FOX (NASDAQ:FOXA) Hits New 12-Month High – Here’s What Happened

Fox Corporation (NASDAQ:FOXA) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $74.67 and last traded at $74.2110, with a volume of 70822 shares trading hands. The stock had previously closed at $74.30.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FOXA. Barclays lifted their price objective on FOX from $58.00 to $64.00 and gave the company an “equal weight” rating in a research note on Friday, October 31st. The Goldman Sachs Group increased their price objective on shares of FOX from $79.00 to $87.00 and gave the company a “buy” rating in a research report on Friday, December 19th. JPMorgan Chase & Co. boosted their target price on shares of FOX from $61.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, October 31st. Arete Research upgraded FOX from a “neutral” rating to a “buy” rating and set a $97.00 price target on the stock in a research note on Tuesday, October 28th. Finally, Weiss Ratings reaffirmed a “buy (b+)” rating on shares of FOX in a research report on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $73.63.

FOX Stock Performance

The company has a quick ratio of 3.03, a current ratio of 3.24 and a debt-to-equity ratio of 0.54. The company has a market cap of $33.01 billion, a PE ratio of 16.71, a price-to-earnings-growth ratio of 1.66 and a beta of 0.51. The firm has a fifty day simple moving average of $66.52 and a 200-day simple moving average of $60.83.

FOX (NASDAQ:FOXA) last released its quarterly earnings results on Thursday, October 30th. The company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.41. FOX had a return on equity of 18.61% and a net margin of 12.35%.The firm had revenue of $3.74 billion for the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter last year, the business posted $1.45 EPS. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, research analysts forecast that Fox Corporation will post 4.38 EPS for the current fiscal year.

Insider Buying and Selling at FOX

In other FOX news, CFO Steven Tomsic sold 138,397 shares of the firm’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $66.54, for a total transaction of $9,208,936.38. Following the transaction, the chief financial officer directly owned 180,556 shares of the company’s stock, valued at approximately $12,014,196.24. This trade represents a 43.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Keith Rupert Murdoch sold 100,000 shares of FOX stock in a transaction on Friday, November 21st. The shares were sold at an average price of $59.26, for a total transaction of $5,926,000.00. Following the completion of the transaction, the chairman owned 1,100,862 shares in the company, valued at approximately $65,237,082.12. This represents a 8.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 454,817 shares of company stock worth $29,490,590 in the last quarter. 19.68% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of FOXA. Parallel Advisors LLC increased its holdings in shares of FOX by 9.2% in the third quarter. Parallel Advisors LLC now owns 2,532 shares of the company’s stock valued at $160,000 after purchasing an additional 214 shares during the period. Greenleaf Trust increased its stake in FOX by 3.8% in the 3rd quarter. Greenleaf Trust now owns 6,198 shares of the company’s stock valued at $391,000 after buying an additional 225 shares during the period. Brown Brothers Harriman & Co. raised its position in FOX by 27.5% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,062 shares of the company’s stock worth $67,000 after buying an additional 229 shares during the last quarter. Captrust Financial Advisors lifted its stake in shares of FOX by 6.2% in the 2nd quarter. Captrust Financial Advisors now owns 5,597 shares of the company’s stock worth $314,000 after acquiring an additional 327 shares during the period. Finally, Amalgamated Bank boosted its holdings in shares of FOX by 0.9% in the second quarter. Amalgamated Bank now owns 42,700 shares of the company’s stock valued at $2,393,000 after acquiring an additional 360 shares in the last quarter. 52.52% of the stock is currently owned by hedge funds and other institutional investors.

FOX Company Profile

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.