FOX (NASDAQ:FOX) Lowered to “Hold” at Seaport Res Ptn

Seaport Res Ptn downgraded shares of FOX (NASDAQ:FOX) from a strong-buy rating to a hold rating in a report released on Monday morning, Zacks.com reports.

FOX Price Performance

NASDAQ FOX opened at $37.09 on Monday. The company has a market cap of $17.07 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 1.95 and a beta of 0.81. FOX has a 52 week low of $25.82 and a 52 week high of $38.51. The company has a quick ratio of 2.33, a current ratio of 2.54 and a debt-to-equity ratio of 0.61. The firm’s 50-day simple moving average is $35.64 and its two-hundred day simple moving average is $31.60.

FOX (NASDAQ:FOX) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.87 by $0.03. FOX had a net margin of 10.74% and a return on equity of 15.57%. The business had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.10 billion. During the same period in the prior year, the firm earned $0.88 earnings per share. Research analysts predict that FOX will post 3.59 earnings per share for the current year.

FOX Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 4th will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.91%. This is an increase from FOX’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Wednesday, September 4th. FOX’s dividend payout ratio is presently 16.93%.

Insider Transactions at FOX

In other news, COO John Nallen sold 52,874 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $38.96, for a total value of $2,059,971.04. Following the sale, the chief operating officer now directly owns 249,424 shares of the company’s stock, valued at $9,717,559.04. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Lachlan K. Murdoch acquired 119,705 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were bought at an average cost of $39.06 per share, for a total transaction of $4,675,677.30. Following the completion of the transaction, the chief executive officer now owns 1,076,407 shares in the company, valued at $42,044,457.42. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO John Nallen sold 52,874 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $38.96, for a total transaction of $2,059,971.04. Following the completion of the transaction, the chief operating officer now owns 249,424 shares in the company, valued at $9,717,559.04. The disclosure for this sale can be found here. Insiders own 19.21% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Sanctuary Advisors LLC bought a new position in FOX during the second quarter valued at approximately $369,000. Aurora Investment Counsel grew its position in FOX by 4.2% during the second quarter. Aurora Investment Counsel now owns 56,113 shares of the company’s stock valued at $1,797,000 after acquiring an additional 2,249 shares during the last quarter. Heartland Bank & Trust Co grew its position in FOX by 4.5% during the second quarter. Heartland Bank & Trust Co now owns 17,434 shares of the company’s stock valued at $558,000 after acquiring an additional 745 shares during the last quarter. Brandes Investment Partners LP grew its position in FOX by 21.5% during the second quarter. Brandes Investment Partners LP now owns 1,273,492 shares of the company’s stock valued at $40,758,000 after acquiring an additional 225,768 shares during the last quarter. Finally, MBB Public Markets I LLC grew its position in FOX by 4.4% during the second quarter. MBB Public Markets I LLC now owns 10,516 shares of the company’s stock valued at $337,000 after acquiring an additional 440 shares during the last quarter. 26.41% of the stock is currently owned by institutional investors.

About FOX

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through Cable Network Programming; Television; and Other, Corporate and Eliminations segments. The Cable Network Programming segment produces and licenses news, business 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.