Bank of New York Mellon Corp Trims Position in News Corporation $NWSA

Bank of New York Mellon Corp cut its stake in shares of News Corporation (NASDAQ:NWSA) by 11.6% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 2,724,843 shares of the company’s stock after selling 356,462 shares during the period. Bank of New York Mellon Corp’s holdings in News were worth $80,982,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Patton Fund Management Inc. purchased a new stake in News during the second quarter valued at about $241,000. Charles Schwab Investment Management Inc. increased its position in shares of News by 1.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,492,665 shares of the company’s stock valued at $122,290,000 after purchasing an additional 72,438 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new position in shares of News during the 2nd quarter valued at about $30,000. Goldman Sachs Group Inc. lifted its position in News by 34.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,450,150 shares of the company’s stock worth $121,133,000 after buying an additional 1,133,004 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH boosted its stake in News by 133.1% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 208,218 shares of the company’s stock worth $5,668,000 after buying an additional 118,908 shares in the last quarter. 66.97% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

NWSA has been the topic of several research reports. Weiss Ratings reissued a “buy (b)” rating on shares of News in a research note on Wednesday, October 8th. JPMorgan Chase & Co. lifted their target price on shares of News from $38.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 20th. Macquarie restated a “neutral” rating and set a $32.70 price target on shares of News in a research report on Wednesday, August 6th. Finally, Zacks Research downgraded News from a “hold” rating to a “strong sell” rating in a report on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $38.62.

News Stock Performance

Shares of NASDAQ:NWSA opened at $26.72 on Friday. The company has a current ratio of 1.84, a quick ratio of 1.72 and a debt-to-equity ratio of 0.21. The company has a 50-day moving average price of $28.06 and a 200-day moving average price of $28.49. The company has a market cap of $15.10 billion, a price-to-earnings ratio of 12.91 and a beta of 1.15. News Corporation has a 12 month low of $23.38 and a 12 month high of $31.61.

News (NASDAQ:NWSA) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.04. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.11 billion. News had a return on equity of 5.71% and a net margin of 13.80%.News’s revenue was down 16.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.21 EPS. As a group, equities analysts anticipate that News Corporation will post 0.94 EPS for the current year.

About News

News Corporation, a media and information services company, creates and distributes authoritative and engaging content, and other products and services for consumers and businesses worldwide. It operates through six segments: Digital Real Estate Services, Subscription Video Services, Dow Jones, Book Publishing, News Media, and Other.