FOX (NASDAQ:FOXA) Downgraded by Bank of America to Underperform

FOX (NASDAQ:FOXA) was downgraded by equities research analysts at Bank of America from a “buy” rating to an “underperform” rating in a research report issued to clients and investors on Wednesday. They currently have a $45.00 price target on the stock. Bank of America‘s target price indicates a potential downside of 19.61% from the company’s current price.

A number of other analysts have also commented on the stock. Fox Advisors set a $97.00 price objective on shares of FOX in a research note on Tuesday, October 28th. Barclays cut their price target on shares of FOX from $64.00 to $63.00 and set an “equal weight” rating on the stock in a report on Thursday, February 5th. Arete Research upgraded shares of FOX from a “neutral” rating to a “buy” rating and set a $97.00 price objective on the stock in a research report on Tuesday, October 28th. Morgan Stanley increased their target price on FOX from $74.00 to $77.00 and gave the company an “equal weight” rating in a report on Thursday, February 5th. Finally, Argus upgraded FOX to a “hold” rating in a report on Thursday, February 19th. Seven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $71.80.

FOX Stock Performance

Shares of FOXA opened at $55.98 on Wednesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.78 and a quick ratio of 2.44. The stock has a market capitalization of $23.81 billion, a P/E ratio of 13.46, a P/E/G ratio of 7.23 and a beta of 0.51. FOX has a 12-month low of $46.42 and a 12-month high of $76.39. The firm’s 50 day moving average is $69.00 and its 200-day moving average is $64.58.

FOX (NASDAQ:FOXA) last posted its quarterly earnings results on Wednesday, February 4th. The company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.35. The company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.02 billion. FOX had a return on equity of 18.14% and a net margin of 11.41%.The firm’s revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.96 earnings per share. Equities research analysts anticipate that FOX will post 4.38 EPS for the current fiscal year.

Insider Buying and Selling

In other FOX news, insider Adam G. Ciongoli sold 29,897 shares of the firm’s stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $69.55, for a total transaction of $2,079,336.35. Following the transaction, the insider directly owned 35,978 shares in the company, valued at $2,502,269.90. This trade represents a 45.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 19.68% of the stock is owned by insiders.

Hedge Funds Weigh In On FOX

A number of institutional investors have recently modified their holdings of FOXA. Private Trust Co. NA boosted its holdings in shares of FOX by 35.6% during the 4th quarter. Private Trust Co. NA now owns 712 shares of the company’s stock worth $52,000 after buying an additional 187 shares during the period. Parallel Advisors LLC boosted its holdings in FOX by 9.2% during the third quarter. Parallel Advisors LLC now owns 2,532 shares of the company’s stock valued at $160,000 after acquiring an additional 214 shares during the period. Greenleaf Trust boosted its holdings in FOX by 3.8% during the third quarter. Greenleaf Trust now owns 6,198 shares of the company’s stock valued at $391,000 after acquiring an additional 225 shares during the period. Brown Brothers Harriman & Co. grew its position in shares of FOX by 27.5% in the third quarter. Brown Brothers Harriman & Co. now owns 1,062 shares of the company’s stock valued at $67,000 after purchasing an additional 229 shares during the last quarter. Finally, Venturi Wealth Management LLC increased its stake in shares of FOX by 3.5% in the fourth quarter. Venturi Wealth Management LLC now owns 6,916 shares of the company’s stock worth $505,000 after purchasing an additional 232 shares during the period. Institutional investors own 52.52% of the company’s stock.

About FOX

Fox Corporation (NASDAQ: FOXA) is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp’s operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.