FOX (NASDAQ:FOXA) Sets New 52-Week High – Time to Buy?

Fox Corporation (NASDAQ:FOXA) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $72.96 and last traded at $71.2740, with a volume of 986116 shares traded. The stock had previously closed at $71.10.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Morgan Stanley set a $70.00 price target on shares of FOX in a research report on Friday, October 31st. UBS Group boosted their target price on shares of FOX from $65.00 to $76.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Barclays raised their price target on shares of FOX from $58.00 to $64.00 and gave the company an “equal weight” rating in a research report on Friday, October 31st. Wells Fargo & Company boosted their price objective on FOX from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. Finally, Weiss Ratings reissued a “buy (b+)” rating on shares of FOX in a research note on Monday. One 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, FOX has a consensus rating of “Moderate Buy” and an average price target of $70.50.

FOX Trading Up 1.5%

The company has a debt-to-equity ratio of 0.54, a current ratio of 3.24 and a quick ratio of 3.03. The company has a market capitalization of $31.69 billion, a P/E ratio of 16.05, a price-to-earnings-growth ratio of 1.59 and a beta of 0.51. The firm has a fifty day moving average price of $64.15 and a 200-day moving average price of $59.79.

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

Insider Activity at FOX

In related news, insider Adam G. Ciongoli sold 29,897 shares of the firm’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $69.55, for a total transaction of $2,079,336.35. Following the completion of the sale, the insider owned 35,978 shares in the company, valued at approximately $2,502,269.90. This trade represents a 45.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Paul D. Ryan sold 17,767 shares of the business’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $64.36, for a total transaction of $1,143,484.12. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 454,817 shares of company stock worth $29,490,590 in the last ninety days. Corporate insiders own 19.68% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in FOX by 1.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,709,021 shares of the company’s stock worth $153,331,000 after purchasing an additional 32,144 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of FOX by 0.9% in the third quarter. Bank of New York Mellon Corp now owns 1,924,975 shares of the company’s stock worth $121,389,000 after buying an additional 16,757 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of FOX by 72.0% in the second quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company’s stock worth $101,948,000 after buying an additional 762,645 shares in the last quarter. Great Lakes Advisors LLC boosted its position in shares of FOX by 2.7% in the first quarter. Great Lakes Advisors LLC now owns 1,733,573 shares of the company’s stock valued at $97,619,000 after acquiring an additional 45,058 shares during the period. Finally, AQR Capital Management LLC increased its holdings in FOX by 101.6% during the 1st quarter. AQR Capital Management LLC now owns 1,420,195 shares of the company’s stock worth $78,381,000 after acquiring an additional 715,583 shares during the period. 52.52% of the stock is owned by institutional investors.

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.