Public Employees Retirement System of Ohio Boosts Stake in Formula One Group (NASDAQ:FWONK)

Public Employees Retirement System of Ohio lifted its holdings in shares of Formula One Group (NASDAQ:FWONK) by 1.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 405,019 shares of the company’s stock after purchasing an additional 4,897 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Formula One Group were worth $37,529,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FWONK. Greenwood Gearhart Inc. lifted its position in Formula One Group by 2.7% in the fourth quarter. Greenwood Gearhart Inc. now owns 180,921 shares of the company’s stock valued at $16,764,000 after buying an additional 4,761 shares during the last quarter. Allstate Corp acquired a new stake in shares of Formula One Group during the fourth quarter valued at about $571,000. Hahn Capital Management LLC raised its stake in shares of Formula One Group by 47.7% in the 4th quarter. Hahn Capital Management LLC now owns 67,197 shares of the company’s stock valued at $6,226,000 after acquiring an additional 21,699 shares during the period. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Formula One Group by 1.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 27,627 shares of the company’s stock worth $2,560,000 after acquiring an additional 287 shares during the last quarter. 92.26% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on FWONK. Susquehanna initiated coverage on shares of Formula One Group in a report on Monday, April 28th. They issued a “positive” rating and a $115.00 target price for the company. Wall Street Zen cut Formula One Group from a “hold” rating to a “sell” rating in a research note on Wednesday. Morgan Stanley decreased their target price on Formula One Group from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Seaport Res Ptn upgraded Formula One Group from a “hold” rating to a “strong-buy” rating in a report on Sunday, March 16th. Finally, Wells Fargo & Company cut their price target on shares of Formula One Group from $83.00 to $80.00 and set an “underweight” rating on the stock in a research note on Friday, February 28th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Formula One Group has a consensus rating of “Moderate Buy” and a consensus price target of $98.57.

Formula One Group Trading Up 0.1%

Shares of NASDAQ FWONK opened at $97.29 on Friday. The stock has a market cap of $24.27 billion, a P/E ratio of 84.60 and a beta of 0.33. The business’s fifty day simple moving average is $88.27 and its 200-day simple moving average is $90.49. Formula One Group has a 12-month low of $70.31 and a 12-month high of $102.33.

Formula One Group (NASDAQ:FWONK) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.23. The company had revenue of $447.00 million for the quarter, compared to analysts’ expectations of $440.80 million. On average, equities analysts forecast that Formula One Group will post 1.36 EPS for the current fiscal year.

Insider Transactions at Formula One Group

In related news, Director Chase Carey sold 50,000 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $94.60, for a total value of $4,730,000.00. Following the transaction, the director now owns 93,102 shares of the company’s stock, valued at $8,807,449.20. This represents a 34.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 4.31% of the company’s stock.

Formula One Group Company Profile

Formula One Group, through its subsidiary Formula 1, engages in the motorsports business in the United States and internationally. The company holds commercial rights for the FIA Formula One world championship, approximately a nine-month long motor race-based competition in which teams compete for the constructors' championship and drivers compete for the drivers' championship.