Liberty Media Corporation – Liberty Formula One Series C $FWONK Stock: Kornitzer Capital Management Inc. KS Cuts Stake

Kornitzer Capital Management Inc. KS lowered its holdings in shares of Liberty Media Corporation – Liberty Formula One Series C (NASDAQ:FWONK) by 39.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 53,429 shares of the company’s stock after selling 34,741 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Liberty Media Corporation – Liberty Formula One Series C were worth $4,937,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of FWONK. Bank of America Corp DE boosted its holdings in Liberty Media Corporation – Liberty Formula One Series C by 43.2% in the first quarter. Bank of America Corp DE now owns 4,561,809 shares of the company’s stock worth $387,845,000 after purchasing an additional 1,376,984 shares in the last quarter. Junto Capital Management LP increased its position in Liberty Media Corporation – Liberty Formula One Series C by 178.1% during the second quarter. Junto Capital Management LP now owns 1,707,281 shares of the company’s stock worth $162,431,000 after buying an additional 1,093,372 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Liberty Media Corporation – Liberty Formula One Series C by 26.6% during the first quarter. The Manufacturers Life Insurance Company now owns 4,665,090 shares of the company’s stock worth $396,626,000 after buying an additional 981,047 shares during the last quarter. Engineers Gate Manager LP raised its holdings in Liberty Media Corporation – Liberty Formula One Series C by 893.8% during the second quarter. Engineers Gate Manager LP now owns 1,049,351 shares of the company’s stock valued at $99,835,000 after buying an additional 943,757 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in Liberty Media Corporation – Liberty Formula One Series C by 306.1% during the first quarter. Renaissance Technologies LLC now owns 827,479 shares of the company’s stock valued at $70,352,000 after buying an additional 623,700 shares in the last quarter. Institutional investors and hedge funds own 92.26% of the company’s stock.

Liberty Media Corporation – Liberty Formula One Series C Stock Performance

Shares of Liberty Media Corporation – Liberty Formula One Series C stock opened at $106.33 on Monday. The firm has a fifty day simple moving average of $94.54 and a 200-day simple moving average of $92.18. The stock has a market capitalization of $23.85 billion, a price-to-earnings ratio of 122.22 and a beta of 0.46. Liberty Media Corporation – Liberty Formula One Series C has a 1-year low of $80.15 and a 1-year high of $108.35.

Liberty Media Corporation – Liberty Formula One Series C (NASDAQ:FWONK) last posted its earnings results on Thursday, August 6th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.22). The company had revenue of $934.00 million for the quarter, compared to analyst estimates of $952.78 million. As a group, research analysts predict that Liberty Media Corporation – Liberty Formula One Series C will post 2.01 earnings per share for the current year.

Key Stories Impacting Liberty Media Corporation – Liberty Formula One Series C

Here are the key news stories impacting Liberty Media Corporation – Liberty Formula One Series C this week:

• Positive Sentiment: Wells Fargo raised its price target to $113 from $96, indicating about 6.3% potential upside from the cited $106.33 price. The firm maintained an “equal weight” rating, so the higher target is a modestly supportive signal rather than a bullish upgrade. Wells Fargo ratings
• Neutral Sentiment: Liberty Media’s third-quarter revenue rose, and EPS increased to $0.43 from $0.24 a year earlier. The report also said John Malone’s voting power declined to 3%; the articles provided no further details on the implications. Liberty Media Q3 revenue and voting power
• Negative Sentiment: Quarterly EPS of $0.43 missed analyst estimates of $0.56–$0.59, and revenue of $1.23 billion was below the $1.24 billion consensus. The earnings and revenue shortfalls may weigh on investor sentiment despite year-over-year EPS growth. Q3 earnings and revenue results

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FWONK shares. Jefferies Financial Group began coverage on Liberty Media Corporation – Liberty Formula One Series C in a research report on Wednesday, September 9th. They issued a “buy” rating and a $115.00 price target for the company. Guggenheim increased their price objective on Liberty Media Corporation – Liberty Formula One Series C from $125.00 to $134.00 and gave the company a “buy” rating in a report on Monday, August 17th. Zacks Research lowered Liberty Media Corporation – Liberty Formula One Series C from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 29th. Wall Street Zen raised Liberty Media Corporation – Liberty Formula One Series C from a “strong sell” rating to a “sell” rating in a research note on Saturday. Finally, JPMorgan Chase & Co. boosted their target price on Liberty Media Corporation – Liberty Formula One Series C from $124.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Six equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $117.62.

About Liberty Media Corporation – Liberty Formula One Series C

Liberty Media Corporation’s Liberty Formula One Series C stock (NASDAQ: FWONK) is a tracking stock associated with the company’s Formula One Group. The group’s principal business is Formula 1, the international motorsport series, which organizes and promotes races and manages the championship’s commercial rights, including media, sponsorship, licensing and race-promotion activities.

Formula 1 has held world championship races since 1950 and serves a global audience, with events staged across multiple continents.