Investment Management Corp of Ontario Cuts Stake in Fox Co. (NASDAQ:FOXA)

Investment Management Corp of Ontario lowered its holdings in shares of Fox Co. (NASDAQ:FOXA) by 19.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 6,150 shares of the company’s stock after selling 1,500 shares during the period. Investment Management Corp of Ontario’s holdings in FOX were worth $299,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. DnB Asset Management AS boosted its stake in FOX by 0.6% during the fourth quarter. DnB Asset Management AS now owns 44,063 shares of the company’s stock valued at $2,141,000 after buying an additional 245 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in FOX by 61.5% during the fourth quarter. Jones Financial Companies Lllp now owns 654 shares of the company’s stock valued at $32,000 after buying an additional 249 shares during the last quarter. SRS Capital Advisors Inc. boosted its stake in FOX by 91.0% during the fourth quarter. SRS Capital Advisors Inc. now owns 550 shares of the company’s stock valued at $27,000 after buying an additional 262 shares during the last quarter. US Bancorp DE boosted its stake in FOX by 2.0% during the fourth quarter. US Bancorp DE now owns 14,520 shares of the company’s stock valued at $705,000 after buying an additional 281 shares during the last quarter. Finally, Metis Global Partners LLC boosted its stake in FOX by 2.8% during the fourth quarter. Metis Global Partners LLC now owns 10,783 shares of the company’s stock valued at $524,000 after buying an additional 292 shares during the last quarter. Hedge funds and other institutional investors own 52.52% of the company’s stock.

Insider Activity

In related news, Chairman Keith Rupert Murdoch sold 58,000 shares of the business’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $53.17, for a total transaction of $3,083,860.00. Following 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 21.77% of the company’s stock.

FOX Trading Up 5.4%

Shares of NASDAQ:FOXA opened at $55.24 on Wednesday. Fox Co. has a 12-month low of $32.45 and a 12-month high of $58.74. The business’s fifty day simple moving average is $51.27 and its 200-day simple moving average is $50.06. The company has a market capitalization of $25.05 billion, a PE ratio of 11.83, a P/E/G ratio of 1.27 and a beta of 0.51. 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 (NASDAQ:FOXA) last announced its quarterly earnings results on Monday, May 12th. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.17. FOX had a return on equity of 18.50% and a net margin of 14.39%. The business had revenue of $4.37 billion for the quarter, compared to the consensus estimate of $4.14 billion. During the same period last year, the business posted $1.40 EPS. The business’s revenue was up 26.8% compared to the same quarter last year. As a group, equities research analysts predict that Fox Co. will post 4.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently commented on FOXA. Wells Fargo & Company increased their price target on FOX from $58.00 to $62.00 and gave the company an “overweight” rating in a research note on Tuesday. JPMorgan Chase & Co. increased their price target on FOX from $49.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Moffett Nathanson cut FOX from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $51.00 to $52.00 in a report on Tuesday, January 21st. Loop Capital lifted their target price on FOX from $62.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Guggenheim reiterated a “buy” rating and issued a $60.00 target price on shares of FOX in a report on Tuesday, March 25th. Two research analysts have 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 company presently has a consensus rating of “Hold” and a consensus price target of $52.71.

About FOX

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.