FOX (NASDAQ:FOXA) Releases Earnings Results, Beats Estimates By $0.30 EPS

FOX (NASDAQ:FOXA) issued its earnings results on Monday. The company reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.30, Briefing.com reports. The business had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.78 billion. FOX had a return on equity of 18.90% and a net margin of 10.56%.The company’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.10 EPS.

FOX Price Performance

Shares of FOXA traded down $0.21 during mid-day trading on Wednesday, reaching $65.95. 1,087,823 shares of the company’s stock were exchanged, compared to its average volume of 3,771,250. The company has a quick ratio of 2.44, a current ratio of 2.90 and a debt-to-equity ratio of 0.60. The company has a 50-day simple moving average of $60.74 and a two-hundred day simple moving average of $64.94. FOX has a 52-week low of $52.96 and a 52-week high of $76.39. The company has a market cap of $28.05 billion, a price-to-earnings ratio of 17.35, a PEG ratio of 8.23 and a beta of 0.52.

Insider Buying and Selling at FOX

In other FOX news, COO John Nallen sold 242,309 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $57.74, for a total transaction of $13,990,921.66. Following the completion of the transaction, the chief operating officer owned 357,653 shares of the company’s stock, valued at approximately $20,650,884.22. This trade represents a 40.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Lachlan K. Murdoch sold 637,752 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $58.20, for a total value of $37,117,166.40. Following the transaction, the chief executive officer directly owned 152 shares of the company’s stock, valued at $8,846.40. The trade was a 99.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,586,871 shares of company stock valued at $91,893,926 in the last three months. 19.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On FOX

Several hedge funds have recently bought and sold shares of FOXA. FWL Investment Management LLC purchased a new position in FOX during the third quarter worth $26,000. CYBER HORNET ETFs LLC purchased a new stake in shares of FOX in the second quarter valued at $35,000. Quantbot Technologies LP purchased a new stake in shares of FOX in the third quarter valued at $51,000. Geneos Wealth Management Inc. grew its position in shares of FOX by 205.6% in the first quarter. Geneos Wealth Management Inc. now owns 923 shares of the company’s stock valued at $52,000 after purchasing an additional 621 shares during the period. Finally, 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 period. Hedge funds and other institutional investors own 52.52% of the company’s stock.

Analyst Upgrades and Downgrades

FOXA has been the subject of a number of analyst reports. Citigroup increased their target price on FOX from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Zacks Research downgraded FOX from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 5th. Argus raised FOX to a “hold” rating in a research note on Thursday, February 19th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $79.00 price objective on shares of FOX in a research note on Tuesday. Finally, Bank of America downgraded FOX from a “buy” rating to an “underperform” rating and set a $45.00 price objective for the company. in a research note on Wednesday, February 25th. Seven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, FOX currently has an average rating of “Hold” and an average price target of $74.86.

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.