State of Michigan Retirement System Has $3.45 Million Stake in Fox Co. (NASDAQ:FOXA)

State of Michigan Retirement System trimmed its holdings in shares of Fox Co. (NASDAQ:FOXA) by 8.5% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 70,912 shares of the company’s stock after selling 6,600 shares during the period. State of Michigan Retirement System’s holdings in FOX were worth $3,445,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Pacer Advisors Inc. boosted its position in FOX by 44,205.3% during the third quarter. Pacer Advisors Inc. now owns 7,915,576 shares of the company’s stock valued at $335,066,000 after purchasing an additional 7,897,710 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in shares of FOX by 228.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,387,107 shares of the company’s stock valued at $58,716,000 after buying an additional 964,737 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in shares of FOX by 308.5% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 1,218,070 shares of the company’s stock valued at $59,174,000 after buying an additional 919,883 shares during the last quarter. Allianz Asset Management GmbH boosted its holdings in shares of FOX by 3,077.5% in the 4th quarter. Allianz Asset Management GmbH now owns 885,476 shares of the company’s stock valued at $43,016,000 after buying an additional 857,609 shares during the last quarter. Finally, KBC Group NV boosted its holdings in shares of FOX by 56.1% in the 4th quarter. KBC Group NV now owns 2,367,698 shares of the company’s stock valued at $115,022,000 after buying an additional 851,127 shares during the last quarter. 52.52% of the stock is currently owned by institutional investors and hedge funds.

FOX Stock Up 0.5 %

NASDAQ FOXA opened at $55.67 on Friday. The company has a current ratio of 2.50, a quick ratio of 2.14 and a debt-to-equity ratio of 0.57. Fox Co. has a 1-year low of $28.67 and a 1-year high of $58.74. The company has a 50 day moving average of $52.31 and a 200-day moving average of $46.67. The company has a market cap of $25.24 billion, a price-to-earnings ratio of 11.92, a PEG ratio of 1.27 and a beta of 0.76.

FOX (NASDAQ:FOXA) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.34. The firm had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $4.78 billion. FOX had a return on equity of 18.50% and a net margin of 14.39%. The company’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.34 EPS. On average, equities research analysts expect that Fox Co. will post 4.38 earnings per share for the current fiscal year.

FOX Announces Dividend

The business also recently declared a semi-annual dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 5th will be paid a $0.27 dividend. This represents a yield of 1%. The ex-dividend date of this dividend is Wednesday, March 5th. FOX’s dividend payout ratio (DPR) is presently 11.56%.

Analysts Set New Price Targets

FOXA has been the subject of a number of recent analyst reports. Loop Capital increased their price target on shares of FOX from $48.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Wells Fargo & Company raised their target price on shares of FOX from $59.00 to $64.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Moffett Nathanson downgraded shares of FOX from a “buy” rating to a “neutral” rating and raised their target price for the company from $51.00 to $52.00 in a research note on Tuesday, January 21st. Guggenheim raised their price objective on FOX from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Finally, The Goldman Sachs Group set a $60.00 price objective on FOX and gave the company a “buy” rating in a research report on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $51.19.

Insider Activity at FOX

In other FOX news, Chairman Keith Rupert Murdoch sold 58,000 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $53.17, for a total transaction of $3,083,860.00. Following the completion of the transaction, the chairman now directly owns 1,200,862 shares in the company, valued at $63,849,832.54. The trade was a 4.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Adam G. Ciongoli sold 1,278 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $54.13, for a total transaction of $69,178.14. Following the transaction, the insider now owns 29,897 shares of the company’s stock, valued at approximately $1,618,324.61. This represents a 4.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 21.77% of the stock is owned by insiders.

FOX Company Profile

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through four segments: Cable Network Programming, Television, Credible, and The FOX Studio Lot. The Cable Network Programming segment produces and licenses news and sports content for distribution through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors, and other digital platforms primarily in the U.S.