FOX (NASDAQ:FOXA) Reaches New 52-Week High – What’s Next?

Fox Corporation (NASDAQ:FOXA) shares hit a new 52-week high on Monday . The stock traded as high as $74.99 and last traded at $75.0650, with a volume of 298114 shares. The stock had previously closed at $73.76.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on FOXA shares. JPMorgan Chase & Co. upped their price objective on FOX from $61.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday, October 31st. Arete Research raised FOX from a “neutral” rating to a “buy” rating and set a $97.00 price target for the company in a report on Tuesday, October 28th. Barclays increased their price objective on FOX from $58.00 to $64.00 and gave the company an “equal weight” rating in a research note on Friday, October 31st. UBS Group set a $87.00 target price on shares of FOX in a research note on Friday, December 19th. Finally, Morgan Stanley raised their price objective on FOX from $70.00 to $74.00 and gave the stock an “equal weight” rating in a report on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, FOX presently has an average rating of “Moderate Buy” and a consensus price target of $73.63.

FOX Stock Up 2.7%

The firm’s 50 day simple moving average is $67.99 and its 200 day simple moving average is $61.50. The company has a quick ratio of 3.03, a current ratio of 3.24 and a debt-to-equity ratio of 0.54. The company has a market cap of $33.64 billion, a price-to-earnings ratio of 17.03, a price-to-earnings-growth ratio of 1.65 and a beta of 0.50.

FOX (NASDAQ:FOXA) last issued its quarterly earnings results on Thursday, October 30th. The company reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.41. FOX had a net margin of 12.35% and a return on equity of 18.61%. The company had revenue of $3.74 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same period in the prior year, the business posted $1.45 EPS. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. Sell-side analysts anticipate that Fox Corporation will post 4.38 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman Keith Rupert Murdoch sold 168,756 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $65.97, for a total transaction of $11,132,833.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Steven Tomsic sold 138,397 shares of the firm’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $66.54, for a total value of $9,208,936.38. Following the sale, the chief financial officer directly owned 180,556 shares of the company’s stock, valued at $12,014,196.24. This trade represents a 43.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 454,817 shares of company stock worth $29,490,590. 19.68% of the stock is owned by corporate insiders.

Institutional Trading of FOX

A number of large investors have recently bought and sold shares of the stock. GAMMA Investing LLC grew its stake in shares of FOX by 12.6% during the fourth quarter. GAMMA Investing LLC now owns 12,977 shares of the company’s stock valued at $948,000 after purchasing an additional 1,456 shares during the last quarter. Rosenberg Matthew Hamilton grew its holdings in shares of FOX by 58.5% during the fourth quarter. Rosenberg Matthew Hamilton now owns 696 shares of the company’s stock worth $51,000 after buying an additional 257 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its position in shares of FOX by 2.5% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 261,100 shares of the company’s stock worth $16,460,000 after purchasing an additional 6,300 shares in the last quarter. Williamson Legacy Group LLC raised its holdings in FOX by 7.6% during the third quarter. Williamson Legacy Group LLC now owns 17,164 shares of the company’s stock worth $1,082,000 after acquiring an additional 1,217 shares in the last quarter. Finally, FWL Investment Management LLC bought a new position in shares of FOX in the third quarter valued at $26,000. 52.52% of the stock is currently owned by institutional investors.

FOX Company Profile

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.