FOX (NASDAQ:FOX) Lowered to Hold Rating by Zacks Research

FOX (NASDAQ:FOX) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday,Zacks.com reports.

Separately, Weiss Ratings upgraded FOX from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, June 24th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, FOX has an average rating of “Hold” and a consensus target price of $75.00.

FOX Stock Up 4.4%

FOX stock opened at $50.56 on Wednesday. The company has a 50 day moving average price of $55.08 and a two-hundred day moving average price of $57.23. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.65 and a current ratio of 2.90. The stock has a market capitalization of $21.24 billion, a P/E ratio of 13.34, a PEG ratio of 1.38 and a beta of 0.57. FOX has a one year low of $44.08 and a one year high of $68.18.

FOX (NASDAQ:FOX) last issued its quarterly earnings results on Monday, May 11th. The company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.30. The company had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.78 billion. FOX had a return on equity of 18.90% and a net margin of 10.56%. As a group, sell-side analysts expect that FOX will post 4.78 EPS for the current year.

Institutional Trading of FOX

Several institutional investors have recently made changes to their positions in the stock. Marshall Wace LLP increased its position in FOX by 792.4% in the 3rd quarter. Marshall Wace LLP now owns 3,184,642 shares of the company’s stock worth $182,448,000 after buying an additional 2,827,768 shares during the period. SG Americas Securities LLC boosted its position in shares of FOX by 2,459.6% in the fourth quarter. SG Americas Securities LLC now owns 413,037 shares of the company’s stock valued at $26,818,000 after acquiring an additional 396,900 shares during the period. Pinebridge Investments LLC acquired a new stake in shares of FOX in the fourth quarter worth $13,758,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in FOX during the first quarter worth $9,328,000. Finally, Gabelli Funds LLC increased its position in FOX by 26.4% during the third quarter. Gabelli Funds LLC now owns 538,400 shares of the company’s stock worth $30,845,000 after acquiring an additional 112,600 shares during the period. 26.41% of the stock is owned by hedge funds and other institutional investors.

FOX News Roundup

Here are the key news stories impacting FOX this week:

• Positive Sentiment: Wolfe Research turned more bullish on Fox Corporation (FOX), with a report saying the firm now sees stronger long-term sales growth potential. That kind of upgrade can lift investor sentiment and support the stock. Article Title
• Neutral Sentiment: Fox continued to promote entertainment and lifestyle segments tied to its Fox News and Fox-branded video content, including coverage of Landman, Taylor Swift, Greg Gutfeld, and other topical stories. These items help keep engagement high, but they do not appear to be material catalysts for the stock. Article Title
• Neutral Sentiment: Additional Fox News political, sports, and world headlines — including coverage of Letitia James, CDC parasite concerns, Alex Ovechkin, and WNBA debate — are broad audience drivers, but they do not directly change Fox Corporation’s fundamentals in the near term. Article Title

About FOX

Fox Corporation (NASDAQ:FOX) is a U.S.-based media company that operates television broadcast, news and sports businesses. The company traces its contemporary structure to the 2019 reorganization that followed the sale of certain entertainment assets to The Walt Disney Company; Fox Corporation retained a portfolio centered on the Fox Broadcasting Company, Fox Television Stations, Fox News Media and Fox Sports. Over time the company has expanded its digital footprint through acquisitions and direct-to-consumer services, building a mix of linear and streaming distribution.

FOX’s core activities include the creation, aggregation and distribution of television programming and live sports, the operation of national cable news and business networks, and the ownership and operation of local broadcast stations.