Moffett Nathanson Downgrades FOX (NASDAQ:FOXA) to Neutral

Moffett Nathanson downgraded shares of FOX (NASDAQ:FOXA) from a buy rating to a neutral rating in a research report sent to investors on Tuesday morning, MarketBeat Ratings reports. They currently have $52.00 target price on the stock, up from their prior target price of $51.00.

FOXA has been the subject of several other reports. Bank of America upped their target price on FOX from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. JPMorgan Chase & Co. increased their price objective on shares of FOX from $42.00 to $49.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Wells Fargo & Company boosted their target price on shares of FOX from $49.00 to $59.00 and gave the stock an “underweight” rating in a research note on Friday, January 10th. Citigroup raised their price target on shares of FOX from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Finally, Cfra reiterated a “sell” rating on shares of FOX in a research note on Wednesday, September 25th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $48.25.

FOX Stock Up 0.9 %

FOXA opened at $48.56 on Tuesday. The company has a fifty day moving average of $47.81 and a two-hundred day moving average of $42.97. The stock has a market capitalization of $22.18 billion, a price-to-earnings ratio of 11.87, a PEG ratio of 1.18 and a beta of 0.75. FOX has a fifty-two week low of $28.28 and a fifty-two week high of $50.63. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.33 and a current ratio of 2.59.

FOX (NASDAQ:FOXA) last announced its quarterly earnings results on Monday, November 4th. The company reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.33. The firm had revenue of $3.56 billion during the quarter, compared to analyst estimates of $3.38 billion. FOX had a return on equity of 16.49% and a net margin of 13.40%. FOX’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.09 EPS. On average, research analysts expect that FOX will post 4.09 earnings per share for the current year.

Insider Activity

In other FOX news, Chairman Keith Rupert Murdoch sold 100,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $42.05, for a total transaction of $4,205,000.00. Following the completion of the sale, the chairman now owns 1,258,862 shares of the company’s stock, valued at $52,935,147.10. This trade represents a 7.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO John Nallen sold 182,481 shares of FOX stock in a transaction 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 469,352 shares of company stock valued at $20,822,072. 21.77% of the stock is currently owned by insiders.

Institutional Trading of FOX

Hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. boosted 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 buying an additional 110,753 shares during the period. Entropy Technologies LP purchased a new position in shares of FOX during the 3rd quarter worth approximately $546,000. Invst LLC purchased a new position in shares of FOX during the 3rd quarter worth approximately $740,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in FOX in the 3rd quarter valued at approximately $2,867,000. Finally, Teachers Retirement System of The State of Kentucky raised its position in FOX by 9.7% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 712,593 shares of the company’s stock valued at $24,492,000 after purchasing an additional 62,920 shares during the period. 52.52% 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.