FOX (NASDAQ:FOXA) Sets New 1-Year High – Here’s What Happened

Fox Corporation (NASDAQ:FOXA)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $74.99 and last traded at $75.0650, with a volume of 298114 shares. The stock had previously closed at $73.76.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Bank of America upped their price objective on shares of FOX from $75.00 to $80.00 and gave the company a “buy” rating in a report on Friday, December 19th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of FOX in a report on Monday, December 29th. Fox Advisors set a $97.00 price objective on FOX in a research note on Tuesday, October 28th. Zacks Research raised FOX from a “hold” rating to a “strong-buy” rating in a report on Monday, November 3rd. Finally, Morgan Stanley raised their price objective on shares of FOX from $70.00 to $74.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $73.63.

FOX Price Performance

The stock has a market capitalization of $33.79 billion, a PE ratio of 17.10, a price-to-earnings-growth ratio of 1.69 and a beta of 0.50. The stock’s 50 day moving average is $68.58 and its two-hundred day moving average is $61.80. The company has a debt-to-equity ratio of 0.54, a quick ratio of 3.03 and a current ratio of 3.24.

FOX (NASDAQ:FOXA) last issued its quarterly earnings results on Thursday, October 30th. The company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.41. FOX had a return on equity of 18.61% and a net margin of 12.35%.The firm had revenue of $3.74 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same period in the previous year, the company posted $1.45 earnings per share. The business’s revenue was up 4.9% on a year-over-year basis. On average, equities analysts anticipate that Fox Corporation will post 4.38 EPS for the current fiscal year.

Insider Buying and Selling at FOX

In related news, CFO Steven Tomsic sold 138,397 shares of the stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $66.54, for a total value of $9,208,936.38. Following the completion of the sale, the chief financial officer owned 180,556 shares of the company’s stock, valued at approximately $12,014,196.24. This trade represents a 43.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Adam G. Ciongoli sold 29,897 shares of the firm’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $69.55, for a total value of $2,079,336.35. Following the completion of the sale, the insider directly owned 35,978 shares of the company’s stock, valued at $2,502,269.90. This trade represents a 45.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 454,817 shares of company stock valued at $29,490,590. Corporate insiders own 19.68% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Vident Advisory LLC acquired a new position in FOX in the 1st quarter valued at about $310,000. Royal Bank of Canada raised its position in shares of FOX by 26.5% during the 1st quarter. Royal Bank of Canada now owns 303,521 shares of the company’s stock valued at $17,179,000 after buying an additional 63,538 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in FOX by 246.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,009 shares of the company’s stock valued at $4,132,000 after acquiring an additional 51,960 shares during the last quarter. Nissay Asset Management Corp Japan ADV grew its position in FOX by 1.6% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 31,514 shares of the company’s stock worth $1,784,000 after acquiring an additional 491 shares during the period. Finally, United Services Automobile Association acquired a new stake in FOX during the first quarter worth $334,000. Institutional investors and hedge funds 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.