Investors Purchase High Volume of Put Options on FOX (FOXA)

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Fox Corp (NASDAQ:FOXA) was the recipient of some unusual options trading on Thursday. Traders purchased 6,240 put options on the company. This is an increase of approximately 1,341% compared to the typical daily volume of 433 put options.

FOXA has been the topic of a number of recent research reports. Societe Generale lowered FOX from a “hold” rating to a “sell” rating in a research note on Thursday, January 24th. Atlantic Securities initiated coverage on shares of FOX in a research report on Thursday, March 21st. They issued an “overweight” rating and a $49.00 price objective for the company. UBS Group decreased their price objective on shares of FOX from $52.00 to $41.00 and set a “neutral” rating for the company in a research report on Wednesday, April 3rd. Credit Suisse Group initiated coverage on shares of FOX in a research report on Thursday, March 21st. They issued an “outperform” rating and a $46.00 price objective for the company. Finally, Barclays initiated coverage on shares of FOX in a research report on Friday, March 22nd. They issued an “equal weight” rating and a $40.00 price objective for the company. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have issued a buy rating to the company’s stock. FOX currently has an average rating of “Buy” and an average price target of $47.55.

Shares of FOXA stock traded up $0.70 during trading hours on Friday, hitting $37.44. 408,087 shares of the company were exchanged, compared to its average volume of 6,213,907. The company has a quick ratio of 3.77, a current ratio of 4.60 and a debt-to-equity ratio of 0.78. FOX has a one year low of $35.90 and a one year high of $41.95.

FOX (NASDAQ:FOXA) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.64 by $0.12. The company had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.61 billion. During the same period in the previous year, the business posted $0.49 EPS. The business’s revenue for the quarter was up 11.7% on a year-over-year basis. Sell-side analysts predict that FOX will post 2.27 earnings per share for the current year.

The firm also recently disclosed a Semi-Annual dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be paid a dividend of $0.23 per share. This is a positive change from FOX’s previous Semi-Annual dividend of $0.18. The ex-dividend date of this dividend is Friday, May 17th.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Whittier Trust Co. boosted its stake in shares of FOX by 6.6% during the 4th quarter. Whittier Trust Co. now owns 3,329 shares of the company’s stock valued at $160,000 after buying an additional 205 shares during the period. Aspiriant LLC increased its stake in FOX by 3.8% in the fourth quarter. Aspiriant LLC now owns 7,379 shares of the company’s stock valued at $355,000 after purchasing an additional 269 shares in the last quarter. Heritage Way Advisors LLC increased its stake in FOX by 0.5% in the fourth quarter. Heritage Way Advisors LLC now owns 64,013 shares of the company’s stock valued at $3,080,000 after purchasing an additional 313 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its stake in FOX by 5.6% in the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 6,629 shares of the company’s stock valued at $319,000 after purchasing an additional 353 shares in the last quarter. Finally, D.A. Davidson & CO. increased its stake in FOX by 6.4% in the fourth quarter. D.A. Davidson & CO. now owns 6,137 shares of the company’s stock valued at $295,000 after purchasing an additional 370 shares in the last quarter. Hedge funds and other institutional investors own 2.49% of the company’s stock.

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FOX Company Profile

Fox Corporation operates as a news, sports, and entertainment company in the United States. The company operates through Cable Network Programming; Television; and Other, Corporate and Eliminations segments. The Cable Network Programming segment produces and licenses news, business news, and sports content for distribution primarily through cable television systems, direct broadcast satellite operators, telecommunications companies, and online video distributors.

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