Fred Alger Management LLC Trims Stock Position in Liberty Media Corporation – Liberty Formula One Series C $FWONK

Fred Alger Management LLC trimmed its stake in shares of Liberty Media Corporation – Liberty Formula One Series C (NASDAQ:FWONK) by 15.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,188,815 shares of the company’s stock after selling 209,436 shares during the quarter. Fred Alger Management LLC owned about 0.53% of Liberty Media Corporation – Liberty Formula One Series C worth $124,172,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its position in Liberty Media Corporation – Liberty Formula One Series C by 5.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 203,660 shares of the company’s stock worth $20,871,000 after buying an additional 10,620 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Liberty Media Corporation – Liberty Formula One Series C in the second quarter valued at about $1,255,000. Assenagon Asset Management S.A. boosted its holdings in shares of Liberty Media Corporation – Liberty Formula One Series C by 79.9% in the third quarter. Assenagon Asset Management S.A. now owns 85,657 shares of the company’s stock valued at $8,947,000 after acquiring an additional 38,054 shares in the last quarter. Cantillon Capital Management LLC acquired a new position in shares of Liberty Media Corporation – Liberty Formula One Series C during the third quarter worth about $121,803,000. Finally, Geode Capital Management LLC increased its stake in shares of Liberty Media Corporation – Liberty Formula One Series C by 3.4% during the second quarter. Geode Capital Management LLC now owns 3,846,280 shares of the company’s stock worth $400,694,000 after acquiring an additional 126,501 shares during the period. 92.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Liberty Media Corporation – Liberty Formula One Series C

In other news, Director Chase Carey sold 83,536 shares of Liberty Media Corporation – Liberty Formula One Series C stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $96.95, for a total transaction of $8,098,815.20. Following the completion of the sale, the director directly owned 94,356 shares in the company, valued at approximately $9,147,814.20. This trade represents a 46.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on FWONK shares. Weiss Ratings restated a “hold (c)” rating on shares of Liberty Media Corporation – Liberty Formula One Series C in a research report on Monday, December 29th. JPMorgan Chase & Co. boosted their target price on Liberty Media Corporation – Liberty Formula One Series C from $120.00 to $122.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 2nd. Wells Fargo & Company raised Liberty Media Corporation – Liberty Formula One Series C from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $93.00 to $95.00 in a research note on Friday, February 27th. Finally, Sanford C. Bernstein raised Liberty Media Corporation – Liberty Formula One Series C from a “market perform” rating to an “outperform” rating and raised their price target for the company from $110.00 to $111.00 in a report on Monday, January 12th. Six research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $112.56.

Liberty Media Corporation – Liberty Formula One Series C Stock Down 1.8%

Shares of FWONK opened at $83.66 on Monday. Liberty Media Corporation – Liberty Formula One Series C has a 52-week low of $75.26 and a 52-week high of $109.36. The company has a 50-day simple moving average of $88.03 and a 200-day simple moving average of $95.17. The company has a market capitalization of $18.75 billion, a PE ratio of 38.03, a P/E/G ratio of 12.03 and a beta of 0.44.

About Liberty Media Corporation – Liberty Formula One Series C

Liberty Media Corporation – Liberty Formula One Series C (NASDAQ: FWONK) is a tracking stock that represents Liberty Media’s economic interest in the Formula One Group, the commercial operator of the FIA Formula One World Championship. Liberty Media is a diversified media and entertainment company that owns and manages a portfolio of media, communications and entertainment businesses. The Formula One Group conducts the commercial activities of one of the world’s largest motor sports properties, packaging live races, media rights, sponsorships, licensing and related consumer products around a global sporting calendar.

The Formula One business comprises the sale and distribution of broadcast and digital media rights, race promotion and event management, sponsorship and brand partnerships, merchandising and licensing, and direct-to-consumer digital products and services.