FOX (NASDAQ:FOXA) Shares Gap Up Following Earnings Beat

Fox Corporation (NASDAQ:FOXA) gapped up prior to trading on Monday following a stronger than expected earnings report. The stock had previously closed at $63.24, but opened at $66.37. FOX shares last traded at $64.4270, with a volume of 1,257,810 shares changing hands.

The company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.02 by $0.52. FOX had a return on equity of 20.64% and a net margin of 9.84%. During the same quarter in the prior year, the company posted $1.51 earnings per share. FOX’s quarterly revenue was up 22.3% on a year-over-year basis.

FOX Dividend Announcement

The company also recently announced a dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 2nd were paid a dividend of $0.29 per share. This represents a yield of 86.0%. The ex-dividend date of this dividend was Wednesday, September 2nd. FOX’s dividend payout ratio (DPR) is currently 15.14%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on FOXA shares. Jefferies Financial Group lowered shares of FOX to a “hold” rating in a research report on Friday, October 16th. Zacks Research upgraded shares of FOX from a “hold” rating to a “strong-buy” rating in a report on Monday, October 19th. Wall Street Zen upgraded shares of FOX from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Needham & Company LLC started coverage on FOX in a research report on Friday, October 16th. They set a “buy” rating on the stock. Finally, Citigroup assumed coverage on shares of FOX in a research note on Monday, September 14th. They issued an “outperform” rating on the stock. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.94.

Insider Buying and Selling at FOX

In other news, CEO Lachlan Murdoch bought 149,934 shares of the firm’s stock in a transaction on Tuesday, September 15th. The shares were bought at an average cost of $68.53 per share, for a total transaction of $10,274,977.02. Following the completion of the transaction, the chief executive officer owned 1,401,713 shares in the company, valued at $96,059,391.89. This trade represents a 11.98% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 20.89% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On FOX

A number of institutional investors have recently added to or reduced their stakes in the company. Chicago Partners Investment Group LLC raised its stake in FOX by 53.1% during the third quarter. Chicago Partners Investment Group LLC now owns 16,745 shares of the company’s stock worth $1,115,000 after acquiring an additional 5,811 shares during the period. Covestor Ltd grew its stake in FOX by 99.1% during the 3rd quarter. Covestor Ltd now owns 1,105 shares of the company’s stock valued at $69,000 after acquiring an additional 550 shares in the last quarter. Rakuten Investment Management Inc. raised its holdings in shares of FOX by 9.5% during the third quarter. Rakuten Investment Management Inc. now owns 35,795 shares of the company’s stock worth $2,236,000 after acquiring an additional 3,098 shares in the last quarter. AIA Group Ltd bought a new position in FOX during the third quarter valued at approximately $271,000. Finally, Gallacher Capital Management LLC lifted its stake in shares of FOX by 16.6% in the 3rd quarter. Gallacher Capital Management LLC now owns 4,544 shares of the company’s stock valued at $285,000 after purchasing an additional 646 shares during the last quarter. Institutional investors and hedge funds own 52.52% of the company’s stock.

FOX Stock Performance

The company has a debt-to-equity ratio of 0.56, a current ratio of 3.17 and a quick ratio of 2.99. The firm has a fifty day simple moving average of $65.09 and a 200 day simple moving average of $62.32. The company has a market cap of $27.23 billion, a price-to-earnings ratio of 16.95, a P/E/G ratio of 1.10 and a beta of 0.60.

About FOX

Fox Corporation (NASDAQ: FOXA) is a U.S. media and entertainment company that produces and distributes news, sports, and entertainment programming. Its portfolio includes FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations, and the ad-supported streaming service Tubi.

FOX News Media operates FOX News Channel, FOX Business Network, and related digital platforms. FOX Sports provides national and regional sports programming, while FOX Entertainment develops and distributes scripted and unscripted television content.