. Everence Capital Management Inc. acquired a new stake in shares of Formula One Group during the 4th quarter worth approximately $827,000. Hahn Capital Management LLC boosted its holdings in Formula One Group by 47.7% during the fourth quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock worth $6,226,000 after buying an additional 21,699 shares in the last quarter. Greenwood Gearhart Inc. grew its position in Formula One Group by 8.1% during the third quarter. Greenwood Gearhart Inc. now owns 176,160 shares of the company’s stock valued at $13,640,000 after buying an additional 13,146 shares during the period. Janney Montgomery Scott LLC increased its holdings in Formula One Group by 1.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock valued at $2,560,000 after buying an additional 287 shares in the last quarter. Finally, MetLife Investment Management LLC raised its position in shares of Formula One Group by 3.0% in the third quarter. MetLife Investment Management LLC now owns 6,946 shares of the company’s stock worth $538,000 after acquiring an additional 203 shares during the period. 92.26% of the stock is owned by hedge funds and other institutional investors.

Formula One Group Stock Performance

Shares of FWONK stock opened at $88.89 on Wednesday. Formula One Group has a fifty-two week low of $64.37 and a fifty-two week high of $102.33. The firm has a market capitalization of $22.16 billion, a P/E ratio of 77.30 and a beta of 0.13. The stock’s fifty day moving average is $92.93 and its two-hundred day moving average is $88.01.

Formula One Group (NASDAQ:FWONK) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of $0.42 by ($1.45). The firm had revenue of $20.71 billion for the quarter, compared to analysts’ expectations of $1.37 billion. On average, equities analysts forecast that Formula One Group will post 1.36 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on FWONK shares. JPMorgan Chase & Co. raised their target price on Formula One Group from $96.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, March 6th. Morgan Stanley cut their price objective on Formula One Group from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. StockNews.com upgraded Formula One Group to a “sell” rating in a research report on Tuesday. Rosenblatt Securities reissued a “buy” rating and issued a $102.00 price target on shares of Formula One Group in a report on Friday, March 7th. Finally, Wells Fargo & Company decreased their price objective on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating on the stock in a report on Friday, February 28th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $95.33.

About Formula One Group

Formula One Group, through its subsidiary Formula 1, engages in the motorsports business in the United States and internationally. The company holds commercial rights for the FIA Formula One world championship, approximately a nine-month long motor race-based competition in which teams compete for the constructors' championship and drivers compete for the drivers' championship.