Argus Upgrades FOX (NASDAQ:FOXA) to Hold

FOX (NASDAQ:FOXA) was upgraded by stock analysts at Argus to a “hold” rating in a report issued on Thursday,Zacks.com reports.

Other research analysts have also recently issued research reports about the company. Fox Advisors set a $97.00 price target on FOX in a research report on Tuesday, October 28th. Zacks Research lowered FOX from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 5th. TD Cowen increased their price target on FOX from $55.00 to $65.00 and gave the company a “hold” rating in a research note on Thursday, February 5th. Wells Fargo & Company lowered FOX from an “overweight” rating to a “hold” rating in a research report on Thursday, February 5th. Finally, Morgan Stanley raised their price target on shares of FOX from $74.00 to $77.00 and gave the stock an “equal weight” rating in a report on Thursday, February 5th. Eight equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $75.07.

FOX Stock Down 1.8%

Shares of FOXA stock opened at $56.16 on Thursday. The firm’s 50-day moving average is $69.89 and its 200-day moving average is $64.42. The stock has a market cap of $23.89 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 7.52 and a beta of 0.51. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.44 and a current ratio of 2.78. FOX has a 52-week low of $46.42 and a 52-week high of $76.39.

FOX (NASDAQ:FOXA) last posted its earnings results on Wednesday, February 4th. The company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.35. FOX had a return on equity of 18.14% and a net margin of 11.41%.The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.02 billion. During the same period in the previous year, the firm earned $0.96 EPS. The firm’s revenue was up 2.0% compared to the same quarter last year. Sell-side analysts predict that FOX will post 4.38 EPS for the current year.

Insider Activity

In other FOX news, insider Adam G. Ciongoli sold 29,897 shares of the business’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $69.55, for a total value of $2,079,336.35. Following the transaction, the insider owned 35,978 shares in the company, valued at approximately $2,502,269.90. The trade was a 45.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 19.68% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Winnow Wealth LLC bought a new position in FOX in the 3rd quarter worth about $1,238,000. Bank of New York Mellon Corp boosted its holdings in shares of FOX by 0.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,924,975 shares of the company’s stock valued at $121,389,000 after buying an additional 16,757 shares in the last quarter. Fort Washington Investment Advisors Inc. OH increased its position in shares of FOX by 9.3% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 662,247 shares of the company’s stock worth $41,761,000 after purchasing an additional 56,234 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S raised its stake in FOX by 23.0% in the third quarter. BI Asset Management Fondsmaeglerselskab A S now owns 150,522 shares of the company’s stock valued at $9,492,000 after buying an additional 28,118 shares during the last quarter. Finally, Marshall Wace LLP boosted its stake in FOX by 415.7% in the 2nd quarter. Marshall Wace LLP now owns 230,570 shares of the company’s stock worth $12,921,000 after purchasing an additional 185,859 shares in the last quarter. Hedge funds and other institutional investors own 52.52% of the company’s stock.

About FOX

Fox Corporation (NASDAQ: FOXA) is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp’s operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.